PERFORMANCE Average Annual Returns (%) for Period Ended 3/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
Portfolio 1.09 1.09 19.66 12.30 24.21 7.96 8.39 7/16/1991
Russell Midcap Growth Index 2.04 2.04 24.22 13.52 24.73 9.47 10.33  
Lipper VA Mid-Cap Core Funds Average 3.01 0.22 22.69 12.91 24.15 9.21 9.83  
Characteristics
  March 31, 2014
  Portfolio Benchmark
Number of Holdings 44 502
W. Avg Cap. (mils) $5,168.0 $11,725.3
W. Median Cap (mils) $4,125.8 $10,704.8
P/E 1-year trailing 16.3 22.3
P/E 1-year forward 15.8 20.2
EPS Growth, past 3 years 27.2% 17.4%
EPS Growth, next 3 - 5 years 14.8% 15.6%
Price to Book 3.2 4.9
Price to Sales 1.1 1.8
Dividend Yield 0.8% 1.1%
Active Share 96.3% N/A
December 31, 2013
Portfolio Benchmark
41 502
$5,390.3 $11,510.7
$4,023.0 $10,622.1
15.5 23.6
16.2 21.7
29.9% 16.5%
17.1% 16.1%
2.8 5.1
1.0 1.8
0.7% 1.0%
96.8% N/A
December 31, 2012
Portfolio Benchmark
44 457
$4,711.5 $8,549.1
$4,167.9 $8,282.2
14.9 19.5
13.9 18.0
31.1% 25.1%
16.0% 15.4%
2.7 4.3
1.0 1.5
0.7% 1.1%
94.6% N/A
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 12.31% 13.52%
Standard Deviation 17.36% 15.26%
Beta vs. Market 1.10 1.00
Excess Return -1.21% 0.00%
R-Squared 93.44% 100.00%
Tracking Error 4.70% 0.00%
Information Ratio -0.26 0.00
Sharpe Ratio 0.71 0.88
December 31, 2013
Portfolio Benchmark
15.78% 15.63%
17.09% 14.83%
1.11 1.00
0.15% 0.00%
93.16% 100.00%
4.77% 0.00%
0.03 0.00
0.92 1.05
December 31, 2012
Portfolio Benchmark
16.24% 12.91%
20.28% 18.16%
1.09 1.00
3.33% 0.00%
94.98% 100.00%
4.82% 0.00%
0.69 0.00
0.80 0.71
Sector Weights / Percentage of Holdings (ex-cash)
  March 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 25.65% 24.66% 0.99%
Consumer Staples 4.47% 8.15% -3.68%
Energy 6.43% 6.34% 0.09%
Financials 8.26% 8.83% -0.58%
Health Care 12.39% 13.54% -1.15%
Industrials 15.68% 15.11% 0.57%
Information Tech 20.14% 16.33% 3.81%
Materials 5.40% 5.90% -0.50%
Telecomm Services 0.00% 0.73% -0.73%
Utilities 1.57% 0.41% 1.16%
December 31, 2013
Portfolio Benchmark + / -
27.26% 25.04% 2.23%
4.90% 8.01% -3.11%
7.42% 5.96% 1.46%
8.03% 8.28% -0.24%
9.65% 13.20% -3.55%
15.66% 15.09% 0.58%
20.15% 16.39% 3.75%
5.43% 5.80% -0.37%
0.00% 1.52% -1.52%
1.49% 0.71% 0.77%
December 31, 2012
Portfolio Benchmark + / -
23.74% 25.15% -1.41%
6.48% 7.71% -1.24%
7.09% 5.23% 1.87%
6.45% 7.46% -1.01%
14.23% 12.88% 1.35%
16.38% 15.29% 1.09%
18.11% 16.98% 1.13%
6.18% 6.68% -0.50%
1.33% 1.92% -0.58%
0.00% 0.70% -0.70%
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
SYNAPTICS INC 3.06%
POLARIS INDUSTRIES INC 3.05%
ARROW ELECTRONICS INC 3.01%
QUESTCOR PHARMACEUTICALS 2.96%
SYNTEL INC 2.89%
DST SYSTEMS INC 2.89%
UBIQUITI NETWORKS INC 2.89%
WADDELL + REED FINANCIAL A 2.86%
TRW AUTOMOTIVE HOLDINGS CORP 2.84%
MIDDLEBY CORP 2.83%
Total 29.28%
December 31, 2013
DST SYSTEMS INC 3.45%
CHURCH + DWIGHT CO INC 3.25%
WESCO INTERNATIONAL INC 3.12%
POLARIS INDUSTRIES INC 3.12%
AOL INC 3.11%
GANNETT CO 3.09%
SOTHEBY S 3.09%
ROSS STORES INC 3.07%
WADDELL + REED FINANCIAL A 3.00%
SYNTEL INC 2.88%
Total 31.17%
December 31, 2012
WESCO INTERNATIONAL INC 3.57%
CHURCH + DWIGHT CO INC 3.30%
TRW AUTOMOTIVE HOLDINGS CORP 3.23%
EXPEDIA INC 3.22%
WEX INC 3.18%
POLARIS INDUSTRIES INC 3.17%
INGREDION INC 3.14%
LUFKIN INDUSTRIES INC 3.12%
VALMONT INDUSTRIES 3.00%
IPG PHOTONICS CORP 2.97%
Total 31.89%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth Index for the quarter ending 3/31/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.81% 24.63% -3.31% 0.17% -0.05% -0.96% -1.01%
Information Tech 20.02% 16.44% 4.54% 1.30% -0.02% 0.66% 0.64%
Industrials 15.85% 14.99% 3.59% 2.04% -0.01% 0.21% 0.21%
Health Care 11.73% 13.95% 13.26% 6.23% -0.21% 0.76% 0.56%
Financials 8.14% 8.87% 4.51% -0.72% 0.02% 0.42% 0.45%
Energy 6.83% 6.25% -14.15% 2.75% 0.01% -1.25% -1.24%
Materials 5.32% 5.82% -2.20% 3.41% -0.00% -0.30% -0.31%
Consumer Staples 4.80% 7.94% 5.11% 3.51% -0.05% 0.05% 0.00%
Utilities 1.50% 0.37% 4.78% 11.74% 0.11% -0.10% 0.01%
Telecomm Services 0.00% 0.73% 0.00% 3.84% -0.01% 0.00% -0.01%
Total 100.00% 100.00% 1.33% 2.04% -0.22% -0.51% -0.72%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Myriad Genetics, Inc. Health Care 1.41%
Questcor Pharmaceuticals, Inc. Health Care 0.45%
Synaptics Incorporated Information Tech 0.37%
Waddell & Reed Financial, Inc. Class A Financials 0.30%
Alaska Air Group, Inc. Industrials 0.23%
AmTrust Financial Services Inc. Financials 0.22%
Heartland Express, Inc. Industrials 0.21%
Arrow Electronics, Inc. Information Tech 0.21%
TRW Automotive Holdings Corp. Consumer Disc. 0.20%
Middleby Corporation Industrials 0.19%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Overweight 0.11%
Financials Underweight 0.02%
Energy Overweight 0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Myriad Genetics, Inc. Health Care 1.56%
Questcor Pharmaceuticals, Inc. Health Care 0.53%
Synaptics Incorporated Information Tech 0.44%
Waddell & Reed Financial, Inc. Class A Financials 0.36%
Alaska Air Group, Inc. Industrials 0.33%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
American Equity Investment Life Holding Company Financials -0.43%
Geospace Technologies Corporation Energy -0.43%
SM Energy Company Energy -0.39%
Sotheby's Class A Consumer Disc. -0.36%
Express, Inc. Consumer Disc. -0.35%
United Therapeutics Corporation Health Care -0.34%
WESCO International, Inc. Industrials -0.30%
Hornbeck Offshore Services, Inc. Energy -0.26%
Gannett Co., Inc. Consumer Disc. -0.25%
Ryland Group, Inc. Consumer Disc. -0.24%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Underweight -0.21%
Consumer Disc. Overweight -0.05%
Consumer Staples Underweight -0.05%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
American Equity Investment Life Holding Company Financials -0.42%
SM Energy Company Energy -0.36%
Geospace Technologies Corporation Energy -0.34%
Hornbeck Offshore Services, Inc. Energy -0.32%
Express, Inc. Consumer Disc. -0.31%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth Index for the period ending 3/31/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.51% 24.78% 16.86% 28.50% -0.04% -2.67% -2.71%
Information Tech 18.92% 16.23% 21.94% 19.02% -0.13% 0.56% 0.43%
Industrials 14.85% 14.96% 22.65% 24.19% 0.01% -0.24% -0.23%
Health Care 12.98% 13.36% 38.89% 36.22% -0.05% 0.50% 0.44%
Financials 7.66% 9.07% 40.83% 13.48% 0.16% 1.78% 1.93%
Energy 7.20% 6.35% -0.66% 16.36% -0.14% -0.66% -0.80%
Materials 5.74% 5.94% 20.58% 21.03% -0.01% -0.01% -0.03%
Consumer Staples 5.55% 8.11% 5.50% 23.46% 0.05% -1.38% -1.33%
Utilities 1.49% 0.34% 6.13% 13.96% -0.19% -0.13% -0.32%
Telecomm Services 0.10% 0.87% 9.59% 28.38% 0.00% 0.07% 0.06%
Total 100.00% 100.00% 21.55% 24.11% -0.33% -2.18% -2.57%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Lufkin Industries, Inc. Energy 1.40%
Questcor Pharmaceuticals, Inc. Health Care 1.25%
Waddell & Reed Financial, Inc. Class A Financials 0.77%
Synaptics Incorporated Information Tech 0.74%
Polaris Industries Inc. Consumer Disc. 0.73%
TRW Automotive Holdings Corp. Consumer Disc. 0.66%
Myriad Genetics, Inc. Health Care 0.52%
Old Dominion Freight Line, Inc. Industrials 0.36%
Ubiquiti Networks, Inc. Information Tech 0.35%
Endo International Plc Health Care 0.31%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.16%
Consumer Staples Underweight 0.05%
Industrials Underweight 0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Questcor Pharmaceuticals, Inc. Health Care 1.70%
Polaris Industries Inc. Consumer Disc. 1.52%
TRW Automotive Holdings Corp. Consumer Disc. 1.41%
Lufkin Industries, Inc. Energy 1.30%
Waddell & Reed Financial, Inc. Class A Financials 1.26%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Express, Inc. Consumer Disc. -1.09%
Outerwall Inc. Consumer Disc. -0.83%
Ingredion Incorporated Consumer Staples -0.83%
Valmont Industries, Inc. Industrials -0.83%
Expedia, Inc. Consumer Disc. -0.66%
Teradata Corporation Information Tech -0.66%
SM Energy Company Energy -0.65%
IPG Photonics Corporation Information Tech -0.63%
Ryland Group, Inc. Consumer Disc. -0.63%
Church & Dwight Co., Inc. Consumer Staples -0.59%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Overweight -0.19%
Energy Overweight -0.14%
Information Tech Overweight -0.13%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Express, Inc. Consumer Disc. -0.90%
Teradata Corporation Information Tech -0.55%
SM Energy Company Energy -0.51%
Outerwall Inc. Consumer Disc. -0.46%
IPG Photonics Corporation Information Tech -0.45%

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 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. Prices of mid-cap stocks may respond to market activity differently from and can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. The Portfolio is nondiversified and may be more volatile than a diversified fund.

I800ATT FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.