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3rd Quarter 2013 Market Commentary

U.S. and overseas markets posted gains during the third quarter amid a surprise move by the Federal Reserve to leave its asset purchase program unchanged. However, looming budget and debt ceiling debates continued to weigh on investor sentiment.

For the quarter, the S&P 500 Index and the Russell 2000 Index of smaller companies advanced 5% and 10%, respectively. Industrials, materials and healthcare were among the top performing sectors, while utilities, telecommunications services and financials lagged. Across market capitalizations, small-cap and mid-cap issues outperformed large-cap companies. Meanwhile, growth stocks outperformed their value counterparts.

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