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 0.08 0.08 20.24 11.92 20.46 7.55 6.71 4/30/2002
S&P 500 Index 1.81 1.81 21.86 14.66 21.16 7.42 6.89  
Lipper VA Large-Cap Growth Funds Average -0.11 0.22 24.33 13.24 20.46 7.45 6.67  
Characteristics
  March 31, 2014
  Portfolio Benchmark
Number of Holdings 53 500
W. Avg Cap. (mils) $97,052.8 $112,455.2
W. Median Cap (mils) $55,299.2 $62,190.2
P/E 1-year trailing 22.5 17.6
P/E 1-year forward 18.5 16.0
EPS Growth, past 3 years 17.8% 12.8%
EPS Growth, next 3 - 5 years 15.3% 11.7%
Price to Book 3.6 2.6
Price to Sales 2.0 1.7
Dividend Yield 1.2% 2.0%
Active Share 79.3% N/A
December 31, 2013
Portfolio Benchmark
52 500
$101,519.8 $113,301.6
$58,902.2 $64,142.8
22.3 18.0
19.9 16.8
15.6% 11.3%
15.1% 11.7%
3.6 2.7
2.1 1.7
1.1% 2.0%
77.7% N/A
December 31, 2012
Portfolio Benchmark
45 500
$82,363.6 $100,568.4
$40,751.2 $53,552.2
17.7 14.0
15.9 13.7
21.5% 22.6%
13.9% 10.3%
2.9 2.1
1.8 1.3
1.3% 2.3%
80.5% N/A
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 11.92% 14.66%
Standard Deviation 13.42% 12.47%
Beta vs. Market 1.03 1.00
Excess Return -2.74% 0.00%
R-Squared 91.84% 100.00%
Tracking Error 3.85% 0.00%
Information Ratio -0.71 0.00
Sharpe Ratio 0.88 1.17
December 31, 2013
Portfolio Benchmark
14.45% 16.18%
13.03% 12.11%
1.03 1.00
-1.73% 0.00%
91.52% 100.00%
3.81% 0.00%
-0.45 0.00
1.10 1.33
December 31, 2012
Portfolio Benchmark
10.28% 10.87%
16.44% 15.30%
1.04 1.00
-0.59% 0.00%
93.53% 100.00%
4.23% 0.00%
-0.14 0.00
0.62 0.70
Sector Weights / Percentage of Holdings (ex-cash)
  March 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 19.18% 12.05% 7.13%
Consumer Staples 12.72% 9.66% 3.06%
Energy 2.33% 10.15% -7.82%
Financials 12.62% 16.44% -3.82%
Health Care 17.15% 13.37% 3.78%
Industrials 10.29% 10.65% -0.37%
Information Tech 23.05% 18.63% 4.42%
Materials 2.66% 3.52% -0.86%
Telecomm Services 0.00% 2.45% -2.45%
Utilities 0.00% 3.07% -3.07%
December 31, 2013
Portfolio Benchmark + / -
19.11% 12.54% 6.57%
11.26% 9.76% 1.50%
2.91% 10.28% -7.36%
12.59% 16.18% -3.59%
16.67% 12.95% 3.72%
10.49% 10.94% -0.45%
24.41% 18.63% 5.77%
2.56% 3.50% -0.94%
0.00% 2.30% -2.30%
0.00% 2.93% -2.93%
December 31, 2012
Portfolio Benchmark + / -
12.95% 11.50% 1.45%
10.54% 10.62% -0.07%
9.93% 10.99% -1.06%
11.98% 15.61% -3.64%
13.32% 12.01% 1.31%
9.95% 10.13% -0.17%
27.71% 19.03% 8.68%
3.62% 3.62% -0.00%
0.00% 3.06% -3.06%
0.00% 3.44% -3.44%
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
CVS CAREMARK CORP 4.68%
GOOGLE INC CL A 4.21%
APPLE INC 4.08%
QUALCOMM INC 3.76%
GILEAD SCIENCES INC 3.12%
COCA COLA CO/THE 2.99%
WELLS FARGO + CO 2.81%
EXPRESS SCRIPTS HOLDING CO 2.73%
STARBUCKS CORP 2.71%
ALLERGAN INC 2.66%
Total 33.75%
December 31, 2013
CVS CAREMARK CORP 4.56%
APPLE INC 4.10%
GOOGLE INC CL A 4.06%
QUALCOMM INC 3.40%
COCA COLA CO/THE 3.07%
GILEAD SCIENCES INC 2.93%
INTERCONTINENTALEXCHANGE GRO 2.75%
ALLERGAN INC 2.73%
EXPRESS SCRIPTS HOLDING CO 2.72%
AMERICAN EXPRESS CO 2.68%
Total 33.01%
December 31, 2012
ALLERGAN INC 4.77%
APPLE INC 4.74%
QUALCOMM INC 4.51%
CVS CAREMARK CORP 4.00%
GOOGLE INC CL A 3.72%
ECOLAB INC 3.53%
MICROSOFT CORP 3.46%
AMERICAN EXPRESS CO 3.28%
CAMERON INTERNATIONAL CORP 3.18%
SUNCOR ENERGY INC 3.13%
Total 38.30%
PERFORMANCE ATTRIBUTIONRelative to the S&P 500 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
Information Tech 23.71% 18.75% 2.52% 2.28% 0.04% 0.07% 0.12%
Consumer Disc. 18.96% 12.37% -3.39% -2.80% -0.31% -0.11% -0.43%
Health Care 17.56% 13.47% 2.68% 5.81% 0.17% -0.55% -0.38%
Financials 12.51% 16.32% 0.06% 2.65% -0.03% -0.31% -0.34%
Consumer Staples 12.02% 9.57% -1.09% 0.50% -0.02% -0.19% -0.21%
Industrials 10.22% 10.76% 0.04% 0.14% 0.01% -0.03% -0.02%
Materials 2.59% 3.50% 2.50% 2.86% -0.01% -0.01% -0.02%
Energy 2.43% 10.09% -4.07% 0.92% 0.07% -0.13% -0.07%
Telecomm Services 0.00% 2.21% 0.00% -0.07% 0.03% 0.00% 0.03%
Utilities 0.00% 2.96% 0.00% 9.88% -0.23% 0.00% -0.23%
Total 100.00% 100.00% 0.25% 1.81% -0.29% -1.26% -1.55%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Allergan, Inc. Health Care 0.29%
Vmware, Inc. Class A Information Tech 0.22%
Juniper Networks, Inc. Information Tech 0.18%
General Electric Company Industrials 0.15%
QUALCOMM Incorporated Information Tech 0.13%
CVS Caremark Corporation Consumer Staples 0.13%
Exxon Mobil Corporation Energy 0.13%
Express Scripts Holding Company Health Care 0.12%
Citigroup Inc. Financials 0.10%
Wells Fargo & Company Financials 0.10%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.17%
Energy Underweight 0.07%
Information Tech Overweight 0.04%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Allergan, Inc. Health Care 0.38%
Wells Fargo & Company Financials 0.25%
Vmware, Inc. Class A Information Tech 0.25%
QUALCOMM Incorporated Information Tech 0.24%
CVS Caremark Corporation Consumer Staples 0.23%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
IntercontinentalExchange Group, Inc. Financials -0.36%
Amazon.com, Inc. Consumer Disc. -0.30%
Bed Bath & Beyond Inc. Consumer Disc. -0.22%
Gilead Sciences, Inc. Health Care -0.20%
Noble Corporation PLC Energy -0.18%
Coca-Cola Company Consumer Staples -0.17%
Starbucks Corporation Consumer Disc. -0.17%
Costco Wholesale Corporation Consumer Staples -0.14%
Informatica Corporation Information Tech -0.12%
Merck & Co., Inc. Health Care -0.11%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.31%
Utilities Underweight -0.23%
Financials Underweight -0.03%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Amazon.com, Inc. Consumer Disc. -0.40%
IntercontinentalExchange Group, Inc. Financials -0.33%
Bed Bath & Beyond Inc. Consumer Disc. -0.22%
Gilead Sciences, Inc. Health Care -0.20%
Noble Corporation PLC Energy -0.19%
PERFORMANCE ATTRIBUTIONRelative to the S&P 500 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
Information Tech 24.71% 18.08% 25.10% 25.45% 0.17% -0.15% 0.02%
Consumer Disc. 18.45% 12.25% 26.26% 23.90% 0.10% 0.45% 0.55%
Health Care 15.57% 13.04% 21.89% 29.11% 0.28% -1.16% -0.88%
Financials 12.56% 16.47% 30.95% 24.68% -0.06% 0.66% 0.60%
Consumer Staples 11.65% 10.22% 15.59% 10.60% -0.15% 0.59% 0.44%
Industrials 9.71% 10.50% 23.18% 27.22% -0.01% -0.34% -0.35%
Energy 4.47% 10.47% -12.64% 14.63% 0.26% -1.52% -1.26%
Materials 2.87% 3.44% 34.19% 23.19% -0.02% 0.38% 0.37%
Telecomm Services 0.00% 2.42% 0.00% 1.56% 0.47% 0.00% 0.47%
Utilities 0.00% 3.12% 0.00% 9.29% 0.43% 0.00% 0.43%
Total 100.00% 100.00% 22.15% 21.76% 1.45% -1.09% 0.38%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Priceline Group Inc Consumer Disc. 0.60%
CVS Caremark Corporation Consumer Staples 0.54%
Google Inc. Class A Information Tech 0.43%
Gilead Sciences, Inc. Health Care 0.39%
Ecolab Inc. Materials 0.37%
Starbucks Corporation Consumer Disc. 0.36%
B/E Aerospace Inc. Industrials 0.33%
Vmware, Inc. Class A Information Tech 0.33%
American Express Company Financials 0.29%
Philip Morris International Inc. Consumer Staples 0.29%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight 0.47%
Utilities Underweight 0.43%
Health Care Overweight 0.28%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Google Inc. Class A Information Tech 1.63%
CVS Caremark Corporation Consumer Staples 1.62%
Microsoft Corporation Information Tech 1.30%
Gilead Sciences, Inc. Health Care 1.13%
Priceline Group Inc Consumer Disc. 1.04%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Cameron International Corporation Energy -0.96%
Noble Corporation PLC Energy -0.51%
Coca-Cola Company Consumer Staples -0.50%
Cognizant Technology Solutions Corporation Class A Information Tech -0.44%
Allergan, Inc. Health Care -0.43%
Edwards Lifesciences Corporation Health Care -0.41%
Intuit Inc. Information Tech -0.37%
McDonald's Corporation Consumer Disc. -0.35%
QEP Resources, Inc. Energy -0.35%
Fastenal Company Industrials -0.29%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Overweight -0.15%
Financials Underweight -0.06%
Materials Underweight -0.02%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Edwards Lifesciences Corporation Health Care -0.41%
Cameron International Corporation Energy -0.41%
Cognizant Technology Solutions Corporation Class A Information Tech -0.41%
QEP Resources, Inc. Energy -0.24%
International Business Machines Corporation Information Tech -0.22%

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. In addition, large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during periods of economic expansion.

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