Fund Details
As of 10/19/18
- Inception Date:
- 1/2/02
- Current NAV:
- $15.65
- $ Change:
- ($0.03)
- % Change:
- -0.19%
- Net Assets*
- 51 mil
(*Total Net Assets as of 9/30/18)
Zephyr Analysis
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Overview
The fund invests in the equities of small, midsize and large U.S. companies that we believe are undervalued according to certain financial measurements of their intrinsic values.
Key Features
- Bottom-up stock picking and benchmark agnostic approach with a focus on good businesses with solid cash flow trading at value prices
- Trading focus where positions are frequently monitored, investment assumptions are often questioned, and losing investments are quickly sold to protect capital
- Options strategies to potentially generate income and lower risk
Portfolio Fit
The fund is a core value equity option that may balance a growth allocation and complement other value strategies. Our flexibility in analyzing all companies regardless of sector helps us avoid the cyclicality inherent in a deep value strategy or a momentum growth strategy over full market cycles.
Return on Invested Capital
AS OF 9/30/18
Debt/Capital
AS OF 9/30/18
Important Fund Information
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.
The principal risks of investing in the Calamos Opportunistic Value Fund include: equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities risk and portfolio selection risk.
As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.
NOTES
Debt/Capital Ratio-Is a measure of a company s financial leverage, calculated as the company’s debt divided by its total capital.
ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital.
Russell 1000® Value Index-Measures the performance of those companies in the Russell 1000® Index with lower price-to-book ratios and lower forecasted growth values.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.
The funds' gross expense ratios as of the prospectus dated 3/1/18 are as follows: Growth A 1.40%, C 2.15% and I 1.15%; Growth and Income A 1.12%, C 1.87% and I 0.87%; Opportunistic Value A 1.67%, C 2.42% and I 1.42%; Dividend Growth A 1.87%, C 2.73% and I 1.80%; Global Growth and Income A 1.54%, C 2.29% and I 1.29%; International Growth A 1.46%, C 2.21% and I 1.21%; Global Equity A 1.53%, C 2.27% and I 1.28%; Evolving World Growth A 1.67%, C 2.41% and I 1.41%; Emerging Market Equity A 2.70%, C 3.45% and I 2.45%; Convertible A 1.18%, C 1.93% and I 0.93%; Global Convertible A 1.46%, C 2.20% and I 1.19%; Market Neutral Income A 1.28%, C 2.03% and I 1.02%; Phineus Long/Short A 2.80%, C 3.55% and I 2.54%; Hedged Equity Income A 2.15%, C 3.04% and I 2.07%; High Income Opportunities A 1.33%, C 2.08% and I 1.08%; and Total Return Bond A 1.08%, C 1.83% and I 0.84%.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.
Calendar Year Total Returns
AS OF 9/30/18
Annualized Total Returns
AS OF 9/30/18
| Calamos (NAV) | 8.71% | 14.20% | 13.37% | 8.10% | 7.45% | 6.93% | 5.91% |
| (Load-Adjusted) | 3.55% | 8.76% | 11.56% | 7.04% | 6.93% | 6.58% | 5.60% |
| Russell 1000 | 6.95% | 9.45% | 13.55% | 10.72% | 9.79% | 8.89% | 7.66% |
The Fund's Gross Expense Ratio is 1.67% as of the prospectus dated 3/01/18
Important Fund Information
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.
The principal risks of investing in the Calamos Opportunistic Value Fund include: equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities risk and portfolio selection risk.
As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.
10k Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%—had it been included, the Fund’s return would have been lower. Index data shown is from 12/31/01, since comparative index data is available only for full monthly periods.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.
Russell 1000® Value Index-measures the performance of those companies in the Russell 1000® Index with lower price-to-book ratios and lower forecasted growth values.
Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest in an index.
Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance shown reflects an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25%* for Class A shares in the following funds: Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, High Income Opportunities Fund, and Total Return Bond Fund. The maximum front-end sales load for Class A shares of all other funds is 4.75%. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class C shares have been adjusted for the contingent deferred sales charge (CDSC). There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund's Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances. *Prior to 2/28/17, the Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, and High Income Opportunities fund had a maximum front-end sales load of 4.75%, and the Total Return Bond Fund had a maximum front-end sales load of 3.75%.
The funds' gross expense ratios as of the prospectus dated 3/1/18 are as follows: Growth A 1.40%, C 2.15% and I 1.15%; Growth and Income A 1.12%, C 1.87% and I 0.87%; Opportunistic Value A 1.67%, C 2.42% and I 1.42%; Dividend Growth A 1.87%, C 2.73% and I 1.80%; Global Growth and Income A 1.54%, C 2.29% and I 1.29%; International Growth A 1.46%, C 2.21% and I 1.21%; Global Equity A 1.53%, C 2.27% and I 1.28%; Evolving World Growth A 1.67%, C 2.41% and I 1.41%; Emerging Market Equity A 2.70%, C 3.45% and I 2.45%; Convertible A 1.18%, C 1.93% and I 0.93%; Global Convertible A 1.46%, C 2.20% and I 1.19%; Market Neutral Income A 1.28%, C 2.03% and I 1.02%; Phineus Long/Short A 2.80%, C 3.55% and I 2.54%; Hedged Equity Income A 2.15%, C 3.04% and I 2.07%; High Income Opportunities A 1.33%, C 2.08% and I 1.08%; and Total Return Bond A 1.08%, C 1.83% and I 0.84%.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.
Sector Weightings
AS OF 9/30/18
|
|
% of Assets
|
Russell 1000 Value Index
|
|
Financials
|
22.2%
|
22.8%
|
|
Information Technology
|
14.8%
|
10.0%
|
|
Health Care
|
13.8%
|
15.2%
|
|
Energy
|
12.1%
|
10.8%
|
|
Industrials
|
10.0%
|
8.1%
|
|
Consumer Discretionary
|
8.2%
|
8.1%
|
|
Consumer Staples
|
5.9%
|
7.2%
|
|
Utilities
|
4.0%
|
5.5%
|
|
Materials
|
3.0%
|
3.9%
|
|
Real Estate
|
3.0%
|
4.6%
|
|
Telecom Services
|
2.2%
|
3.7%
|
Asset Allocation
AS OF 9/30/18
|
Company
|
Security Type
|
Industry
|
%
|
|
Berkshire Hathaway, Inc. - Class B
|
Common Stocks
|
Multi-Sector Holdings
|
3.3%
|
|
JPMorgan Chase & Company
|
Common Stocks
|
Diversified Banks
|
3.1%
|
|
Exxon Mobil Corp.
|
Common Stocks
|
Integrated Oil & Gas
|
2.6%
|
|
Verizon Communications, Inc.
|
Common Stocks
|
Integrated Telecommunication Services
|
1.7%
|
|
Johnson & Johnson
|
Common Stocks
|
Pharmaceuticals
|
1.6%
|
|
Cisco Systems, Inc.
|
Common Stocks
|
Communications Equipment
|
1.6%
|
|
Citigroup, Inc.
|
Common Stocks
|
Diversified Banks
|
1.5%
|
|
Microsoft Corp.
|
Common Stocks
|
Systems Software
|
1.4%
|
|
Chevron Corp.
|
Common Stocks
|
Integrated Oil & Gas
|
1.4%
|
|
Wells Fargo & Company
|
Common Stocks
|
Diversified Banks
|
1.4%
|
|
Total
|
|
|
19.6%
|
Fund Facts
AS OF
9/30/18
|
Fund |
Russell 1000 Value Index
|
| Total Net Assets |
$51.0 million |
-- |
| # of Holdings |
214 |
727 |
| Price/Book |
3.3x |
2.2x |
| Price/Earnings |
19.5x |
16.1x |
| Price/Sales |
1.8x |
1.6x |
| PEG Ratio |
1.8x |
1.8x |
| Debt/Capital |
44.2% |
42.7% |
| ROIC |
18.0% |
13.7% |
| Portfolio Turnover (12 months) |
119.0% |
-- |
Market Capitalization
AS OF 9/30/18
| Market |
% |
| > $112bil |
39.0% |
| $32bil - $112bil |
25.1% |
| $11bil - $32bil |
20.3% |
| $4bil - $11bil |
12.7% |
| < $4bil |
2.9% |
Regional Exposure
AS OF 9/30/18
| Region |
% |
| North America |
97.0% |
| Europe |
1.6% |
| Caribbean |
0.9% |
| Asia/Pacific |
0.0% |
| Latin America |
0.0% |
Top Country Exposures
AS OF 9/30/18
| Country | % |
| United States | 97.0% |
| Ireland | 1.0% |
| Puerto Rico | 0.6% |
| United Kingdom | 0.6% |
| Bermuda | 0.3% |
| China | 0.0% |
| Luxembourg | 0.0% |
| Netherlands | 0.0% |
| Panama | 0.0% |
| Switzerland | 0.0% |
Top Currency Exposures
AS OF 9/30/18
| Currency | % |
|---|
|
United States Dollar (USD)
|
100.0%
|
Important Fund Information
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.
The principal risks of investing in the Calamos Opportunistic Value Fund include: equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities risk and portfolio selection risk.
As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.
Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold.
Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.
Russell 1000 Value Index-Measures the performance of those companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.
Debt/Capital Ratio-Is a measure of a company s financial leverage, calculated as the company’s debt divided by its total capital.
PEG Ratio-Represents a stock’s price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth.
Price/book ratio-is the stock’s capitalization divided by its book value.
Price/earnings ratio is the current stock price over trailing 12-month earnings per share.
Price/sales ratio-is a stock’s capitalization divided by its sales over the trailing 12 months.
ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital.
Turnover-Is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.
Total Capital Gains
| |
| | |
| 2017 | 0.4708 |
| 2016 | 0.0000 |
| 2015 | 0.9092 |
| 2014 | 0.9862 |
| 2013 | 1.1116 |
| 2012 | 0.0000 |
| 2011 | 0.0000 |
| 2010 | 0.0000 |
| 2009 | 0.0000 |
| 2008 | 0.0000 |
Schedule
| |
|
| Distributions |
Annually |
| Capital Gains |
Annually |
Distributions
Choose a year
| 4Q 2017 |
0.04755 |
0.04755 |
15.06000 |
| 4Q 2016 |
0.09578 |
0.09578 |
13.65000 |
| 4Q 2015 |
0.16479 |
0.16479 |
12.16000 |
| 4Q 2014 |
0.13870 |
0.13870 |
13.79000 |
| 1Q 2014 |
0.00000 |
0.00000 |
0.00000 |
| 4Q 2013 |
0.14224 |
0.14224 |
14.35000 |
| 3Q 2013 |
0.00000 |
0.00000 |
0.00000 |
| 2Q 2013 |
0.00000 |
0.00000 |
0.00000 |
| 1Q 2013 |
0.00000 |
0.00000 |
0.00000 |
| 4Q 2012 |
0.18116 |
0.18116 |
12.25000 |
| 3Q 2012 |
0.00000 |
0.00000 |
0.00000 |
| 2Q 2012 |
0.00000 |
0.00000 |
0.00000 |
| 1Q 2012 |
0.00000 |
0.00000 |
0.00000 |
| 4Q 2011 |
0.00000 |
0.00000 |
0.00000 |
| 3Q 2011 |
0.00000 |
0.00000 |
0.00000 |
| 2Q 2011 |
0.00000 |
0.00000 |
0.00000 |
| 1Q 2011 |
0.00000 |
0.00000 |
0.00000 |
| 4Q 2010 |
0.00000 |
0.00000 |
0.00000 |
| 3Q 2010 |
0.00000 |
0.00000 |
0.00000 |
| 2Q 2010 |
0.00000 |
0.00000 |
0.00000 |
| 1Q 2010 |
0.00000 |
0.00000 |
0.00000 |
| 4Q 2009 |
0.02727 |
0.02727 |
10.73000 |
| 3Q 2009 |
0.00000 |
0.00000 |
0.00000 |
| 2Q 2009 |
0.00000 |
0.00000 |
0.00000 |
| 1Q 2009 |
0.00000 |
0.00000 |
0.00000 |
| 4Q 2008 |
0.00602 |
0.00602 |
8.23000 |
| 3Q 2008 |
0.00000 |
0.00000 |
0.00000 |
| 2Q 2008 |
0.00000 |
0.00000 |
0.00000 |
| 1Q 2008 |
0.00000 |
0.00000 |
0.00000 |
Most Recent Distributions
Important Fund Information
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.
The principal risks of investing in the Calamos Opportunistic Value Fund include: equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities risk and portfolio selection risk.
As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.
The funds' gross expense ratios as of the prospectus dated 3/1/18 are as follows: Growth A 1.40%, C 2.15% and I 1.15%; Growth and Income A 1.12%, C 1.87% and I 0.87%; Opportunistic Value A 1.67%, C 2.42% and I 1.42%; Dividend Growth A 1.87%, C 2.73% and I 1.80%; Global Growth and Income A 1.54%, C 2.29% and I 1.29%; International Growth A 1.46%, C 2.21% and I 1.21%; Global Equity A 1.53%, C 2.27% and I 1.28%; Evolving World Growth A 1.67%, C 2.41% and I 1.41%; Emerging Market Equity A 2.70%, C 3.45% and I 2.45%; Convertible A 1.18%, C 1.93% and I 0.93%; Global Convertible A 1.46%, C 2.20% and I 1.19%; Market Neutral Income A 1.28%, C 2.03% and I 1.02%; Phineus Long/Short A 2.80%, C 3.55% and I 2.54%; Hedged Equity Income A 2.15%, C 3.04% and I 2.07%; High Income Opportunities A 1.33%, C 2.08% and I 1.08%; and Total Return Bond A 1.08%, C 1.83% and I 0.84%.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.
Annual Expenses
|
A Shares |
C Shares |
I Shares |
|---|
| Total Expense Ratio | 1.67 | 2.42 | 1.42 |
| Net Expense Ratio | 1.15 | 1.90 | 0.90 |
| Transaction Fee | 0.00 | 0.00 | 0.00 |
| Redemption Fee | 0.00 | 0.00 | 0.00 |
Investment Information
|
A Shares |
C Shares |
I Shares |
|---|
| Minimum initial investment | $2,500 | $2,500 | $1 million |
| Minimum subsequent investments | $50 | $50 | $0 |
| IRA initial investments | $500 | $500 | N/A |
Fund Information
|
A Shares |
C Shares |
I Shares |
|---|
| Inception Date | 1/02/02 | 1/02/02 | 3/01/02 |
| Ticker Symbol | CVAAX | CVACX | CVAIX |
| CUSIP number | 128119666 | 128119641 | 128119633 |
Sales & Distribution
|
A Shares |
C Shares |
I Shares |
|---|
| Sales load | Front-end | Level-load | N/A |
| Maximum Sales Charge | 4.75% | 1.00% | N/A |
| US Bank Fund Number | 634 | 636 | 637 |
| Distributions | Annual dividends; annual capital gains |
Important Fund Information
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.
The principal risks of investing in the Calamos Opportunistic Value Fund include: equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities risk and portfolio selection risk.
As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.
CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.
Calamos Opportunistic Value Fund Prospectus
This summary contains important information about the Class A, C, and I Opportunisitic Value Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
Statutory Prospectus
You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
SAI
The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.
Semi Annual Report
The semiannual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.
Annual Report
The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.