The FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) dropped 3.0% in our fall reporting period, which underperformed both the 1.2% drop in the S&P 500 and the 1.5% drop in the NASDAQ. This was the second straight reporting period where the EFTTI underperformed the broader indices. On the bright side, the EFTTI continues to maintain a lead over the broader indices for the 12-month period. The 10.7% gain in the EFTTI over the past year compares favorably to both the 3.0% gain in the S&P 500 and the 9.1% gain in the NASDAQ over this same time frame. Sector multiples also weighed in higher than the year-ago period. The EFTTI now trades at 2.7x revenue and 12.0x EBITDA. This compares to sector multiples of 2.5x revenue and 10.7x EBITDA a year ago.