February Markets in Review

Domestic equity markets rebounded in February, recovering most of the decline that occurred in January. The S&P 500 Index gained +3.1% on a total return basis, while small and medium capitalization stocks performed even better. Bond market performance was respectable during the month, as the U.S. Treasury yield curve steepened slightly, with rates flat on the short end, falling 0-5 basis points for intermediate maturities, and rising 0-10 basis points on the long end. Corporates, asset-backeds and mortgage-backeds also delivered positive performance, and tax-exempt bonds were very strong.

MMAF Awards 10,000th Grant

In a ceremony at the Minnesota State Capitol on March 10th, Minnesotans’ Military Appreciation Fund Co-founder General Denny Schulstad, Chairman Roger Sit, Major General Rick Nash, and Minnesota Governor Tim Pawlenty presented a $500 grant to Army National Guard Specialist Sasha Bell, the Fund’s 10,000th grant recipient.  MMAF has disbursed grants totaling more than $6 million since its inception in August 2005.

MMAF is a statewide fundraising initiative by the citizens of Minnesota for Minnesota military personnel and their families.  MMAF is a non-partisan, volunteer-run, non-profit 501(c)(3) corporation formed to raise money to provide cash grants as a “thank you” to all Minnesota military personnel who have served in a combat zone since September 2001.  To donate or learn more about the Minnesotans’ Military Appreciation Fund, please visit the website at www.thankmntroops.org.