PERFORMANCE Average Annual Returns (%) for Period Ended 9/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
Portfolio 0.17 7.17 18.68 22.85 13.75 7.31 10.05 8/15/1984
Russell 1000 Value Index -0.19 8.07 18.89 23.93 15.26 7.84 n/a  
Lipper VA Large-Cap Value Funds Average 0.00 0.49 17.51 22.82 14.13 7.44 9.70  
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings 47 690
W. Avg Cap. (mils) $102,527.4 $111,505.2
W. Median Cap (mils) $67,912.9 $58,486.6
P/E 1-year trailing 16.5 16.5
P/E 1-year forward 15.0 15.3
EPS Growth, past 3 years 5.5% 9.8%
EPS Growth, next 3 - 5 years 10.3% 9.0%
Price to Book 1.8 1.8
Price to Sales 1.8 1.4
Dividend Yield 2.0% 2.3%
Active Share 74.2% N/A
June 30, 2014
Portfolio Benchmark
50 685
$97,725.2 $103,551.9
$63,111.6 $52,411.9
16.4 16.1
14.7 15.3
5.8% 7.8%
9.8% 9.3%
1.8 1.9
1.6 1.4
2.1% 2.3%
72.0% 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)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 22.84% 23.93%
Standard Deviation 11.09% 10.98%
Beta vs. Market 0.99 1.00
Excess Return -1.09% 0.00%
R-Squared 97.13% 100.00%
Tracking Error 1.88% 0.00%
Information Ratio -0.58 0.00
Sharpe Ratio 2.06 2.17
June 30, 2014
Portfolio Benchmark
16.24% 16.92%
13.01% 13.00%
0.99 1.00
-0.68% 0.00%
97.82% 100.00%
1.93% 0.00%
-0.35 0.00
1.24 1.30
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)
  September 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 8.99% 6.21% 2.78%
Consumer Staples 10.10% 7.06% 3.05%
Energy 14.85% 12.86% 2.00%
Financials 22.97% 29.17% -6.20%
Health Care 14.43% 13.51% 0.92%
Industrials 12.80% 10.17% 2.63%
Information Tech 11.20% 9.38% 1.82%
Materials 0.00% 3.33% -3.33%
Telecomm Services 2.07% 2.29% -0.22%
Utilities 2.58% 6.03% -3.45%
June 30, 2014
Portfolio Benchmark + / -
10.00% 6.28% 3.72%
7.14% 6.87% 0.28%
15.36% 13.91% 1.45%
24.92% 28.48% -3.57%
12.49% 13.15% -0.65%
9.41% 10.47% -1.05%
10.23% 8.91% 1.31%
3.46% 3.35% 0.11%
4.41% 2.28% 2.13%
2.58% 6.30% -3.72%
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
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%
June 30, 2014
GENERAL ELECTRIC CO 3.21%
TIME WARNER INC 3.00%
MORGAN STANLEY 2.72%
CITIGROUP INC 2.71%
CAPITAL ONE FINANCIAL CORP 2.67%
METLIFE INC 2.66%
BANK OF AMERICA CORP 2.63%
PFIZER INC W/D 2.62%
GOLDMAN SACHS GROUP INC 2.59%
ROYAL DUTCH SHELL PLC ADR 2.59%
Total 27.40%
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 9/30/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 23.48% 28.72% 3.81% 2.01% -0.13% 0.39% 0.27%
Energy 14.95% 13.57% -9.07% -7.70% -0.10% -0.24% -0.34%
Health Care 13.55% 13.27% 3.91% 2.54% 0.03% 0.18% 0.21%
Industrials 11.27% 10.26% -5.50% -2.90% 0.01% -0.30% -0.29%
Information Tech 10.77% 9.22% 6.50% 5.16% 0.08% 0.13% 0.21%
Consumer Disc. 10.03% 6.33% 3.54% -1.25% -0.03% 0.50% 0.47%
Consumer Staples 8.46% 6.97% 1.36% 2.88% 0.03% -0.13% -0.10%
Telecomm Services 3.47% 2.26% 0.43% 1.01% -0.05% -0.03% -0.08%
Utilities 2.50% 6.01% -2.22% -4.41% 0.16% 0.06% 0.22%
Materials 1.53% 3.39% 0.34% -1.58% 0.10% 0.02% 0.12%
Total 100.00% 100.00% 0.49% -0.19% 0.11% 0.58% 0.69%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
eBay Inc. Information Tech 0.32%
Zoetis, Inc. Class A Health Care 0.28%
Exxon Mobil Corporation Energy 0.25%
Chevron Corporation Energy 0.19%
Time Warner Inc. Consumer Disc. 0.18%
Morgan Stanley Financials 0.17%
Target Corporation Consumer Disc. 0.17%
Citigroup Inc. Financials 0.14%
Sanofi Sponsored ADR Health Care 0.14%
Bank of America Corporation Financials 0.13%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight 0.16%
Materials Underweight 0.10%
Information Tech Overweight 0.08%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
eBay Inc. Information Tech 0.32%
Bank of America Corporation Financials 0.31%
Citigroup Inc. Financials 0.28%
Zoetis, Inc. Class A Health Care 0.28%
Microsoft Corporation Information Tech 0.23%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Eaton Corp. Plc Industrials -0.38%
Southwestern Energy Company Energy -0.25%
BP p.l.c. Sponsored ADR Energy -0.23%
Devon Energy Corporation Energy -0.22%
Intel Corporation Information Tech -0.19%
National Oilwell Varco, Inc. Energy -0.18%
Unilever NV ADR Consumer Staples -0.18%
ROYAL DUTCH SHELL PLC - ADR Energy -0.18%
Marathon Oil Corporation Energy -0.12%
JPMorgan Chase & Co. Financials -0.12%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight -0.13%
Energy Overweight -0.10%
Telecomm Services Overweight -0.05%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Eaton Corp. Plc Industrials -0.45%
Devon Energy Corporation Energy -0.27%
Southwestern Energy Company Energy -0.24%
National Oilwell Varco, Inc. Energy -0.23%
BP p.l.c. Sponsored ADR Energy -0.21%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value Index for the period ending 9/30/2014
Performance Attribution Chart
Year-To-Date Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 24.82% 28.77% 8.10% 7.68% -0.02% 0.02% 0.00%
Energy 14.68% 14.41% 5.20% 1.79% -0.04% 0.47% 0.44%
Health Care 13.31% 13.34% 11.43% 14.61% 0.01% -0.41% -0.40%
Industrials 10.36% 10.28% -1.61% 0.99% 0.04% -0.30% -0.26%
Consumer Disc. 10.01% 6.40% 11.00% 2.56% -0.19% 0.83% 0.64%
Information Tech 9.62% 9.09% 14.32% 20.47% 0.13% -0.58% -0.45%
Consumer Staples 6.84% 6.20% 9.64% 6.55% 0.01% 0.14% 0.15%
Telecomm Services 4.44% 2.38% 6.09% 5.57% -0.10% 0.01% -0.09%
Materials 3.83% 3.09% 10.89% 7.51% 0.10% 0.22% 0.32%
Utilities 2.07% 6.04% 8.26% 13.05% -0.23% -0.04% -0.27%
Total 100.00% 100.00% 8.15% 8.07% -0.28% 0.35% 0.08%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Exxon Mobil Corporation Energy 0.61%
DIRECTV Consumer Disc. 0.36%
Dow Chemical Company Materials 0.32%
Covidien Plc Health Care 0.31%
Devon Energy Corporation Energy 0.30%
Chevron Corporation Energy 0.25%
Time Warner Inc. Consumer Disc. 0.25%
Procter & Gamble Company Consumer Staples 0.21%
Union Pacific Corporation Industrials 0.20%
Microsoft Corporation Information Tech 0.18%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Information Tech Overweight 0.13%
Materials Overweight 0.10%
Industrials Overweight 0.04%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Devon Energy Corporation Energy 0.55%
Covidien Plc Health Care 0.55%
Dow Chemical Company Materials 0.53%
Time Warner Inc. Consumer Disc. 0.51%
DIRECTV Consumer Disc. 0.50%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Eaton Corp. Plc Industrials -0.51%
Intel Corporation Information Tech -0.35%
Southwestern Energy Company Energy -0.25%
Johnson & Johnson Health Care -0.25%
National Oilwell Varco, Inc. Energy -0.20%
Wells Fargo & Company Financials -0.20%
BP p.l.c. Sponsored ADR Energy -0.19%
Target Corporation Consumer Disc. -0.19%
WellPoint, Inc. Health Care -0.16%
Unilever NV ADR Consumer Staples -0.15%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.23%
Consumer Disc. Overweight -0.19%
Telecomm Services Overweight -0.10%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Eaton Corp. Plc Industrials -0.40%
Southwestern Energy Company Energy -0.24%
General Electric Company Industrials -0.23%
National Oilwell Varco, Inc. Energy -0.23%
WellPoint, Inc. Health Care -0.10%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value Index for the period ending 9/30/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 25.13% 28.83% 20.38% 17.76% 0.03% 0.58% 0.61%
Energy 14.81% 14.55% 17.75% 11.94% -0.04% 0.80% 0.77%
Health Care 13.27% 13.27% 21.57% 24.81% 0.05% -0.39% -0.34%
Consumer Disc. 10.06% 6.42% 20.11% 14.10% -0.14% 0.51% 0.38%
Industrials 9.99% 10.28% 14.63% 15.95% -0.01% -0.14% -0.15%
Information Tech 9.02% 9.01% 20.74% 35.02% 0.13% -1.08% -0.95%
Consumer Staples 7.00% 6.14% 24.87% 18.93% 0.11% 0.25% 0.36%
Telecomm Services 4.42% 2.42% 11.39% 13.13% -0.20% -0.09% -0.29%
Materials 3.97% 3.04% 27.25% 19.49% 0.18% 0.45% 0.63%
Utilities 2.33% 6.04% 13.41% 16.03% 0.06% 0.03% 0.10%
Total 100.00% 100.00% 20.00% 18.89% 0.16% 0.93% 1.11%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Dow Chemical Company Materials 0.57%
DIRECTV Consumer Disc. 0.48%
Phillips 66 Energy 0.46%
Chevron Corporation Energy 0.44%
Exxon Mobil Corporation Energy 0.42%
Cisco Systems, Inc. Information Tech 0.37%
Procter & Gamble Company Consumer Staples 0.34%
Tyco International Ltd. Industrials 0.33%
Covidien Plc Health Care 0.32%
Devon Energy Corporation Energy 0.31%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Overweight 0.18%
Information Tech Overweight 0.13%
Consumer Staples Overweight 0.11%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Dow Chemical Company Materials 1.09%
Phillips 66 Energy 0.93%
CVS Health Corporation Consumer Staples 0.87%
Devon Energy Corporation Energy 0.85%
DIRECTV Consumer Disc. 0.84%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Eaton Corp. Plc Industrials -0.46%
Target Corporation Consumer Disc. -0.46%
Intel Corporation Information Tech -0.40%
eBay Inc. Information Tech -0.28%
BCE Inc. Telecomm Services -0.27%
Southwestern Energy Company Energy -0.25%
Wells Fargo & Company Financials -0.24%
Hewlett-Packard Company Information Tech -0.24%
Unilever NV ADR Consumer Staples -0.21%
Apple Inc. Information Tech -0.20%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Overweight -0.20%
Consumer Disc. Overweight -0.14%
Energy Overweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Eaton Corp. Plc Industrials -0.27%
Southwestern Energy Company Energy -0.24%
National Oilwell Varco, Inc. Energy -0.23%
BP p.l.c. Sponsored ADR Energy -0.09%
Fifth Third Bancorp Financials -0.06%

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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