Rhetoric and news continue fast and furious, but the Easton Episcopal Fund continues to steadily march forward. (Bearing in mind that markets have a certain amount of natural up and down even without the additional pressure of the current tsunami-like news cycle). Picking out the significant, impactful pieces is not easy, but it helps to have breadth, depth, and length of experience in finance and in life. The members of the Board of Managers aided by the Investment Advisory Board persist in following the markets, recognizing patterns in the news (history being a very helpful template), and adjusting when necessary. Year to date gross return for the Fund is 8.17%.