The second quarter of 2013 represented another quarter of disappointing deal volume even though equity markets are robust and liquidity remains strong. However, we believe the market appears to be approaching a turning point. Quality middle market companies with high margins remain in vogue and will help to stabilize multiples going forward. The capital markets appear stable, and the Dow Jones briefly dipped below 15,000 during Q2, but has since charged to record highs coming into late Q2 2013. Additionally, the S&P 500 gained just under 13 percent in the first half of the year which has been the best first half of year since the late ‘90s. We believe the lackluster volume is mainly the result of a lack of quality sellers as demand from corporate and private equity buyers remain high.