We publish the Value Fund’s performance from inception (November 1, 2011) on a monthly basis and also include a comparison of our performance against our benchmarks – the S&P 500 (in CAD$) and the S&P/TSX. The majority of the Value Fund’s portfolio is comprised of equities listed on the major US and Canadian stock exchanges. Accordingly we view the selected benchmarks as being appropriate as they are widely used benchmarks for the North American equity markets. While the Value Fund uses these indices for long-term performance comparisons, the Value Fund is not managed relative to the composition of the indices. There are differences which include security holdings, geographic and sector allocations which impact comparability. As a result, the Value Fund will experience periods when its performance differs materially from the indices. GreensKeeper Asset Management Inc. assumed the investment management responsibilities of the Value Fund on January 17, 2014. Prior to that date, the Value Fund was managed by Lightwater Partners Ltd. while Mr. McCloskey was employed by that firm.