The document describes the 50% α SaaS Growth Fund managed by CKM Capital Management, which focuses on investing in pre and post-IPO Software as a Service companies for capital appreciation. The fund has $122.4 million in assets as of July 2011, benchmarks its performance against the S&P 500 and S&P Software ETF Index, and the managers plan to revise the selection and allocation processes to focus on companies with stronger short and long-term prospects.