Questions 25-26 are based on the following information:

Below are the North American Growth Fund (NAGF) & Benchmark (BM) asset class weights & returns:

Asset Class             NAGF Wt.          BM Wt.          NAGF Ret.          BM Ret.

Fixed Income              50%                   40%                15%                  12%

Equities                      40%                    45%                18%                    14%

Real Estate                 10%                    15%                20%                    15%

25) For the Fixed Income asset class, what is the contribution from allocation?

a) + 1.6%

b) - 1.6%

c) + 1.2%

d) - 1.2%

e) None of the above

26) For the Equities asset class, what is the contribution from selection?

a) + 1.6%

b) - 1.6%

c) + 1.2%

d) - 1.2%

e) None of the above