Small-Cap Opportunity

YEARLY PERFORMANCE

Year
TFIM Small-Cap Opportunity
Russell 2000 Value Index
Out-Performance
2002
+4.46%
-11.42%
+15.88%
2003
+53.91%
+46.02%
+7.89%
2004
+16.84%
+22.25%
-5.42%
2005
+13.69%
+4.70%
+8.99%
2006
+15.32%
+23.48%
-8.15%
2007
+0.99%
-9.77%
+10.76%
2008
-36.49%
-28.93%
-7.56%
2009
+72.92%
+20.57%
+52.34%
2010
+49.02%
+24.51%
+24.51%
2011
-18.40%
-5.50%
-12.90%
2012
+5.63%
+18.05%
-12.42%
Average
+16.17%
+9.45%
+6.72%

Total returns with dividends reinvested shown for Texas First U.S. MidCap Value Portfolio and Russell MidCap Value Index. Period ending 12-31-2013. Returns shown in US$, net of fees. The Russell MidCap Value Index measures the performance of the midcap value segment of the U.S. equity universe. It is constructed to provide a comprehensive and unbiased barometer of the mid cap value market.

COMPOUND ANNUAL RETURNS

Term
Texas First Small-Cap Opportunity
Russell 2000 Value Index
3 Years 2010-2013
+8.35%
+17.33%
5 Years 2008- 2013
+14.63%
+8.59%
10 Years 2003-2013
+11.02%
+9.30%

Compound returns with dividends reinvested for the 3, 5, & 10-year periods ending 6-30-2013. Returns in US $, net of fees.

LARGEST HOLDINGS

COMPANY
SYMBOL
INDUSTRY
A.H. BELO CORP
AHC
MEDIA
CONSOLIDATED GRAPHICS
CGX
BUSINESS SERVICES
COOPER TIRE & RUBBER
CTB
AUTO – RELATED
DELPHI FINANCIAL GROUP
DFG
LIFE INSURANCE PRODUCTS
IRIDIUM COMMUNICATIONS
IRDM
SATELLITE SERVICES
OPKO HEALTH
OPK
HEALTHCARE PRODUCTS
PHARMERICA
PMC
HEALTHCARE ADMINISTRATION
SWS GROUP
SWS
FINANCE
TRANSATLANTIC PETROLEUM
TAT
OIL & GAS EXPLORATION
UNISYS
UIS
IT SERVICES

PORTFOLIO DIVERSIFICATION

Industry
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Basic Materials & Industrials
17%
15%
14%
9%
7%
0%
5%
8%
14%
6%
9%
Consumer Goods
12%
15%
14%
14%
27%
29%
24%
12%
20%
15%
11%
Consumer Services
11%
15%
24%
22%
7%
6%
15%
19%
14%
8%
12%
Energy
22%
27%
0%
8%
32%
10%
13%
2%
7%
20%
14%
Insurance & Finance
0%
0%
18%
4%
6%
10%
9%
8%
10%
14%
9%
Health Care
10%
8%
11%
20%
10%
18%
15%
23%
18%
16%
18%
Retailing
3%
2%
14%
8%
2%
5%
5%
3%
5%
0%
0%
Technology
2%
0%
0%
0%
0%
0%
0%
14%
5%
6%
12%
Telecommunications
3%
0%
0%
0%
5%
7%
3%
0%
7%
9%
7%
Transportation
10%
8%
5%
5%
3%
1%
1%
11%
0%
6%
8%
Utilities
10%
10%
0%
8%
3%
14%
10%
0%
0%
0%
0%
Total
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%