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 2.01 2.01 14.21 9.97 15.10 5.31 7.33 9/2/1986
Russell 1000 Index 2.05 2.05 22.41 14.75 21.73 7.80 10.13  
Balanced Composite Benchmark 2.39 2.39 13.85 11.17 16.60 6.76 9.56  
Lipper VA Mixed-Asset Target Alloc. Growth Funds Average 1.45 0.22 13.96 9.23 15.98 6.67 7.95  
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 9.96% 14.75%
Standard Deviation 7.62% 12.78%
Beta vs. Market 0.58 1.00
Excess Return -4.78% 0.00%
R-Squared 93.69% 100.00%
Tracking Error 5.73% 0.00%
Information Ratio -0.84 0.00
Sharpe Ratio 1.30 1.15
December 31, 2013
Portfolio Benchmark
10.89% 16.30%
7.41% 12.43%
0.57 1.00
-5.41% 0.00%
93.07% 100.00%
5.63% 0.00%
-0.96 0.00
1.46 1.31
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
March 31, 2014
APPLE INC 3.84%
JOHNSON + JOHNSON 2.86%
DIRECTV 2.33%
CAPITAL ONE FINANCIAL CORP 2.31%
FEDEX CORP 2.24%
AMGEN INC 2.22%
CISCO SYSTEMS INC 2.20%
WELLS FARGO + CO 2.18%
EXTERRAN HOLDINGS INC 2.11%
DANAHER CORP 2.03%
Total 24.32%
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%
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)
  March 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 18.50% 12.89% 5.61%
Consumer Staples 7.24% 8.80% -1.56%
Energy 6.19% 9.58% -3.39%
Financials 19.47% 17.14% 2.34%
Health Care 19.41% 12.95% 6.47%
Industrials 11.75% 11.25% 0.50%
Information Tech 16.76% 18.22% -1.46%
Materials 0.00% 3.75% -3.75%
Telecomm Services 0.68% 2.36% -1.68%
Utilities 0.00% 3.06% -3.06%
December 31, 2013
Portfolio Benchmark + / -
18.29% 13.37% 4.92%
9.01% 8.96% 0.05%
5.82% 9.62% -3.81%
19.52% 16.92% 2.60%
17.46% 12.57% 4.89%
12.03% 11.48% 0.56%
16.52% 18.20% -1.68%
0.00% 3.73% -3.73%
1.34% 2.23% -0.88%
0.00% 2.93% -2.93%
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
  March 31, 2014
  Portfolio Benchmark
Number of Holdings 40 1,016
W. Avg Cap. (mils) $91,984.9 $100,346.5
W. Median Cap (mils) $40,560.1 $51,608.6
P/E 1-year trailing 15.9 17.9
P/E 1-year forward 14.8 16.4
EPS Growth, past 3 years 13.0% 13.3%
EPS Growth, next 3 - 5 years 10.7% 12.0%
Price to Book 2.6 2.6
Price to Sales 1.5 1.7
Dividend Yield 1.8% 1.9%
Active Share 89.3% N/A
December 31, 2013
Portfolio Benchmark
40 1,015
$92,478.0 $101,057.4
$40,012.5 $52,116.1
15.9 18.2
15.2 17.1
14.1% 12.6%
11.4% 12.1%
2.6 2.7
1.5 1.6
1.7% 1.9%
89.3% 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 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
Financials 19.40% 17.05% 2.17% 2.98% 0.03% -0.15% -0.13%
Health Care 18.61% 13.09% 8.19% 5.86% 0.18% 0.41% 0.59%
Consumer Disc. 18.36% 13.17% -0.59% -2.03% -0.21% 0.24% 0.03%
Information Tech 16.51% 18.31% -1.89% 2.31% -0.01% -0.70% -0.71%
Industrials 11.78% 11.32% -1.72% 0.48% -0.01% -0.27% -0.28%
Consumer Staples 8.42% 8.77% 5.30% 0.58% -0.03% 0.43% 0.41%
Energy 5.95% 9.45% 12.92% 1.48% 0.03% 0.66% 0.69%
Telecomm Services 0.97% 2.14% -17.16% -0.05% -0.01% -0.14% -0.16%
Utilities 0.00% 2.97% 0.00% 9.69% -0.22% 0.00% -0.22%
Materials 0.00% 3.73% 0.00% 3.22% -0.04% 0.00% -0.04%
Total 100.00% 100.00% 2.23% 2.05% -0.30% 0.48% 0.19%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Exterran Holdings, Inc. Energy 0.72%
DIRECTV Consumer Disc. 0.28%
Wells Fargo & Company Financials 0.19%
Amgen Inc. Health Care 0.19%
Roche Holding Ltd Sponsored ADR Health Care 0.19%
Johnson & Johnson Health Care 0.18%
McKesson Corporation Health Care 0.17%
Amazon.com, Inc. Consumer Disc. 0.14%
General Electric Company Industrials 0.14%
Kimberly-Clark Corporation Consumer Staples 0.12%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.18%
Energy Underweight 0.03%
Financials Overweight 0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Exterran Holdings, Inc. Energy 0.79%
DIRECTV Consumer Disc. 0.38%
Wells Fargo & Company Financials 0.37%
Johnson & Johnson Health Care 0.36%
Amgen Inc. Health Care 0.29%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
FedEx Corporation Industrials -0.32%
Toyota Motor Corp. Sponsored ADR Consumer Disc. -0.21%
CA, Inc. Information Tech -0.20%
Apple Inc. Information Tech -0.19%
Time Warner Inc. Consumer Disc. -0.18%
Rogers Communications Inc. Class B Telecomm Services -0.18%
Target Corporation Consumer Disc. -0.17%
Danaher Corporation Industrials -0.15%
Travelers Companies, Inc. Financials -0.15%
Microsoft Corporation Information Tech -0.13%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.22%
Consumer Disc. Overweight -0.21%
Materials Underweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
FedEx Corporation Industrials -0.29%
Apple Inc. Information Tech -0.23%
Rogers Communications Inc. Class B Telecomm Services -0.17%
CA, Inc. Information Tech -0.17%
Toyota Motor Corp. Sponsored ADR Consumer Disc. -0.16%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 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. 17.64% 13.03% 40.68% 25.95% 0.16% 2.20% 2.36%
Financials 16.71% 17.17% 22.11% 22.23% 0.02% -0.01% 0.01%
Information Tech 16.34% 17.72% 18.34% 26.43% -0.08% -1.04% -1.12%
Health Care 15.60% 12.68% 30.10% 29.75% 0.27% -0.04% 0.24%
Industrials 12.09% 11.10% 19.39% 27.38% 0.11% -0.80% -0.68%
Energy 8.74% 9.81% 43.30% 15.45% 0.03% 2.07% 2.11%
Consumer Staples 8.02% 9.34% 16.88% 11.31% 0.05% 0.50% 0.55%
Materials 2.09% 3.70% 24.38% 22.29% -0.09% 0.16% 0.08%
Telecomm Services 1.64% 2.31% -16.78% 5.32% 0.05% -0.24% -0.19%
Utilities 1.13% 3.15% 11.02% 10.04% 0.24% 0.29% 0.53%
Total 100.00% 100.00% 26.21% 22.31% 0.76% 3.09% 3.90%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Pioneer Natural Resources Company Energy 1.26%
Exterran Holdings, Inc. Energy 1.05%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. 0.89%
McKesson Corporation Health Care 0.85%
Priceline Group Inc Consumer Disc. 0.79%
Polaris Industries Inc. Consumer Disc. 0.68%
Alliance Data Systems Corporation Information Tech 0.67%
Cimarex Energy Co. Energy 0.62%
Starbucks Corporation Consumer Disc. 0.62%
Capital One Financial Corporation Financials 0.52%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.27%
Utilities Underweight 0.24%
Consumer Disc. Overweight 0.16%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Pioneer Natural Resources Company Energy 1.70%
McKesson Corporation Health Care 1.51%
Exterran Holdings, Inc. Energy 1.26%
Capital One Financial Corporation Financials 1.26%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. 1.25%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Cameron International Corporation Energy -0.69%
Denbury Resources Inc. Energy -0.65%
Church & Dwight Co., Inc. Consumer Staples -0.53%
Toyota Motor Corp. Sponsored ADR Consumer Disc. -0.45%
Western Union Company Information Tech -0.43%
Travelers Companies, Inc. Financials -0.41%
Ball Corporation Materials -0.40%
F5 Networks, Inc. Information Tech -0.38%
Keurig Green Mountain, Inc. Consumer Staples -0.36%
FMC Technologies, Inc. Energy -0.35%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight -0.09%
Information Tech Underweight -0.08%
Financials Underweight 0.02%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cameron International Corporation Energy -0.49%
Denbury Resources Inc. Energy -0.47%
Church & Dwight Co., Inc. Consumer Staples -0.30%
Western Union Company Information Tech -0.30%
Toyota Motor Corp. Sponsored ADR Consumer Disc. -0.30%

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.

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