Global equities declined slightly in the third quarter, with September losses a consequence of fears about slowing economic momentum, rising inflation and policy uncertainty.  Global equities, as represented by the MSCI All Country World Index, fell by 1.05% for the quarter. Despite the September slump, global equities returned 11.1% year-to-date through September 30.  The S&P 500 Index was slightly up for the quarter; the index has gained nearly 16% year-to-date.  U.S. small company stocks struggled during the quarter, losing more than 4%.  U.S. small company stocks have gained more than 12% year-to-date.  Emerging markets also struggled, with a variety of concerns about China dominating sentiment during a quarter in which the MSCI Emerging Markets Index fell by 8%.