U.S. MidCap Value

YEARLY PERFORMANCE

Year
TFIM Select Value
Russell Midcap Value Index
Out-Performance
2001
+2.17%
+2.33%
-0.16%
2002
+1.55%
-9.64%
+11.09%
2003
+42.06%
+38.07%
+3.99%
2004
+14.62%
+23.71%
-9.09%
2005
+7.17%
+12.65%
-5.48%
2006
+12.98%
+20.22%
-7.24%
2007
+21.40%
-1.42%
+22.82%
2008
-31.83%
-38.44%
+6.61%
2009
+63.28%
+34.20%
+29.08%
2010
+24.59%
+24.75%
-0.16%
2011
+1.61%
-1.38%
+2.99%
2012
+3.45%
+18.51%
-15.06%
2013
+30.28%
+33.46%
-3.18%
Average
+14.87%
+12.07%
+2.8%

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
TFIM US Mid-Cap
Russell Midcap Value Index
3 Years 20010-2013
+17.75%
+19.53%
5 Years 2008-2013
+13.24%
+8.87%
10 Years 2003-2013
+13.87%
+10.92%

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
ATWOOD OCEANICS ATW OFFSHORE OIL DRILLING
DEAN FOODS DF FOOD – DAIRY PRODUCTS
HARTFORD FINANCIAL SERVICES HIG FINANCE / INSURANCE
HCC INSURANCE HCC SPECIALTY P&C INSURANCE
HUNTSMAN CORP HUN SPECIALTY CHEMICALS
NAVISTAR INTERNATIONAL NAV INDUSTRIAL
PILGRIM’S PRIDE PPC FOOD
TITANIUM METALS TIE BASIC MATERIALS
UNITED CONTINENTAL HOLDINGS UAL AIRLINES
XEROX CORP XRX IT SERVICES

PORTFOLIO DIVERSIFICATION

Industry
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Basic Materials & Industrials
21%
23%
13%
12%
16%
6%
10%
20%
19%
14%
12%
Consumer Goods
0%
0%
20%
10%
8%
6%
10%
14%
18%
17%
15%
Consumer Services
3%
7%
18%
18%
16%
16%
15%
4%
5%
10%
10%
Energy
16%
6%
9%
10%
15%
16%
15%
16%
13%
18%
19%
Insurance & Finance
0%
0%
9%
10%
0%
4%
6%
10%
6%
11%
15%
Health Care
10%
26%
10%
14%
8%
11%
6%
19%
14%
9%
6%
Retailing
8%
12%
11%
7%
0%
9%
9%
6%
11%
4%
0%
Technology
0%
0%
0%
0%
7%
9%
5%
5%
7%
10%
12%
Telecommunications
6%
0%
0%
0%
4%
6%
3%
0%
0%
0%
0%
Transportation
12%
0%
0%
8%
0%
0%
4%
5%
0%
3%
9%
Utilities
24%
26%
10%
11%
26%
17%
17%
0%
7%
4%
2%
Total
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%