PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2013
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
Portfolio 4.87 18.00 18.00 10.89 13.88 5.33 7.32 9/2/1986
Russell 1000 Index 10.23 33.11 33.11 16.30 18.59 7.78 10.13  
Balanced Composite Benchmark 6.50 19.06 19.06 11.82 14.31 6.76 9.56  
Lipper VA Mixed-Asset Target Alloc. Growth Funds Average 6.11 19.36 19.36 10.25 13.98 6.74 7.95  
Returns Based Statistics (3 Year)
  December 31, 2013
  Portfolio Benchmark
Average Annual Return 10.89% 16.30%
Standard Deviation 7.41% 12.43%
Beta vs. Market 0.57 1.00
Excess Return -5.41% 0.00%
R-Squared 93.07% 100.00%
Tracking Error 5.63% 0.00%
Information Ratio -0.96 0.00
Sharpe Ratio 1.46 1.31
September 30, 2013
Portfolio Benchmark
11.15% 16.64%
7.47% 12.74%
0.56 1.00
-5.48% 0.00%
92.90% 100.00%
5.89% 0.00%
-0.93 0.00
1.48 1.30
December 31, 2012
Portfolio Benchmark
9.01% 11.12%
9.21% 15.62%
0.58 1.00
-2.11% 0.00%
95.81% 100.00%
6.88% 0.00%
-0.31 0.00
0.97 0.71
Top Ten Holdings / Percentage of Net Assets
December 31, 2013
APPLE INC 3.81%
JOHNSON + JOHNSON 2.73%
WELLS FARGO + CO 2.71%
CVS CAREMARK CORP 2.46%
CISCO SYSTEMS INC 2.26%
FEDEX CORP 2.16%
CAPITAL ONE FINANCIAL CORP 2.16%
DIRECTV 2.15%
DANAHER CORP 2.14%
AMGEN INC 2.10%
Total 24.68%
September 30, 2013
ROCKWELL AUTOMATION INC 1.93%
CIGNA CORP 1.81%
MCKESSON CORP 1.81%
CAPITAL ONE FINANCIAL CORP 1.80%
CUMMINS INC 1.75%
AGCO CORP 1.75%
STARBUCKS CORP 1.75%
POLARIS INDUSTRIES INC 1.72%
CIMAREX ENERGY CO 1.70%
MICROSOFT CORP 1.70%
Total 17.73%
December 31, 2012
APPLE INC 2.14%
CAPITAL ONE FINANCIAL CORP 2.05%
CUMMINS INC 1.90%
ONEOK INC 1.89%
DEERE + CO 1.84%
CIGNA CORP 1.84%
CAMERON INTERNATIONAL CORP 1.83%
PIONEER NATURAL RESOURCES CO 1.78%
DENBURY RESOURCES INC 1.76%
GOOGLE INC CL A 1.73%
Total 18.76%
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2013
  Portfolio Benchmark + / -
Consumer Disc. 18.29% 13.37% 4.92%
Consumer Staples 9.01% 8.96% 0.05%
Energy 5.82% 9.62% -3.81%
Financials 19.52% 16.92% 2.60%
Health Care 17.46% 12.57% 4.89%
Industrials 12.03% 11.48% 0.56%
Information Tech 16.52% 18.20% -1.68%
Materials 0.00% 3.73% -3.73%
Telecomm Services 1.34% 2.23% -0.88%
Utilities 0.00% 2.93% -2.93%
September 30, 2013
Portfolio Benchmark + / -
18.49% 13.33% 5.16%
5.65% 9.08% -3.44%
10.20% 9.83% 0.37%
16.24% 16.96% -0.72%
12.87% 12.60% 0.27%
12.09% 11.12% 0.96%
17.55% 17.87% -0.33%
2.63% 3.73% -1.10%
1.59% 2.29% -0.70%
2.71% 3.18% -0.47%
December 31, 2012
Portfolio Benchmark + / -
14.37% 12.39% 1.98%
8.67% 9.77% -1.09%
8.92% 10.26% -1.34%
13.09% 16.35% -3.27%
12.48% 11.75% 0.73%
11.56% 10.89% 0.67%
20.06% 18.31% 1.75%
5.18% 3.97% 1.21%
2.54% 2.86% -0.32%
3.13% 3.46% -0.32%
Characteristics
  December 31, 2013
  Portfolio Benchmark
Number of Holdings 40 1,015
W. Avg Cap. (mils) $92,478.0 $101,057.4
W. Median Cap (mils) $40,012.5 $52,116.1
P/E 1-year trailing 15.9 18.2
P/E 1-year forward 15.2 17.1
EPS Growth, past 3 years 14.1% 12.6%
EPS Growth, next 3 - 5 years 11.4% 12.1%
Price to Book 2.6 2.7
Price to Sales 1.5 1.6
Dividend Yield 1.7% 1.9%
Active Share 89.3% N/A
September 30, 2013
Portfolio Benchmark
46 1,003
$55,083.3 $89,260.1
$21,929.8 $47,871.7
18.4 16.7
16.5 15.7
18.0% 16.4%
13.9% 11.9%
2.7 0.6
1.4 1.5
1.2% 2.0%
89.7% N/A
December 31, 2012
Portfolio Benchmark
42 991
$52,270.2 $89,269.6
$19,582.4 $41,797.1
16.0 14.4
14.5 13.9
28.7% 23.2%
13.2% 10.8%
2.6 2.1
1.2 1.3
1.3% 2.2%
78.8% N/A
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Index for the quarter ending 12/31/2013
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. 18.26% 13.30% 7.38% 10.61% 0.01% -0.58% -0.57%
Financials 18.22% 16.98% 10.24% 9.58% -0.01% 0.11% 0.11%
Information Tech 16.76% 17.84% 7.94% 12.66% -0.04% -0.70% -0.75%
Health Care 16.33% 12.61% 7.21% 9.90% 0.01% -0.53% -0.52%
Industrials 11.96% 11.27% 8.76% 13.31% 0.02% -0.52% -0.50%
Consumer Staples 7.98% 9.16% 10.18% 8.69% -0.07% 0.19% 0.11%
Energy 7.37% 9.75% 7.21% 7.92% 0.06% 0.11% 0.17%
Telecomm Services 1.43% 2.29% 9.59% 6.81% 0.03% 0.03% 0.06%
Utilities 0.87% 3.10% 3.87% 2.88% 0.21% -0.03% 0.18%
Materials 0.83% 3.71% 7.70% 10.31% -0.01% 0.02% 0.00%
Total 100.00% 100.00% 8.51% 10.23% 0.20% -1.89% -1.71%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
McKesson Corporation Health Care 0.41%
Exterran Holdings, Inc. Energy 0.32%
CVS Caremark Corporation Consumer Staples 0.31%
Whiting Petroleum Corporation Energy 0.29%
Time Warner Cable Inc. Consumer Disc. 0.20%
Walgreen Co. Consumer Staples 0.16%
Moody's Corporation Financials 0.16%
Cimarex Energy Co. Energy 0.15%
Pioneer Natural Resources Company Energy 0.15%
DIRECTV Consumer Disc. 0.13%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight 0.21%
Energy Underweight 0.06%
Telecomm Services Underweight 0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
McKesson Corporation Health Care 0.72%
Apple Inc. Information Tech 0.70%
CVS Caremark Corporation Consumer Staples 0.57%
Exterran Holdings, Inc. Energy 0.46%
Whiting Petroleum Corporation Energy 0.43%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Denbury Resources Inc. Energy -0.60%
The Western Union Company Information Tech -0.29%
Amgen Inc. Health Care -0.26%
Toyota Motor Corp. Sponsored ADR Consumer Disc. -0.24%
FMC Technologies, Inc. Energy -0.24%
Cigna Corporation Health Care -0.24%
Kimberly-Clark Corporation Consumer Staples -0.24%
Credit Suisse Group AG Sponsored ADR Financials -0.23%
Green Mountain Coffee Roasters, Inc. Consumer Staples -0.22%
Target Corporation Consumer Disc. -0.21%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Underweight -0.07%
Information Tech Underweight -0.04%
Materials Underweight -0.01%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Denbury Resources Inc. Energy -0.47%
The Western Union Company Information Tech -0.21%
Green Mountain Coffee Roasters, Inc. Consumer Staples -0.19%
EMC Corporation Information Tech -0.14%
FMC Technologies, Inc. Energy -0.14%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Index for the period ending 12/31/2013
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. 16.98% 12.81% 49.54% 44.26% 0.42% 0.75% 1.17%
Information Tech 16.79% 17.59% 24.34% 29.90% -0.11% -0.80% -0.91%
Financials 15.25% 16.98% 35.21% 33.05% -0.04% 0.30% 0.27%
Health Care 14.36% 12.41% 35.86% 42.12% 0.18% -0.88% -0.69%
Industrials 12.05% 11.00% 29.98% 42.07% 0.13% -1.17% -1.03%
Energy 9.12% 9.97% 45.63% 25.67% 0.07% 1.92% 2.00%
Consumer Staples 7.84% 9.60% 33.15% 26.96% -0.01% 0.48% 0.48%
Materials 3.31% 3.73% 36.04% 24.37% -0.12% 0.41% 0.31%
Utilities 2.34% 3.31% 26.94% 14.66% 0.30% 0.26% 0.57%
Telecomm Services 1.97% 2.58% -7.84% 15.23% 0.08% -0.59% -0.50%
Total 100.00% 100.00% 34.77% 33.11% 0.91% 0.68% 1.66%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Pioneer Natural Resources Company Energy 1.42%
priceline.com Incorporated Consumer Disc. 0.78%
IntercontinentalExchange Group, Inc. Financials 0.75%
Walgreen Co. Consumer Staples 0.74%
Alliance Data Systems Corporation Information Tech 0.68%
McKesson Corporation Health Care 0.66%
Polaris Industries Inc. Consumer Disc. 0.62%
Cimarex Energy Co. Energy 0.61%
Starbucks Corporation Consumer Disc. 0.52%
Whiting Petroleum Corporation Energy 0.45%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight 0.42%
Utilities Underweight 0.30%
Health Care Overweight 0.18%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Pioneer Natural Resources Company Energy 2.27%
IntercontinentalExchange Group, Inc. Financials 1.60%
Walgreen Co. Consumer Staples 1.52%
priceline.com Incorporated Consumer Disc. 1.52%
McKesson Corporation Health Care 1.46%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
F5 Networks, Inc. Information Tech -0.85%
CenturyLink, Inc. Telecomm Services -0.83%
EMC Corporation Information Tech -0.68%
Denbury Resources Inc. Energy -0.58%
Ball Corporation Materials -0.52%
Cameron International Corporation Energy -0.51%
Deere & Company Industrials -0.47%
FMC Technologies, Inc. Energy -0.36%
Green Mountain Coffee Roasters, Inc. Consumer Staples -0.34%
Amgen Inc. Health Care -0.31%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight -0.12%
Information Tech Underweight -0.11%
Financials Underweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
F5 Networks, Inc. Information Tech -0.38%
Denbury Resources Inc. Energy -0.34%
CenturyLink, Inc. Telecomm Services -0.27%
Green Mountain Coffee Roasters, Inc. Consumer Staples -0.25%
The Western Union Company Information Tech -0.21%

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; the market prices of bonds held by the Portfolio may 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 is nondiversified and may be more volatile than a diversified fund.

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