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3rd QUARTER 2016 MARKET COMMENTARY

Domestic and international equity indices finished the quarter higher. Global fixed income indices experienced gains as well, adding to what has already been strong year-to-date performance. Commodity and real estate sectors, which have also performed well year-to-date, saw a mixed quarter as focus continued to be centered on global central bank policy along with the upcoming U.S. election.

For the quarter, the S&P 500 Index gained 3.9%, while the Russell 2000 Index of smaller companies increased 9.0%. The technology, financial, industrial, energy, materials, healthcare and consumer services sectors were higher, while the telecom, utilities and consumer durable sectors declined. Across market capitalizations, small-cap securities outperformed their large- and mid-cap counterparts. Across styles, growth slightly outperformed value across small- and large-caps.

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