BobDolanThe year is off to a rocky start in the first quarter, the large cap indices were approximately the same at the end of last year as they were at March 31, 2015. In spite of the static prices in the large capitalization area, we managed to still grow Fund E by 2.1% due to our adherence to the investment discipline. Many small cap and international funds, that didn’t perform well in 2014, had a good first quarter. As we always do, we stayed with the plan and it continues to work for us.

During the quarter there was significant volatility in the market, even though the beginning and end points for the large cap domestic stocks was about the same. The volatility is expected to continue as the US markets adjust to the changed governmental policy in other developed economies and the strengthening dollar. You probably guessed the answer by now, but we will continue through that adjustment phase by following our investment discipline. It continues to work well for us in the long term and in the foundation world the long term returns are, and should be, our focus.

Have a great day,

Robert J. Dolan, Chair

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