Volatility remained the story with the headlines dominated by trade policy, increasing interest rates, the rebound in the U.S. dollar, and a stronger U.S. economy. U.S. large stocks in the S&P 500 Index were up 7.7% for the quarter marking the longest bull market in modern history. International stocks in the MSCI EAFE Index were up 0.8%. The U.S. dollar’s 2018 rebound has adversely affected non-dollar investments in the International Equity, Fixed Income, and Inflation Protection portfolios.

Quarter Ended September 30, 2018

• U.S. Equities +6.2%     /   International Equities (0.6%)
• Fixed Income +0.4%    /   Inflation Protection Strategies (0.6%)

Year-to-date September 30, 2018

• U.S. Equities +11.9%     /   International Equities (2.7%)
• Fixed Income (1.5%)    /   Inflation Protection Strategies (0.7%)

	Year-to-date September 30, 2018		Trailing 1 Year September 30, 2018
Diversified Fund	2.5%		6.3%
Lipper Median*	2.0%		5.3%
Over (Under) Performance	0.5%		1.0%
Endowment Investment Fund	2.5%		6.3%
Lipper Median*	2.0%		5.3%
Over (Under) Performance	0.5%		1.0%
Fixed Income Fund	(1.5%)		(0.8%)
BC U.S. Aggregate	(1.6%)		(1.2%)
Over (Under) Performance	0.1%		0.4%
* – Median returns from the Lipper mutual fund universe for balanced funds in the asset class category. As of 10/08/2018, the universe consisted of 5,182 peers. Source: Wilshire Associates, Lipper, and Wespath 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.