Published for institutional investors earlier today. The bottom line is that small cap technology stocks have demonstrated 12.5% better YTD returns than the main index. Even with solid returns so far this year, the Small Cap Tech Index is still trading at an earnings discount to the main index, inferring that there remains future upside. During April, approximately $92M in capital was raised, with OTC making two acquisitions. OTC bought Nstein for approximately $32 M, and then followed up later in the month with an acquisition of Burntsand for approximately $12M.