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Market Update Q3 2016

October 25, 2016

Message from the President and CEO

The ongoing U.S. election has certainly grabbed headlines both within and outside financial markets. However, from an investment perspective, does it really matter who wins the election? What we’ve seen historically is that most elections and other political events don’t really affect the markets over the longer term. Of course, in this particular case, we are a bit more concerned about the rise of populism. That’s certainly what drove Brexit earlier this summer in Europe, and a Trump win could create some longer-term issues for the global economy, particularly for trade.

In the shorter term, the uncertainty around the election could lead to some short-term volatility. We believe our clients remain well positioned in the current environment. We continue to talk regularly to our subadvisors and our independent research providers to determine whether any new developments will cause a need for action.

Our client portfolios produced very solid returns in the third quarter. Financial markets performed strongly as well. Both bonds and stocks produced positive returns. International equities also produced very strong numbers. This performance was reflected in our funds and pools, all of which produced strong, positive results. We also saw a number of our subadvisors outperform their benchmarks, particularly for the fixed income investments.

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