Returns in the stock and bond markets have been relatively flat for 2015. The S&P 500 Stock Index was up .23% in the second quarter, leaving it up 1.23% for the first half of 2015. The U.S. Aggregate Bond Index was down 1.68% in the second quarter, leaving it off .10% for the first half of 2015. Our portfolio has fared better than the broad markets. While much has been made about the stock market valuation in the press, we believe the current levels remain reasonable but not undervalued as they were in 2009 and 2010. At 17.3x 2015 earnings and 15.5x 2016 earnings, we believe the market has room to grow further. Our equity portfolio has performed well this year based upon the broad strength of health care, and se- lected technology and retail names. These sectors are also some of the leading job creators and innova- tors in the current expansion. Professional and business services generated 670,000 jobs last year while health care created 408,000 and retail trade an additional 290,000. Health care has been a consistent performer as new pharmaceuticals, medical devices and biologics are discovered, developed and launched after a period of testing. Only a few years ago patients with ad- vanced Hepatitis C would need to undergo a difficult and costly liver transplant. Now a patient can be cured in 8 to 12 weeks through a regimen developed by Gilead Sciences. Advancements in multiple scle- rosis treatments by Biogen are improving patient’s lives and Novo Nordisk continues to develop more…