Each quarter a client statement is generated. The report is in an easy-to-read, one-page format which clearly shows the results for the current quarter, and year-to-date. The report shows the current positions in each of the investment categories as both a percentage and a dollar amount. Results are net of the annual advisory fee. A letter accompanies the report, reviewing the past quarter. The quarterly report is intended to give a macro snapshot of all accounts managed by PTS. The investment company statement is attached to provide further detail.