Compared to the S&P 500, the Russell 2000 and the S&P 600 market indices. These indices reflect the performance of an unmanaged list of stocks. Past performance cannot predict future results and there can be no assurance of profit or protection from risk of loss. Further, the model's performance results do not take into consideration the expenses associated with managing and trading stocks (e.g., investment management fees, custody and commissions). These costs, if incurred, would reduce the investment performance of the market indices and model portfolios.