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January 2014 Market Commentary

U.S. and overseas stock markets moved lower as volatility spiked, particularly in the emerging markets, as the Fed further pared back its
bond buying program by an additional $10 billion to $65 billion – $30 billion of agency MBS and $35 billion of U.S. Treasuries.

For the month, the S&P 500 Index and the Russell 2000 Index of smaller companies each declined 3%. Healthcare, information
technology and utilities were among the top performing sectors, while energy and consumer discretionary lagged. Across market
capitalizations, small- and mid-caps marginally outperformed large-cap companies. No investment style emerged as a favorite as growth
fared best among large- and small-caps, but trailed among mid-caps.

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