U.S. equity markets as measured by the S&P 500 Index suffered their worst quarterly loss since the third quarter of 2011 as Chinese equity market volatility spread throughout the globe. China first made headlines with a surprise move by the People’s Bank of China (PBoC) to devalue the Chinese renminbi relative to the U.S. dollar. Investors were also discouraged by inaction of the Federal Reserve (Fed) at its September meeting, which created more uncertainty about the interest rate outlook. Large-cap stocks as represented by the S&P 500 Index fell 6.4%*, but outperformed small-cap stocks measured by the Russell 2000 Index, which lost 11.9%*. The S&P 500 Index finished the first nine months of 2015 with a loss of 5.3%*, outpacing the Russell 2000 Index, which was down 7.7%*.