U.S. stocks in the S&P 500 Index gained 0.4% in April for a YTD total return of 1.7%. International stocks rebounded as the U.S. dollar finally weakened. International developed market stocks in the MSCI EAFE Index were up 2.5% in April but are still down 1.4% YTD.

The Diversified Fund and Endowment Investment Fund gained 1.0% for the month, just off the benchmark return of 1.2%. The Funds are up 2.2% year-to-date versus a benchmark gain of 3.0%. Detractors from benchmark relative performance have been:

• An overweight to small-cap stocks in the U.S. equity portfolio while large stocks have been more in favor
• Diversifying inflation protection strategies while we remain in a period of low inflation

	Month Ended April 29, 2016		Year-to-Date April 29, 2016
Diversified Fund	1.0%		2.2%
Benchmark*	1.2%		3.0%
Over (Under) Performance	(0.2%)		(0.8%)
Endowment Investment Fund	1.0%		2.2%
Benchmark*	1.2%		3.0%
Over (Under) Performance	(0.2%)		(0.8%)
Fixed Income Fund	1.2%		4.7%
BC U.S. Universal Bond Index (excl mbs)	0.4%		3.4%
Over (Under) Performance	0.8%		1.3%
* – Blend of 1) Wespath benchmark of 40% Russell 3000 Index, 25% MSCI ACWI Index (excluding US), 25% Barclays Capital U.S. Universal Index (excluding mbs), 10% Barclays Capital U.S. Government Inflation-Linked Bond Index and 2) HFRI Fund of Funds Composite Index for actual percentage of alternatives   Notes: Historical returns are time-weighted and net of all fees.   Returns greater than one year are annualized. Past performance is no guarantee of future returns.