Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco emphasizes the importance of understanding investment objectives, risks, charges, and expenses before making investment decisions [1] - The firm provides educational information but does not offer specific investment recommendations or tax advice [1] - Invesco's opinions are based on current market conditions and may change without notice, indicating a dynamic approach to investment management [1] Group 2 - Invesco Distributors, Inc. serves as the US distributor for Invesco Ltd.'s retail products and collective trust funds [1] - The company operates through various affiliated investment advisers that provide advisory services without selling securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers, highlighting the firm's extensive distribution network [1]

Group 1 - The company has set ambitious long-term targets, aiming for double-digit subscription revenue growth and low to mid-teens EBITDA growth [1] - The recent results have not met these growth expectations, prompting a discussion on the underlying business positioning for future growth [1] - The company serves the investment management industry and capital markets, indicating a broad opportunity set that supports its growth trajectory [2]

Core Viewpoint - There is increasing skepticism regarding Michael Saylor's Bitcoin strategy, particularly from investors like Ross Gerber, who criticize the business model of treating Bitcoin as a primary asset for the company [1]. Group 1: Company Financial Developments - Strategy announced the creation of a $1.44 billion USD reserve to support dividend payments and service debt obligations, financed through an at-the-market stock offering [2]. - The company's market-implied net asset value (mNAV) has dropped to approximately 1x, indicating that the stock is trading nearly at the value of its Bitcoin holdings without any premium [3]. Group 2: Risks and Business Model - A mNAV of 1 carries risks of creating a false sense of stability, as investors may believe their investments are secure at $1, but underlying asset devaluation could lead to panic redemptions [4]. - Strategy has shifted from being a traditional software and business-intelligence company to a Bitcoin holding vehicle, raising capital primarily to purchase Bitcoin, which ties the company's value closely to Bitcoin's performance [5].

Core Viewpoint - Sprott Focus Trust, Inc. has declared a quarterly distribution of $0.1911 per share, payable on December 29, 2025, to stockholders of record as of December 12, 2025, with the option for stockholders to receive the distribution in cash or additional shares [1]. Distribution Policy - The Fund has a Distribution Policy of paying quarterly distributions at an annual rate of 6% based on the rolling average of the prior four calendar quarter-end net asset values (NAVs) [2]. - The fourth quarter distribution will be the greater of 1.50% of the rolling average or the minimum distribution required by IRS regulations, with the policy subject to change at the discretion of the Fund's Board of Directors [2]. Distribution Sources - The estimated sources of the distribution to be paid on December 29, 2025, include: - $0.1911 per share, with 100% derived from long-term gains [3]. - For the year-to-date 2025, the estimated allocations are: - Total distribution of $0.5770 per share, with $0.2249 from net investment income, $0.0061 (1.06%) from short-term gains, and $0.3460 from long-term gains [3]. Fund Performance - The average annual total return in relation to NAV for the five-year period ending November 30, 2025, is 12.49% [4]. - The annualized current distribution rate as of November 30, 2025, is 7.97% [5]. - The cumulative total return from December 31, 2024, to November 30, 2025, is 20.63%, with a cumulative fiscal year distribution rate of 6.02% [6]. Company Overview - Sprott Focus Trust, Inc. is a closed-end diversified investment management company, listed on the Nasdaq Global Select Market, with an investment goal of long-term capital growth by investing at least 65% of its assets in equity securities [7].

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco emphasizes the importance of understanding investment objectives, risks, charges, and expenses before making investment decisions [1] - The firm provides educational content but does not offer specific investment recommendations or tax advice [1] - Invesco's opinions are based on current market conditions and may change without notice, indicating a dynamic approach to investment management [1] Group 2 - Invesco Distributors, Inc. serves as the US distributor for Invesco Ltd.'s retail products and collective trust funds [1] - The company operates through various affiliated investment advisers that provide advisory services without selling securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers, highlighting the firm's extensive distribution network [1]

Core Viewpoint - Alaris Equity Partners announces a $75 million offering of convertible unsecured senior debentures and a $30 million investment in Renovo Medical Group, enhancing its portfolio and financial position. Offering Details - Alaris has entered into an agreement with underwriters to purchase $75 million of convertible unsecured senior debentures due December 31, 2030, at a price of $1,000 per debenture [2] - An additional option for underwriters to purchase up to $11.25 million of debentures is available within 30 days following the offering's closing [2] - The offering is expected to close around December 17, 2025 [2] Use of Proceeds - The net proceeds from the offering will be used to partially repay outstanding debt under the senior credit facility and to fund future investments [3] Debenture Terms - The debentures will carry an interest rate of 6.25% per annum, payable semi-annually starting June 30, 2026 [4] - They will mature on December 31, 2030, and will be convertible into units of the Trust at a conversion price of $27.00 per unit [6] Investment in Renew Medical Group - Alaris has completed a $30 million investment in Renovo Medical Group, which provides outsourced physician services to hospitals and surgical centers in the U.S. [10] - The investment consists of $26.5 million in preferred equity and $3.5 million in common equity, yielding an initial annualized distribution of $3.71 million, equating to a pre-tax annualized yield of 14% [12] - This investment aligns with Alaris' strategy of targeting strong, profitable private businesses to enhance its cash flow base [13] Financial Performance - With the closing of the Renew investment, Alaris has deployed approximately $385 million in capital year-to-date, marking a record for the Trust [13] - The investment in Renew is expected to contribute positively to Alaris' financial performance through stable distributions and potential capital appreciation [14]

Core Viewpoint - Calamos Investments announced monthly distributions for December 2025 for its seven closed-end funds, detailing the amounts and sources of these distributions to shareholders [1][5]. Distribution Details - The following distributions were declared for December 2025: - Calamos Convertible Opportunities and Income Fund (CHI): $0.0950 - Calamos Convertible and High Income Fund (CHY): $0.1000 - Calamos Strategic Total Return Fund (CSQ): $0.1025 - Calamos Global Total Return Fund (CGO): $0.0800 - Calamos Global Dynamic Income Fund (CHW): $0.0500 - Calamos Dynamic Convertible and Income Fund (CCD): $0.1950 - Calamos Long/Short Equity & Dynamic Income Trust (CPZ): $0.1400 [2][3] Distribution Components - The components of the distributions for December 2025 include: - Ordinary Income: Ranges from $0.0000 to $0.0027 across funds - Short-Term Capital Gains: Ranges from $0.0500 to $0.1950 - Long-Term Capital Gains: $0.0000 for all funds - Return of Capital: $0.0000 for all funds - Total Distribution (Level Rate): Ranges from $0.0500 to $0.1950 [4][6] Year-to-Date Data - For the fiscal year-to-date, the total distributions per share are as follows: - CHI: $0.1900 - CHY: $0.2000 - CSQ: $0.2050 - CGO: $0.1600 - CHW: $0.1000 - CCD: $0.3900 - CPZ: $0.2800 [4][6] Estimated Sources of Distribution - The estimated sources of distribution for the funds include: - Current and prior fiscal year net investment income - Net realized short-term capital gain - Net realized long-term capital gain - Return of capital or other capital sources [6][7] Investment Strategy - Calamos Investments offers a diversified range of investment strategies, including alternatives, multi-asset, convertible, fixed income, equity, and sustainable equity, catering to various clients such as corporations, pension funds, and individuals [16].

Core Viewpoint - Neuberger Berman focuses on delivering compelling long-term investment results for clients, driven by a culture of fundamental research and innovation [1] Company Overview - Founded in 1939, Neuberger Berman operates in 39 cities across 26 countries, managing a diverse range of investment strategies including equity, fixed income, private equity, and hedge funds [1] - The firm has a total of 2,850 employees, including 763 investment professionals, emphasizing a commitment to client outcomes and investment excellence [1] Employee and Culture - Neuberger Berman has achieved high retention rates among senior investment staff and has been recognized in the Pensions & Investments "Best Places to Work in Money Management" survey as either first or second since 2014 [1] - As a private, independent, employee-owned investment manager, the firm aligns its structure with the long-term interests of clients, with no external parent or public shareholders [1] Financials - As of June 30, 2025, Neuberger Berman manages $538 billion in assets [1]

Core Viewpoint - Guardian Capital LP announced the final valuation of the GuardBondsTM 2025 Investment Grade Bond Fund, which has been voluntarily delisted and terminated as of November 28, 2025, with a final net asset value (NAV) per unit of $20.8419 [1]. Group 1: Fund Details - The ETF units of the GuardBondsTM 2025 Investment Grade Bond Fund were delisted from Cboe Canada Inc. at the request of the Manager, effective November 27, 2025 [1]. - The final NAV per unit breakdown is as follows: Income per unit is $0.0581, Capital Gains per unit is $0.0000, and Capital per unit is $20.7838 [1]. - Remaining unitholders will receive the final NAV per unit on a pro rata basis, with no further action required from them [1]. Group 2: Company Background - Guardian Capital LP is the manager and portfolio manager of Guardian Capital Funds and ETFs, managing a diverse range of asset classes and portfolios for institutional clients [3]. - Guardian Capital Group Limited, founded in 1962, has a total client asset value of C$166.6 billion and manages a proprietary investment portfolio valued at C$1.3 billion as of September 30, 2025 [4]. - The company emphasizes its core values of authenticity, integrity, stability, and trustworthiness, which have contributed to its success over six decades [4].

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco emphasizes the importance of understanding investment objectives, risks, charges, and expenses before investing [1] - The firm provides educational information but does not constitute a recommendation for any specific investment strategy [1] - Invesco advises investors to consult their own legal or tax professionals for personalized tax information due to the complexity and variability of tax laws [1] Group 2 - Invesco Distributors, Inc. serves as the US distributor for Invesco Ltd.'s retail products and collective trust funds [1] - Invesco Advisers, Inc. and other affiliated investment advisers offer investment advisory services without selling securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers, including Invesco Distributors, Inc. [1]