The following information is from FACTSET comparing a hypothetical Value Fund to S&P 500 Value ETF. Value Fund Total Percentage return = 11.82 %% iShares S&P 500 Value ETF Total percentage return = 6.79%% Value Benchmark Allocation Selectio fund Weights Effect Effect weights Total 100.00 100.00 10.48 -5.45 Commercial 2.07 2.35 0.08 0.55 Services Communications 1.34 0.17 Consumer 0.94 2.95 -0.11 -0.65 Durables Consumer Non- 1.68 5.16 -0.16 -0.73 Durables Consumer 0.35 4.02 0.75 -0.29 Services Consumer 0.35 4.02 Services Distribution 1.58 0.56 Services Electronic 0.92 14.60 Technology Energy Minerals 12.87 2.47 Finance 54.92 14.42 Health Services 2.31 Health 10.20 Technology Industrial 0.51 0.80 Services Non-Energy 10.27 0.50 Minerals Process 4.45 2.09 Industries Producer 2.39 3.95 Manufacturing Retail Trade 6.41 8.38 1 0.75 0.17 -0.62 5.95 0.86 -0.48 -0.67 -0.10 2.73 -0.04 0.28 0.22 -0.29 0.15 -0.19 -3.43 -0.38 0.05 -0.75 1.44 -0.57 -0.52 Producer Manufacturing 2.39 3.95 0.28 -0.57 Retail Trade 6.41 8.38 0.22 -0.52 Technology 0.30 19.34 1.51 -0.07 Services Transportation 1.84 0.16 Utilities 0.36 2.53 -0.23 -0.05 The overall performance of the Value fund relative to the benchmark is: O Value fund outperformed the benchmark by 5.03% O Value fund underperformed the benchmark by 11.82% O Value fund underperformed the benchmark by 5.03% O Value fund underperformed the benchmark by 5.45%