PERFORMANCE Average Annual Returns (%) for Period Ended 6/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
Portfolio 3.59 4.72 22.15 12.55 21.68 8.09 8.46 7/16/1991
Russell Midcap Growth Index 4.37 6.51 26.04 14.54 21.16 9.83 10.27  
Lipper VA Mid-Cap Growth Funds Average 2.21 0.42 23.97 12.27 19.66 8.85 8.74  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 43 544
W. Avg Cap. (mils) $4,673.7 $11,637.3
W. Median Cap (mils) $3,292.5 $10,122.5
P/E 1-year trailing 18.0 25.0
P/E 1-year forward 16.0 21.7
EPS Growth, past 3 years 23.2% 20.2%
EPS Growth, next 3 - 5 years 15.0% 16.7%
Price to Book 3.3 5.1
Price to Sales 1.1 1.8
Dividend Yield 0.8% 1.0%
Active Share 96.5% N/A
March 31, 2014
Portfolio Benchmark
44 502
$5,168.0 $11,725.3
$4,125.8 $10,704.8
16.3 22.3
15.8 20.2
27.2% 17.4%
14.8% 15.6%
3.2 4.9
1.1 1.8
0.8% 1.1%
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
Returns Based Statistics (3 Year)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 12.56% 14.54%
Standard Deviation 17.24% 15.23%
Beta vs. Market 1.09 1.00
Excess Return -1.98% 0.00%
R-Squared 92.48% 100.00%
Tracking Error 4.92% 0.00%
Information Ratio -0.40 0.00
Sharpe Ratio 0.73 0.95
March 31, 2014
Portfolio Benchmark
12.31% 13.52%
17.36% 15.26%
1.10 1.00
-1.21% 0.00%
93.44% 100.00%
4.70% 0.00%
-0.26 0.00
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
Sector Weights / Percentage of Holdings (ex-cash)
  June 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 25.55% 22.92% 2.64%
Consumer Staples 4.07% 7.66% -3.59%
Energy 6.78% 7.37% -0.59%
Financials 9.06% 8.88% 0.18%
Health Care 12.04% 12.86% -0.83%
Industrials 15.82% 16.64% -0.82%
Information Tech 20.25% 17.68% 2.57%
Materials 4.80% 4.80% -0.00%
Telecomm Services 0.00% 0.98% -0.98%
Utilities 1.63% 0.21% 1.42%
March 31, 2014
Portfolio Benchmark + / -
25.65% 24.66% 0.99%
4.47% 8.15% -3.68%
6.43% 6.34% 0.09%
8.26% 8.83% -0.58%
12.39% 13.54% -1.15%
15.68% 15.11% 0.57%
20.14% 16.33% 3.81%
5.40% 5.90% -0.50%
0.00% 0.73% -0.73%
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%
Top Ten Holdings / Percentage of Net Assets
June 30, 2014
SYNAPTICS INC 4.16%
LITHIA MOTORS INC CL A 3.50%
PROTO LABS INC 3.21%
GANNETT CO 3.19%
TRW AUTOMOTIVE HOLDINGS CORP 3.10%
ARROW ELECTRONICS INC 2.93%
MYRIAD GENETICS INC 2.92%
SYNTEL INC 2.81%
UBIQUITI NETWORKS INC 2.80%
DRESSER RAND GROUP INC 2.80%
Total 31.41%
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%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth Index for the quarter ending 6/30/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.31% 24.21% 3.06% 1.72% -0.02% 0.32% 0.30%
Information Tech 19.55% 15.96% 6.31% 3.13% -0.06% 0.68% 0.62%
Industrials 15.82% 15.35% 2.52% 4.59% 0.01% -0.34% -0.32%
Health Care 12.70% 13.43% 12.44% 5.25% -0.01% 0.87% 0.87%
Financials 9.09% 8.96% -2.23% 4.19% 0.00% -0.61% -0.60%
Energy 6.63% 6.76% 5.76% 12.24% 0.00% -0.41% -0.41%
Materials 4.95% 5.95% 0.51% 5.59% -0.00% -0.25% -0.25%
Consumer Staples 4.32% 8.19% -7.41% 4.92% -0.02% -0.58% -0.59%
Utilities 1.63% 0.41% 13.44% 2.48% -0.02% 0.18% 0.16%
Telecomm Services 0.00% 0.78% 0.00% 17.78% -0.09% 0.00% -0.09%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Synaptics Incorporated Information Tech 1.46%
Lithia Motors, Inc. Class A Consumer Disc. 0.96%
Questcor Pharmaceuticals, Inc. Health Care 0.83%
Proto Labs, Inc. Industrials 0.56%
Gannett Co., Inc. Consumer Disc. 0.29%
SM Energy Company Energy 0.28%
Myriad Genetics, Inc. Health Care 0.22%
Deluxe Corporation Industrials 0.21%
Whole Foods Market, Inc. Consumer Staples 0.17%
TRW Automotive Holdings Corp. Consumer Disc. 0.16%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Industrials Overweight 0.01%
Financials Overweight 0.00%
Energy Underweight 0.00%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Synaptics Incorporated Information Tech 1.62%
Lithia Motors, Inc. Class A Consumer Disc. 1.11%
Questcor Pharmaceuticals, Inc. Health Care 0.77%
Proto Labs, Inc. Industrials 0.76%
Gannett Co., Inc. Consumer Disc. 0.42%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Inter Parfums, Inc. Consumer Staples -0.66%
Waddell & Reed Financial, Inc. Class A Financials -0.54%
AOL Inc. Information Tech -0.47%
Geospace Technologies Corporation Energy -0.34%
Middleby Corporation Industrials -0.31%
Ross Stores, Inc. Consumer Disc. -0.27%
Syntel, incorporated Information Tech -0.26%
Polaris Industries Inc. Consumer Disc. -0.26%
Trex Company, Inc. Industrials -0.24%
United Therapeutics Corporation Health Care -0.22%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight -0.09%
Information Tech Overweight -0.06%
Consumer Disc. Overweight -0.02%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Inter Parfums, Inc. Consumer Staples -0.55%
Waddell & Reed Financial, Inc. Class A Financials -0.47%
AOL Inc. Information Tech -0.39%
Geospace Technologies Corporation Energy -0.29%
Lennox International Inc. Industrials -0.22%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth Index for the period ending 6/30/2014
Performance Attribution Chart
Year-To-Date Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.55% 24.42% -0.35% 1.89% -0.08% -0.68% -0.75%
Information Tech 19.78% 16.20% 11.14% 4.47% -0.08% 1.36% 1.28%
Industrials 15.84% 15.18% 6.20% 6.73% 0.01% -0.12% -0.11%
Health Care 12.22% 13.69% 27.36% 11.81% -0.22% 1.66% 1.44%
Financials 8.63% 8.92% 2.18% 3.44% 0.03% -0.17% -0.14%
Energy 6.72% 6.51% -9.20% 15.32% 0.01% -1.71% -1.70%
Materials 5.13% 5.89% -1.70% 9.18% -0.01% -0.57% -0.57%
Consumer Staples 4.56% 8.07% -2.67% 8.60% -0.07% -0.53% -0.59%
Utilities 1.57% 0.39% 18.86% 14.51% 0.09% 0.08% 0.17%
Telecomm Services 0.00% 0.76% 0.00% 22.31% -0.11% 0.00% -0.11%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Synaptics Incorporated Information Tech 1.84%
Myriad Genetics, Inc. Health Care 1.69%
Questcor Pharmaceuticals, Inc. Health Care 1.30%
Lithia Motors, Inc. Class A Consumer Disc. 0.75%
Proto Labs, Inc. Industrials 0.56%
TRW Automotive Holdings Corp. Consumer Disc. 0.37%
AmTrust Financial Services Inc. Financials 0.36%
Whole Foods Market, Inc. Consumer Staples 0.27%
Coach, Inc. Consumer Disc. 0.23%
Deluxe Corporation Industrials 0.22%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Overweight 0.09%
Financials Underweight 0.03%
Energy Overweight 0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Synaptics Incorporated Information Tech 2.07%
Myriad Genetics, Inc. Health Care 1.97%
Questcor Pharmaceuticals, Inc. Health Care 1.32%
Lithia Motors, Inc. Class A Consumer Disc. 0.93%
Proto Labs, Inc. Industrials 0.76%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Geospace Technologies Corporation Energy -0.79%
AOL Inc. Information Tech -0.69%
Sotheby's Class A Consumer Disc. -0.59%
United Therapeutics Corporation Health Care -0.58%
Inter Parfums, Inc. Consumer Staples -0.53%
Express, Inc. Consumer Disc. -0.50%
Ross Stores, Inc. Consumer Disc. -0.45%
American Equity Investment Life Holding Company Financials -0.45%
Polaris Industries Inc. Consumer Disc. -0.44%
Ryland Group, Inc. Consumer Disc. -0.43%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Underweight -0.22%
Telecomm Services Underweight -0.11%
Information Tech Overweight -0.08%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Geospace Technologies Corporation Energy -0.64%
AOL Inc. Information Tech -0.55%
Express, Inc. Consumer Disc. -0.50%
Inter Parfums, Inc. Consumer Staples -0.45%
American Equity Investment Life Holding Company Financials -0.44%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth Index for the period ending 6/30/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.69% 24.64% 12.52% 22.04% -0.07% -2.43% -2.51%
Information Tech 19.70% 16.29% 40.97% 25.01% -0.13% 2.64% 2.50%
Industrials 15.16% 14.96% 28.53% 30.93% -0.02% -0.36% -0.39%
Health Care 12.42% 13.41% 47.22% 34.49% -0.19% 1.57% 1.38%
Financials 8.16% 9.00% 33.51% 16.99% 0.11% 1.10% 1.20%
Energy 6.98% 6.54% -10.66% 31.26% -0.03% -2.86% -2.90%
Materials 5.41% 5.88% 20.41% 27.03% -0.02% -0.26% -0.29%
Consumer Staples 4.92% 8.15% 4.28% 22.30% 0.07% -0.94% -0.87%
Utilities 1.57% 0.37% 28.70% 14.70% -0.16% 0.19% 0.03%
Telecomm Services 0.00% 0.74% 0.00% 43.99% -0.11% 0.00% -0.11%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Synaptics Incorporated Information Tech 2.23%
Questcor Pharmaceuticals, Inc. Health Care 1.59%
Myriad Genetics, Inc. Health Care 0.73%
Lithia Motors, Inc. Class A Consumer Disc. 0.67%
Proto Labs, Inc. Industrials 0.56%
Polaris Industries Inc. Consumer Disc. 0.50%
DST Systems, Inc. Information Tech 0.47%
F5 Networks, Inc. Information Tech 0.37%
AmTrust Financial Services Inc. Financials 0.36%
Syntel, incorporated Information Tech 0.36%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.11%
Consumer Staples Underweight 0.07%
Materials Underweight -0.02%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Synaptics Incorporated Information Tech 2.80%
Questcor Pharmaceuticals, Inc. Health Care 1.96%
Myriad Genetics, Inc. Health Care 1.39%
Polaris Industries Inc. Consumer Disc. 1.29%
DST Systems, Inc. Information Tech 1.28%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Express, Inc. Consumer Disc. -1.28%
Hornbeck Offshore Services, Inc. Energy -0.94%
Geospace Technologies Corporation Energy -0.79%
Outerwall Inc. Consumer Disc. -0.76%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. -0.71%
Ryland Group, Inc. Consumer Disc. -0.67%
Expedia, Inc. Consumer Disc. -0.62%
Inter Parfums, Inc. Consumer Staples -0.53%
Ross Stores, Inc. Consumer Disc. -0.49%
AOL Inc. Information Tech -0.46%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Underweight -0.19%
Utilities Overweight -0.16%
Information Tech Overweight -0.13%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Express, Inc. Consumer Disc. -1.11%
Geospace Technologies Corporation Energy -0.64%
Hornbeck Offshore Services, Inc. Energy -0.51%
Outerwall Inc. Consumer Disc. -0.47%
Inter Parfums, Inc. Consumer Staples -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 non-diversified and may be more volatile than a diversified fund.

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