Equity markets and high yield fixed income securities were down significantly for the quarter as investors reacted to the sudden onset of the coronavirus pandemic and the resulting economic consequences. U.S. stocks (S&P 500) were down 19.6%, ending the longest running bull market in history after its 11-year anniversary in March. Emerging markets and foreign developed markets were down 23.6% and 22.83%, respectively, due to perceived economic impacts of the global pandemic and exacerbated by a stronger dollar. The Federal Reserve cut rates twice during March to mitigate deteriorating economic conditions of the COVID-19 pandemic. Investors decreased their holdings of domestic stock and bond mutual funds/ETFs, but slightly increased the holdings in world stock mutual funds/ETFs. The U.S. lost 212,000 net jobs this quarter, with 701,000 losses in March. The unemployment rate rose to 4.4%. The price of oil decreased from $61 to $20 a barrel over the quarter.