Investment Summary as of January 31, 2016

Stocks are off to a rocky start for 2016. The Dow Jones Industrial Average, S&P 500 Index, and the Nasdaq Composite all had their worst 5-day start of a year in history. The economic slowdown in China continues to weigh on the global markets. The price of oil fell below $30 a barrel for the first time since 2004. Fortunately the price of oil and the equity markets rebounded significantly the second half of the month partly due to speculation the European Central Bank will expand its stimulus policy, perhaps the Fed will not raise rates four times this year as earlier anticipated, and a surprise stimulus rate cut by the Bank of Japan.

U.S. stocks in the S&P 500 Index declined 5.0% in January. International developed market stocks in the MSCI EAFE Index were down 7.3%. The Barclays Capital U.S. Aggregate Bond Index was up 1.4%.

These periods of uncertainty and increased volatility can be uncomfortable in real time. It is important to remind ourselves our investment focus is very long term and to not overreact or try to outguess the markets in the short term.

January 31, 2016
Diversified Fund (4.0%)
Benchmark* (3.6%)
Over (Under) Performance (0.4%)
Endowment Investment Fund (4.0%)
Benchmark* (3.6%)
Over (Under) Performance (0.4%)
Fixed Income Fund 0.4%
Barclays Capital Aggregate Bond Index 1.4%
Over (Under) Performance (1.0%)
* – Blend 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
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.