Value Fund Total Percentage return = 11.82% % iShares S&P 500 Value ETF Total percentage return = 6.79% % Value fund Benchmark Allocation weights Weights Effect Total 100.00 100.00 10.48 Commercial Services 2.07 2.35 0.08 Communications ww 1.34 0.17 Consumer Durables 0.94 2.95 -0.11 Consumer Non-Durables 1.68 5.16 -0.16 Consumer Services 0.35 4.02 0.75 Distribution Services 1.58 0.56 0.17 Electronic Technology 0.92 14.60 -0.62 Energy Minerals 12.87 2.47 5.95 Finance 54.92 14.42 0.86 Health Services 2.31 -0.48 Health Technology 10.20 -0.67 Industrial Services 0.51 0.80 -0.10 Non-Energy Minerals 10.27 0.50 2.73 Process Industries 4.45 2.09 -0.04 Producer Manufacturing 2.39 3.95 0.28 Retail Trade 6.41 8.38 0.22 Selection Effect -5.45 0.55 -0.65 -0.73 -0.29 0.15 -0.19 -3.43 -0.38 44 0.05 -0.75 1.44 -0.57 -0.52 Total Effect 5.03 0.63 0.17 -0.76 -0.89 0.46 0.32 -0.81 2.52 0.49 -0.48 -0.67 -0.05 1.98 1.40 -0.29 -0.30 Distribution Services 1.58 0.56 0.17 0.15 Electronic Technology 0.92 14.60 -0.62 -0.19 Energy Minerals 12.87 2.47 5.95 -3.43 Finance 54.92 14.42 0.86 -0.38 Health Services - 2.31 -0.48 Health Technology 10.20 -0.67 ww Industrial Services 0.51 0.80 -0.10 0.05 Non-Energy Minerals 10.27 0.50 2.73 -0.75 Process Industries 4.45 2.09 -0.04 1.44 Producer Manufacturing 2.39 3.95 0.28 -0.57 Retail Trade 6.41 8.38 0.22 -0.52 Technology Services 0.30 19.34 1.51 -0.07 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% Value fund underperformed the benchmark by 11.82% Value fund underperformed the benchmark by 5,45% Value fund underperformed the benchmark by 5.03% 0.32 -0.81 2.52 0.49 -0.48 -0.67 -0.05 1.98 1.40 -0.29 -0.30 1.43 0.16 -0.29