Despite a September sell-off, public equity markets moved higher for the quarter. With Treasury yields staying low and corporate bond spreads tightening, most fixed income markets also delivered positive returns. We estimate that in aggregate, pension assets were (1.4)% and 3.6% for the month and quarter. In our third edition of the Corporate Pension Quarterly: Treading Water, we provide observations on market volatility and pension funded status, and current themes that are top of mind for clients.