Timely Buys results are model returns. They do not represent actual trading and may not reflect the impact that economic and market factors might have had on decision making if money was actually invested in the model. Timely Buys model returns do not reflect the deduction of advisory fees, brokerage fees, brokerage commissions, and other transaction costs as well as any other expenses an investor would have paid if the model were actually traded.

The Timely Buys model goal is to outperform the S&P 500. The S&P 500 Index ('S&P') is a well-known, unmanaged index of the prices of 500 large-company common stocks selected by Standard & Poors. The S&P 500 returns exclude the re-investment of dividends, all transaction costs, and represent gross returns before management fees. The Timely Buys model is more risky than the S&P 500 based on the historical standard deviation of monthly returns. Additionally, the Timely Buys model is an equal weighted simulation while the S&P 500 contains 500 stocks weighted by market capitalization.