In public markets, with a gain of 3.9% in our summer reporting period, the FOCUS Telecom Business Services Index (TBSI) once again posted a solid three-month gain. The performance of the TBSI was significantly better than the three-month gain of the S&P 500 of 2.6%, and was identical to the three-month return of the NASDAQ. Over the past12 months, the TBSI posted an increase of nearly 40%, significantly higher than either the S&P 500 or NASDAQ.

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