Whether it’s the wall of worry, the slough of despond, or the rabbit hole, the market seems to have shrugged off at least for now some of the uncertainty to continue its climb. Whatever the cause (in part potentially the amount of cash sitting at 4+% on the sidelines), and despite the noise, the Fed has been trying to focus on verifiable numbers in making decisions about the interest rate. Changes in economic policy take some time to show up in the economic data, so the Fed has been watching as the impact of various decisions appear to manifest. The Board of Managers has been doing the same thing, using market and economic history, data, experience, and attention to the needs of shareholders in the Easton Episcopal Fund to keep a steady hand on the helm. As of August 31, 2025, the Fund has shown a gross return of 9.43% excluding administrative expenses.