In public markets, while the 2.6% gain turned in by the FOCUS Communications Service Provider Index (CSPI) over the past three months was solid if not spectacular, it did snap a streak of two modest losses for the CSPI in both our Winter and Spring reporting periods. It also was a strong enough performance to beat both the 0.2% loss in the S&P 500 and the 1.8% gain in the NASDAQ. It was not, however, strong enough to pull the CSPI on par with the broader indices for the full year period. As compared to 12 months ago, the CSPI is up 2.5% while the S&P 500 is up 5.2% and the NASDAQ is up 13.1%. Even though year-overyear performance is relatively flat, sector multiples have improved. The sector revenue multiple increased from 2.3x a year ago to 2.4x currently, while the sector EBITDA multiple went from 6.5x to 8.6x.