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 1.62 1.62 18.09 11.09 25.27 9.55 2.81 11/1/1999
Russell 2000 Growth Index 0.48 0.48 27.19 13.61 25.24 8.87 6.01  
Lipper VA Small-Cap Growth Funds Average 0.17 0.22 26.55 13.31 24.83 8.87 5.73  
Characteristics
  March 31, 2014
  Portfolio Benchmark
Number of Holdings 119 1,156
W. Avg Cap. (mils) $2,553.0 $1,873.8
W. Median Cap (mils) $2,272.7 $1,571.1
P/E 1-year trailing 24.4 23.5
P/E 1-year forward 21.1 21.5
EPS Growth, past 3 years 28.1% 19.7%
EPS Growth, next 3 - 5 years 21.9% 18.3%
Price to Book 3.5 4.1
Price to Sales 1.6 1.5
Dividend Yield 0.4% 0.6%
Active Share 85.6% N/A
December 31, 2013
Portfolio Benchmark
109 1,174
$2,516.5 $1,798.1
$2,277.1 $1,617.9
23.2 24.3
22.6 23.6
25.9% 20.3%
19.2% 19.1%
3.4 4.3
1.6 1.5
0.4% 0.6%
86.8% N/A
December 31, 2012
Portfolio Benchmark
94 1,120
$1,935.8 $1,306.1
$1,733.2 $1,196.9
16.8 16.8
16.7 17.9
37.6% 25.5%
17.5% 18.1%
2.3 0.2
1.3 1.2
0.5% 0.8%
91.6% N/A
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 11.08% 13.61%
Standard Deviation 16.74% 17.57%
Beta vs. Market 0.92 1.00
Excess Return -2.53% 0.00%
R-Squared 93.52% 100.00%
Tracking Error 4.48% 0.00%
Information Ratio -0.56 0.00
Sharpe Ratio 0.66 0.77
December 31, 2013
Portfolio Benchmark
13.46% 16.82%
16.46% 17.52%
0.91 1.00
-3.36% 0.00%
93.22% 100.00%
4.58% 0.00%
-0.73 0.00
0.81 0.96
December 31, 2012
Portfolio Benchmark
15.38% 12.82%
20.22% 21.01%
0.94 1.00
2.55% 0.00%
95.92% 100.00%
4.26% 0.00%
0.60 0.00
0.76 0.61
Sector Weights / Percentage of Holdings (ex-cash)
  March 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 15.02% 15.78% -0.77%
Consumer Staples 5.54% 4.88% 0.66%
Energy 4.72% 3.75% 0.96%
Financials 6.70% 7.30% -0.61%
Health Care 21.23% 21.70% -0.47%
Industrials 17.07% 15.72% 1.35%
Information Tech 23.62% 24.70% -1.09%
Materials 6.11% 5.14% 0.98%
Telecomm Services 0.00% 0.90% -0.90%
Utilities 0.00% 0.12% -0.12%
December 31, 2013
Portfolio Benchmark + / -
16.38% 16.67% -0.29%
5.21% 4.83% 0.38%
5.01% 3.79% 1.22%
5.99% 7.28% -1.30%
22.20% 21.27% 0.93%
16.48% 15.38% 1.10%
22.85% 24.63% -1.78%
5.88% 5.11% 0.77%
0.00% 0.91% -0.91%
0.00% 0.12% -0.12%
December 31, 2012
Portfolio Benchmark + / -
17.48% 16.23% 1.24%
3.04% 4.61% -1.57%
8.62% 5.66% 2.96%
7.12% 7.84% -0.72%
21.03% 20.28% 0.75%
17.19% 17.98% -0.80%
19.06% 21.45% -2.39%
6.47% 4.76% 1.71%
0.00% 0.85% -0.85%
0.00% 0.33% -0.33%
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
GENESCO INC 2.93%
VITAMIN SHOPPE INC 2.12%
WHITEWAVE FOODS CO CL A 2.12%
TEXAS INDUSTRIES INC 2.10%
GULFPORT ENERGY CORP 2.00%
NATURAL GROCERS BY VITAMIN C 1.87%
BALLY TECHNOLOGIES INC 1.77%
HEXCEL CORP 1.76%
QUAKER CHEMICAL CORP 1.63%
CENTENE CORP 1.60%
Total 19.91%
December 31, 2013
GENESCO INC 3.02%
UNITED THERAPEUTICS CORP 2.61%
GEOSPACE TECHNOLOGIES CORP 2.34%
VITAMIN SHOPPE INC 2.30%
BALLY TECHNOLOGIES INC 2.22%
NATURAL GROCERS BY VITAMIN C 1.90%
HEXCEL CORP 1.79%
ARTHROCARE CORP 1.73%
QUAKER CHEMICAL CORP 1.70%
WHITEWAVE FOODS CO CL A 1.69%
Total 21.31%
December 31, 2012
GEOSPACE TECHNOLOGIES CORP 3.19%
GENESCO INC 3.00%
VITAMIN SHOPPE INC 2.25%
LUFKIN INDUSTRIES INC 1.87%
GEO GROUP INC/THE 1.80%
SIRONA DENTAL SYSTEMS INC 1.70%
BALLY TECHNOLOGIES INC 1.62%
SHFL ENTERTAINMENT INC 1.60%
ARTHROCARE CORP 1.58%
UNITED THERAPEUTICS CORP 1.58%
Total 20.18%
PERFORMANCE ATTRIBUTIONRelative to the Russell 2000 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
Health Care 23.86% 22.47% 4.26% 4.11% 0.12% -0.02% 0.10%
Information Tech 23.53% 24.76% 3.23% -0.09% 0.00% 0.79% 0.79%
Industrials 16.27% 15.30% 2.43% 1.61% 0.01% 0.17% 0.18%
Consumer Disc. 14.90% 15.78% -4.27% -4.68% 0.02% 0.08% 0.10%
Financials 6.12% 7.24% -0.69% -1.01% 0.04% 0.02% 0.06%
Materials 5.74% 5.04% 4.83% 0.56% 0.00% 0.24% 0.24%
Consumer Staples 5.22% 4.68% 5.83% 1.72% 0.01% 0.21% 0.22%
Energy 4.37% 3.69% -2.00% 3.07% 0.01% -0.24% -0.23%
Telecomm Services 0.00% 0.91% 0.00% 1.37% -0.01% 0.00% -0.01%
Utilities 0.00% 0.12% 0.00% 0.89% -0.00% 0.00% -0.00%
Total 100.00% 100.00% 1.94% 0.48% 0.22% 1.25% 1.46%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Texas Industries, Inc. Materials 0.44%
WhiteWave Foods Co. Class A Consumer Staples 0.41%
Furiex Pharmaceuticals, Inc. Health Care 0.36%
Manitowoc Company, Inc. Industrials 0.32%
ArthroCare Corporation Health Care 0.29%
MedAssets, Inc., Health Care 0.26%
American Airlines Group, Inc. Industrials 0.25%
Cavium, Inc. Information Tech 0.24%
Gulfport Energy Corporation Energy 0.24%
Veeco Instruments Inc. Information Tech 0.23%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.12%
Financials Underweight 0.04%
Consumer Disc. Underweight 0.02%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Texas Industries, Inc. Materials 0.50%
WhiteWave Foods Co. Class A Consumer Staples 0.42%
Furiex Pharmaceuticals, Inc. Health Care 0.38%
ArthroCare Corporation Health Care 0.36%
Manitowoc Company, Inc. Industrials 0.32%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Geospace Technologies Corporation Energy -0.52%
United Therapeutics Corporation Health Care -0.39%
Bally Technologies, Inc. Consumer Disc. -0.35%
RTI International Metals, Inc. Materials -0.26%
Intercept Pharmaceuticals, Inc. Health Care -0.24%
Vitamin Shoppe, Inc. Consumer Disc. -0.20%
InterMune, Inc. Health Care -0.18%
Fresh Market, Inc. Consumer Staples -0.17%
Cornerstone Ondemand, Inc. Information Tech -0.14%
Coherent, Inc. Information Tech -0.13%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight -0.01%
Utilities Underweight -0.00%
Materials Overweight 0.00%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Geospace Technologies Corporation Energy -0.56%
United Therapeutics Corporation Health Care -0.37%
Bally Technologies, Inc. Consumer Disc. -0.34%
RTI International Metals, Inc. Materials -0.25%
Vitamin Shoppe, Inc. Consumer Disc. -0.21%
PERFORMANCE ATTRIBUTIONRelative to the Russell 2000 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
Health Care 22.56% 21.30% 21.35% 36.87% 0.14% -3.14% -3.01%
Information Tech 22.34% 23.85% 18.80% 28.83% -0.01% -1.99% -2.01%
Industrials 16.26% 15.83% 24.94% 27.54% 0.05% -0.38% -0.34%
Consumer Disc. 15.74% 16.52% 20.17% 21.66% 0.08% -0.27% -0.20%
Financials 6.97% 7.45% -4.61% 15.44% 0.10% -1.68% -1.60%
Materials 6.25% 5.03% 13.29% 14.01% -0.27% -0.13% -0.40%
Energy 5.41% 4.22% 16.67% 24.50% 0.05% -0.30% -0.25%
Consumer Staples 4.47% 4.76% 46.72% 34.80% -0.09% 0.38% 0.28%
Telecomm Services 0.00% 0.87% 0.00% 41.43% -0.12% 0.00% -0.12%
Utilities 0.00% 0.17% 0.00% 9.43% 0.01% 0.00% 0.01%
Total 100.00% 100.00% 19.43% 27.07% -0.05% -7.52% -7.65%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Salix Pharmaceuticals, Ltd. Health Care 0.76%
Natural Grocers by Vitamin Cottage, Inc. Consumer Staples 0.66%
Invensense, Inc. Information Tech 0.55%
Demandware, Inc. Information Tech 0.53%
WhiteWave Foods Co. Class A Consumer Staples 0.53%
Lufkin Industries, Inc. Energy 0.53%
United Therapeutics Corporation Health Care 0.46%
Gulfport Energy Corporation Energy 0.42%
Manitowoc Company, Inc. Industrials 0.36%
Furiex Pharmaceuticals, Inc. Health Care 0.36%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.14%
Financials Underweight 0.10%
Consumer Disc. Underweight 0.08%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Salix Pharmaceuticals, Ltd. Health Care 1.14%
Natural Grocers by Vitamin Cottage, Inc. Consumer Staples 1.12%
United Therapeutics Corporation Health Care 0.97%
WhiteWave Foods Co. Class A Consumer Staples 0.91%
Invensense, Inc. Information Tech 0.90%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Geospace Technologies Corporation Energy -1.65%
ARIAD Pharmaceuticals, Inc. Health Care -0.75%
GEO Group, Inc. Financials -0.71%
Axiall Corporation Materials -0.71%
Fresh Market, Inc. Consumer Staples -0.55%
Fortinet, Inc. Information Tech -0.50%
RTI International Metals, Inc. Materials -0.50%
Vitamin Shoppe, Inc. Consumer Disc. -0.50%
Francesca's Holdings Corporation Consumer Disc. -0.49%
Angie's List, Inc. Information Tech -0.47%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Overweight -0.27%
Telecomm Services Underweight -0.12%
Consumer Staples Underweight -0.09%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Geospace Technologies Corporation Energy -1.16%
Axiall Corporation Materials -0.71%
ARIAD Pharmaceuticals, Inc. Health Care -0.60%
Francesca's Holdings Corporation Consumer Disc. -0.44%
Terex Corporation Industrials -0.35%

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 small cap stocks can be more volatile than those of larger, more established companies. Small cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.

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