March’s quarter point interest rate raise by the Federal Reserve was no surprise to the Board of Managers, nor was the half point raise at their meeting on the 4th of this month. Discussions of potential rate raises, particularly in light of recent inflation figures, have been ongoing for some time. We expect further rate hikes and will plan accordingly. Over the past year we have significantly reduced the risk of interest rates rising by shortening the maturity of our bond portfolio and by increasing our use of high yield investments. In the April meeting, the Board added a value ETF to the Fund.