LRCX began trading the month of September at $69.56 following and extremely volatile market swings of the last few weeks of August. LRCX has since rebounded slightly $72.50 where it closed on Monday September 14. This represents a 4.23% increase for the month of September thus far. Unfortunately, the current price is below our purchase price of $79.63., this represents a 8.95% loss of our position. . LRCX has been hit hard as the semiconductor market has been changing rapidly, their products are just beginning to catch up to the demands of the market, as they missed out on a few important contracts as they did not have service products for some of the new types of semiconductor equipment. I will continue to monitor the semi-conductor industry as a whole as we consider closing this poor performing position. LRCX’s next earnings release is expected to be released in the end of October. For the sake of diversity I believe that it is beneficial to have exposure to the semiconductor subsector of the technology sector. LRCX had little or no media reports or press releases for the first half of September.