PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
Portfolio 1.59 8.88 8.88 19.04 13.10 6.49 10.02 8/15/1984
Russell 1000 Value Index 4.98 13.45 13.45 20.89 15.42 7.30 n/a  
Lipper VA Large-Cap Value Funds Average 3.37 0.40 10.79 19.53 13.85 6.79 9.68  
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 40 704
W. Avg Cap. (mils) $108,530.8 $112,631.5
W. Median Cap (mils) $72,057.9 $59,062.8
P/E 1-year trailing 16.3 16.3
P/E 1-year forward 15.2 16.2
EPS Growth, past 3 years 11.4% 12.9%
EPS Growth, next 3 - 5 years 8.1% 8.8%
Price to Book 1.8 1.9
Price to Sales 1.9 0.1
Dividend Yield 2.4% 2.2%
Active Share 80.4% N/A
September 30, 2014
Portfolio Benchmark
47 690
$102,527.4 $111,505.2
$67,912.9 $58,486.6
16.5 16.5
15.0 15.3
5.5% 9.8%
10.3% 9.0%
1.8 1.8
1.8 1.4
2.0% 2.3%
74.2% N/A
December 31, 2013
Portfolio Benchmark
42 662
$88,555.1 $108,938.9
$53,733.5 $50,284.4
16.7 15.6
15.3 15.0
7.2% 9.5%
10.1% 9.2%
1.8 1.8
1.5 1.4
2.0% 2.2%
75.1% N/A
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 19.03% 20.89%
Standard Deviation 9.53% 9.33%
Beta vs. Market 0.99 1.00
Excess Return -1.86% 0.00%
R-Squared 94.34% 100.00%
Tracking Error 2.27% 0.00%
Information Ratio -0.82 0.00
Sharpe Ratio 1.99 2.23
September 30, 2014
Portfolio Benchmark
22.84% 23.93%
11.09% 10.98%
0.99 1.00
-1.09% 0.00%
97.13% 100.00%
1.88% 0.00%
-0.58 0.00
2.06 2.17
December 31, 2013
Portfolio Benchmark
15.05% 16.06%
12.98% 12.88%
1.00 1.00
-1.01% 0.00%
97.63% 100.00%
2.00% 0.00%
-0.50 0.00
1.15 1.24
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 6.89% 6.58% 0.32%
Consumer Staples 7.79% 7.38% 0.41%
Energy 11.12% 11.28% -0.16%
Financials 24.08% 29.87% -5.79%
Health Care 13.00% 13.70% -0.71%
Industrials 13.36% 10.08% 3.28%
Information Tech 13.62% 9.55% 4.07%
Materials 2.04% 3.04% -1.00%
Telecomm Services 5.06% 2.08% 2.98%
Utilities 3.04% 6.44% -3.40%
September 30, 2014
Portfolio Benchmark + / -
8.99% 6.21% 2.78%
10.10% 7.06% 3.05%
14.85% 12.86% 2.00%
22.97% 29.17% -6.20%
14.43% 13.51% 0.92%
12.80% 10.17% 2.63%
11.20% 9.38% 1.82%
0.00% 3.33% -3.33%
2.07% 2.29% -0.22%
2.58% 6.03% -3.45%
December 31, 2013
Portfolio Benchmark + / -
10.40% 6.57% 3.83%
6.10% 5.90% 0.20%
11.19% 15.03% -3.83%
27.08% 28.97% -1.89%
12.26% 12.92% -0.66%
9.66% 10.50% -0.84%
10.17% 8.92% 1.25%
5.97% 2.93% 3.04%
5.08% 2.52% 2.56%
2.07% 5.74% -3.66%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
PNC FINANCIAL SERVICES GROUP 5.08%
PFIZER INC 4.39%
JPMORGAN CHASE + CO 4.06%
GENERAL ELECTRIC CO 3.96%
DEERE + CO 3.51%
MICROSOFT CORP 3.44%
MORGAN STANLEY 3.08%
FIFTH THIRD BANCORP 3.02%
FIRSTENERGY CORP 2.98%
VODAFONE GROUP PLC SP ADR 2.93%
Total 36.45%
September 30, 2014
TIME WARNER INC 3.33%
GENERAL ELECTRIC CO 3.25%
CITIGROUP INC 3.09%
BANK OF AMERICA CORP 3.03%
COMCAST CORP CLASS A 3.02%
MORGAN STANLEY 3.01%
EBAY INC 2.79%
CAPITAL ONE FINANCIAL CORP 2.73%
NATIONAL OILWELL VARCO INC 2.72%
PFIZER INC 2.71%
Total 29.66%
December 31, 2013
GENERAL ELECTRIC CO 3.55%
DOW CHEMICAL CO/THE 3.36%
CAPITAL ONE FINANCIAL CORP 3.35%
OCCIDENTAL PETROLEUM CORP 3.33%
PNC FINANCIAL SERVICES GROUP 3.25%
TYCO INTERNATIONAL LTD 3.22%
BB+T CORP 3.16%
DEVON ENERGY CORPORATION 3.03%
BERKSHIRE HATHAWAY INC CL B 3.03%
CITIGROUP INC 3.01%
Total 32.30%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value Index for the quarter ending 12/31/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 23.65% 29.54% 5.41% 7.31% -0.13% -0.44% -0.56%
Health Care 14.60% 13.75% 3.90% 6.91% 0.08% -0.47% -0.39%
Energy 12.97% 11.80% -16.56% -9.36% -0.30% -1.13% -1.43%
Industrials 12.95% 10.19% 2.96% 4.68% 0.00% -0.22% -0.21%
Information Tech 11.57% 9.41% -0.76% 6.89% 0.01% -0.89% -0.88%
Consumer Staples 10.39% 7.30% 11.01% 10.12% 0.21% 0.09% 0.30%
Consumer Disc. 8.02% 6.31% 12.33% 11.55% 0.10% 0.09% 0.19%
Utilities 2.87% 6.34% 17.27% 12.68% -0.25% 0.12% -0.14%
Telecomm Services 2.60% 2.19% -3.63% -3.72% 0.02% -0.00% 0.01%
Materials 0.35% 3.18% 2.50% -3.59% 0.29% -0.05% 0.24%
Total 100.00% 100.00% 2.12% 4.98% 0.03% -2.90% -2.86%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Walgreens Boots Alliance Inc Consumer Staples 0.43%
FirstEnergy Corp. Utilities 0.30%
Zoetis, Inc. Class A Health Care 0.28%
Exxon Mobil Corporation Energy 0.23%
Time Warner Inc. Consumer Disc. 0.23%
Chevron Corporation Energy 0.22%
Morgan Stanley Financials 0.18%
Johnson & Johnson Health Care 0.16%
Target Corporation Consumer Disc. 0.15%
Quest Diagnostics Incorporated Health Care 0.14%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.29%
Consumer Staples Overweight 0.21%
Consumer Disc. Overweight 0.10%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Walgreens Boots Alliance Inc Consumer Staples 0.57%
FirstEnergy Corp. Utilities 0.47%
Morgan Stanley Financials 0.37%
Time Warner Inc. Consumer Disc. 0.36%
Zoetis, Inc. Class A Health Care 0.29%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Noble Energy, Inc. Energy -1.03%
Sanofi Health Care -0.56%
National Oilwell Varco, Inc. Energy -0.49%
Marathon Oil Corporation Energy -0.45%
Occidental Petroleum Corporation Energy -0.31%
Google Inc. Class C Information Tech -0.28%
Devon Energy Corporation Energy -0.25%
Royal Dutch Shell Plc Class A Energy -0.18%
Google Inc. Class A Information Tech -0.17%
Tyco International PLC Industrials -0.16%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Overweight -0.30%
Utilities Underweight -0.25%
Financials Underweight -0.13%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Noble Energy, Inc. Energy -0.90%
Marathon Oil Corporation Energy -0.48%
Sanofi Health Care -0.43%
National Oilwell Varco, Inc. Energy -0.39%
Occidental Petroleum Corporation Energy -0.32%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value Index for the period ending 12/31/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 24.52% 28.97% 13.95% 15.56% -0.15% -0.43% -0.58%
Energy 14.24% 13.75% -12.19% -7.74% -0.35% -0.67% -1.01%
Health Care 13.64% 13.44% 16.08% 22.53% 0.08% -0.86% -0.78%
Industrials 11.02% 10.25% 1.30% 5.72% 0.04% -0.53% -0.50%
Information Tech 10.12% 9.17% 13.46% 28.77% 0.14% -1.49% -1.36%
Consumer Disc. 9.51% 6.38% 24.69% 14.40% -0.10% 0.92% 0.82%
Consumer Staples 7.74% 6.48% 21.83% 17.33% 0.22% 0.23% 0.44%
Telecomm Services 3.97% 2.33% 2.24% 1.65% -0.09% -0.00% -0.10%
Materials 2.95% 3.11% 13.66% 3.66% 0.38% 0.17% 0.55%
Utilities 2.28% 6.12% 26.96% 27.39% -0.49% 0.07% -0.43%
Total 100.00% 100.00% 10.50% 13.46% -0.32% -2.61% -2.95%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Exxon Mobil Corporation Energy 0.85%
Time Warner Inc. Consumer Disc. 0.48%
Chevron Corporation Energy 0.48%
Covidien Plc Health Care 0.42%
Dow Chemical Company Materials 0.41%
DIRECTV Consumer Disc. 0.37%
Walgreens Boots Alliance Inc Consumer Staples 0.36%
Zoetis, Inc. Class A Health Care 0.27%
Union Pacific Corporation Industrials 0.26%
Morgan Stanley Financials 0.25%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.38%
Consumer Staples Overweight 0.22%
Information Tech Overweight 0.14%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Time Warner Inc. Consumer Disc. 0.89%
Covidien Plc Health Care 0.72%
Cisco Systems, Inc. Information Tech 0.67%
Morgan Stanley Financials 0.67%
PNC Financial Services Group, Inc. Financials 0.62%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Noble Energy, Inc. Energy -1.03%
National Oilwell Varco, Inc. Energy -0.69%
Eaton Corp. Plc Industrials -0.46%
Sanofi Health Care -0.42%
Marathon Oil Corporation Energy -0.42%
Occidental Petroleum Corporation Energy -0.40%
Intel Corporation Information Tech -0.35%
Google Inc. Class C Information Tech -0.27%
Southwestern Energy Company Energy -0.26%
Unilever NV Cert. of shs Consumer Staples -0.25%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.49%
Energy Overweight -0.35%
Financials Underweight -0.15%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Noble Energy, Inc. Energy -0.93%
National Oilwell Varco, Inc. Energy -0.62%
Southwestern Energy Company Energy -0.24%
General Electric Company Industrials -0.21%
Eaton Corp. Plc Industrials -0.20%

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Portfolio or the Portfolio could underperform because of the following risks: the stock market may fall in value, causing the prices of stocks held by the Portfolio to fall; individual investments of the Portfolio may not perform as expected; and/or the Portfolio's portfolio management practices may not achieve the desired result. The Portfolio's value-oriented investing approach may fall out of favor with investors from time to time, during which the Portfolio may underperform other funds using different investment approaches. Value stocks may perform differently from the market as a whole, and there is the risk that the portfolio manager's calculation of the stock's underlying value will not be reflected in the market price. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

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