U.S. equities were mixed in April as large caps advanced modestly while small and mid caps declined. (S&P 500 +0.74%, S&P 400 MidCap -1.56%, Russell 2000 -3.88%).

International markets were generally positive in April as the MSCI EAFE gained 1.45%. Emerging markets have continued to lag the developed international markets with the exception of the frontier markets. The MSCI Frontier Index was up 5.71% for the month and year to date it is up an impressive 13.54%.