SUNRISE POLICE SCROLL TO RIGHT------> Small Cap
LOCK BUCKHEAD TOTAL EXECUTIVE HERE LOCK LOCK BUCKHEAD TOTAL UNIVERSE HERE LOCK LOCK BUCKHEAD TOTAL RISK HERE LOCK LOCK DHJ EQ. TOTAL EXECUTIVE HERE LOCK LOCK DHJ EQ. UNIVERSE HERE LOCK LOCK DHJ TOTAL RISK HERE LOCK LOCK BUCKHEAD EQUITY EXECUTIVE HERE LOCK LOCK  BUCKHEAD EQUITY UNIVERSE HERE LOCK LOCK BUCKHEAD EQUITY RISK HERE LOCK BUCKHEAD EQUITY EXECUTIVE HERE LOCK LOCK  BUCKHEAD EQUITY UNIVERSE HERE LOCK LOCK BUCKHEAD EQUITY RISK HERE LOCK
Sunrise Police Sunrise Police % SDG DID NOT SEND Sunrise Police Sunrise Police Sunrise Police % Sunrise Police Sunrise Police % Sunrise Police Sunrise Police Sunrise Police Sunrise Police
Buckhead Equity (Large Cap Value + Small Cap Value + Cash) Buckhead Equity (Large Cap Value + Small Cap Value + Cash) DHJ Large Cap Growth Equity DHJ Large Cap Growth Equity DHJ Large Cap Growth Equity Buckhead (Large Cap Value Equity + Cash) Buckhead (Large Cap Value Equity + Cash) Buckhead (Large Cap Value Equity + Cash) Buckhead (Small Cap Equity + Cash) Buckhead (Small Cap Equity + Cash) Buckhead (Small Cap Equity + Cash)
Executive Summary Universe Comparisons Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures
Inception date is March 31, 2004 70% Broad LC V Core. 30% Broad SCV Core 37 Broad Large Cap Growth Core Equity 41 51 Broad Large Cap Value Core Equity 55 58 Broad Small Cap Value Core 62
All dollar values are shown in thousands. Returns are in percent. "%-tile" is the percentile ranking within the universe. Inception date is December 31, 1997 39 3 Yr Inception date is December 31, 2002 53 1 Yr Inception date is March 31, 2004 60 Incept 1 Yr
Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. All dollar values are shown in thousands. Returns are in percent. "%-tile" is the percentile ranking within the universe. # of Negative Qtrs All dollar values are shown in thousands. Returns are in percent. "%-tile" is the percentile ranking within the universe. # of Negative Qtrs All dollar values are shown in thousands. Returns are in percent. "%-tile" is the percentile ranking within the universe. # of Negative Qtrs
Returns are gross of fees. Incept is March 31, 2004 to December 31, 2005 Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. # of Positive Qtrs Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. # of Positive Qtrs Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. # of Positive Qtrs
Account Reconciliation Trailing Returns through December 31, 2005 Returns are gross of fees. Incept is December 31, 1997 to March 31, 2006 Batting Average Returns are gross of fees. Incept is December 31, 2002 to March 31, 2006 Batting Average Returns are gross of fees. Incept is March 31, 2004 to March 31, 2006 Batting Average
Beginning Value Fund Account Reconciliation Trailing Returns through March 31, 2006 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2006 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2006 Worst Qtr
Net Flows Return Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr
Investment G/L %-tile Net Flows Return Range Net Flows Return Range Net Flows Return Range
Ending Value Policy Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs
12/31/2005 Return Ending Value S&P500 Standard Deviation Ending Value S&P500 Standard Deviation Ending Value R2000V Standard Deviation
Qtr %-tile 3/31/2006 Return Beta 3/31/2006 Return Beta 3/31/2006 Return Beta
17,522 Universe Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
-34 5th %-tile 12,317 Universe R-Squared 14,187 Universe R-Squared 3,766 Universe R-Squared
465 25th %-tile -373 5th %-tile Sharpe Ratio -20 5th %-tile Sharpe Ratio 5 5th %-tile Sharpe Ratio
17,953 50th %-tile 337 25th %-tile Treynor Ratio 603 25th %-tile Treynor Ratio 510 25th %-tile Treynor Ratio
2,006 75th %-tile 12,281 50th %-tile Tracking Error 14,770 50th %-tile Tracking Error 4,281 50th %-tile Tracking Error
YTD 95th %-tile 2006 75th %-tile Information Ratio 2006 75th %-tile Information Ratio 2006 75th %-tile Information Ratio
17,522 2 Qtrs YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
-34   3.57   4 12,007 2 Qtrs 3 13,801   2 Qtrs   0 3,721 2 Qtrs 0
465   95 8 -457 6.24 9 -41   7.33 4 -9 15.35 0.1535 4
17,953   5.18   58.33 732 75 33.33 1,009   22   50 569 17 Batting Average 50
38,077 68 -17.77 12,281 6.38 -4.9 14,770 6.38 0.37 4,281 14.26 0.1426 0.84
Incept 8.78 14.61 12/31/1997 73 11.55 12/31/2002 43 4.26 3/31/2004 30 13.53
13,788 6.88 32.38 Incept 14.15 16.45 Incept 9.63 3.89 Incept 17.89 12.69
  1,871 5.85 -25.33 10,999 8.94 3.79   6,658 7.16 9.02 2,986 14.54 19.62
2,293 4.82 20.64 -5,403 7.3 9.8 3,073 6.28 5.97 112 12.75 Standard Deviation 14.61
17,953     3.5 0.99 6,684     6.17 0.9 5,040     5.64 0.76   1,182 10.64 Beta 1.02  
Investment Policy #VALUE! 3 Qtrs 0.67 12,281  12,281,000 4.64 -2.05 14,770  14,770,000 3.31 0.2 0.002 4,281   4,281,000 8.15 Annualized Alpha -3.74 -0.0374
Index 4.74 1 Investment Policy 3 Qtrs 0.89 Investment Policy 3 Qtrs 0.72 Investment Policy 3 Qtrs R-Squared 0.94
S&P 500 97 -0.03 Index 9.86 1.13 Index 7.72 0.93 Index 18.62 0.1862 1.11
Russell 2000 Value 7.81 -0.6 S&P 500 80 12.26 S&P 500 86 7.3 Russell 2000 Value 44 15.83
Total 54 1.29 Total 10.22 3.43 Total 10.22 3.55 Total 17.79 0.1779 3.46
Weight 11.42 0.52 Weight 77 -1.22 Weight 45 -0.76 Weight 53 -1.2
70 9.15 S&P500 100 20.86 S&P500 100 15.57 S&P500 100 29.05 Policy R2000V
30 7.95 4 100 15.42 2 100 11.35 0 100 20.68 0
100 6.82 8 Trailing Returns through March 31, 2006 12.06 10 Trailing Returns through March 31, 2006 10.06 4 Trailing Returns through March 31, 2006 18.07 4
Trailing Returns through December 31, 2005 5.11 41.67 Fund 10.51 66.67 Fund 9.08 50 Fund 15.19 50
Fund 1 Yr -17.28 S&P500 7.73 -2.15 S&P500 5.39 1.37 R2000V 11.06 0.66
Policy   4.49   15.39 Diff   1 Yr   15.39 Diff   1 Yr   4.21 Diff 1 Yr 13.51
Diff 1 Yr FUND 80 0.8 32.67 1 Yr 1 Yr FUND 11.4 0.114 17.54 1 Yr 1 Yr FUND 9.02 0.0902 2.84 1 Yr 19.62 0.1962 12.85
1 Yr UNIVERSE 4.9 -24.76 1/11/1900 UNIVERSE 84 4.91 1/9/1900 UNIVERSE 85 11.73 1/19/1900 67 23.77
4.49 POLICY 74 0.74 20.91 11.73 POLICY 11.73 0.1173 10.31 11.73 POLICY 11.73 0.1173 6.64 23.77 23.77 0.2377 13.93
4.9 11.16 1 -0.33 83 1 -2.71 40 1 -4.15 33 1
-0.41 7.81 0 2 Yr 25.95 0 2 Yr 19.34 0 2 Yr 30.67 0
2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 6.21 1 1/7/1900 19.14 1 1/8/1900 13.16 1 1/17/1900 25.15 1
3/31/2004 4.8 -0.06 9.18 15.12 1.48 9.18 11.43 1.24 16.57 22.13 1.46
Incept 2.76 -1.26 -1.65 12.77 15.21 -0.78 10.31 8.26 0.89 17.71 20.3
8.11 2 Yr 0 3 Yr 9.3 0 3 Yr 6.52 0 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 14.48 0
1/8/1900 14.4 Diff 13.04 2 Yr Diff 1/19/1900 2 Yr Diff 3/31/2004 2 Yr Diff
   -0.79 11.48   0   1/17/1900 7.53   1    1/17/1900 2 Yr FUND 8.4 0.084 0   Incept 17.46 0.1746 0
   Fiscal Year Returns Ending September 9.99 0   ################################## 72 -1    2.50 UNIVERSE 81 0   17.46 29 0
  Fund 8.71   16.66   4 Yr 9.18   -33.34   4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr POLICY 9.18 0.0918 0   16.57 16.57 0.1657 0
Policy 7.01 -0.49 2.44 51 -2.75 12/31/2002 51 -1 0.89 41 0.18
Diff 3 Yr -0.78 1/4/1900 17.93 -3.84 Incept 16.15 0.05 Fiscal Year Returns Ending September 21.15 0.02
12/31/2005 21.02 -0.29 -2.48 11.86 -1.09 16.62   11.11 1.05 Fund 18.07 -0.16
Qtr 18.29 -0.57 5 Yr 9.22 -1.12 14.66 9.2 -2.71 R2000V 15.84 -4.15
2.66 16.87 -0.27 2.54 7.31 -0.51 1.96 8.6 -0.67 Diff 13.68 0.68
1/1/1900 15.71 -0.01 3.97 4.54 -0.1 Fiscal Year Returns Ending September 5.78 -0.24 3/31/2006 10.19 0.02
1 14.12 0.67 -1.43 3 Yr -2.05 Fund 3 Yr 0.2 Qtr 3 Yr -3.74
6/28/1905 3 YR FUND 4 Yr ####### 0 6 Yr 3 YR FUND 13.04 0.1304 -0.11 S&P500   19.72 0.1972 -0.28 13.53 35.59 -0.06
YTD UNIVERSE 11.11 0.03 ################################## UNIVERSE 90 -0.35 Diff   21 -0.31 1/13/1900 30.29 -0.35
2.66 POLICY 8.51 0.0851 0.66 -0.83 POLICY 17.22 0.1722 -2.95 3/31/2006   17.22 0.1722 -0.96 0.02 28.1 -4.47
1.66 7.01 1.29 -2.54 43 3.43 Qtr   49 3.55 2006 26.42 3.46
1/1/1900 5.81 5 Yr 5 Yr 7 Yr 25.44 5 Yr 5 Yr 1/4/1900 24.11 2 Yr YTD 23.92 Incept
6/27/1905 4.34 # of Negative Qtrs 1/0/1900 19.79 # of Negative Qtrs 1/4/1900 19.26 # of Negative Qtrs 15.35 4 Yr # of Negative Qtrs
11.87 5 Yr # of Positive Qtrs 1.66 16.58 # of Positive Qtrs 0.05 17.09 # of Positive Qtrs 14.26 19.53 # of Positive Qtrs
13.96 9.97 Batting Average ################################## 14.44 Batting Average 2006 16.47 Batting Average 1.09 14.36 Batting Average
-2.09 6.67 Worst Qtr 8 Yr 12.4 Worst Qtr YTD 14.3 Worst Qtr 2005 12.9 Worst Qtr
2004 2003 2002 2001 2000 1999 1998 1997 5.09 Best Qtr 1/4/1900 4 Yr Best Qtr 1/7/1900 4 Yr Best Qtr 1/14/1900 11.05 Best Qtr
Returns in Up Markets 3.68 Range 1/3/1900 2.44 Range 1/6/1900 10.37 Range 1/17/1900 7.88 Range
Fund 2.03 Worst 4 Qtrs 1/0/1900 72 Worst 4 Qtrs 0.95 7.03 Worst 4 Qtrs -3.69 5 Yr Worst 4 Qtrs
Policy 6 Yr Standard Deviation 9 Yr 10 Yr 4.92 Standard Deviation 2005 4.94 Standard Deviation 2004 2003 2002 2001 2000 1999 1998 1997 22.17 Standard Deviation
Ratio 11.33 Beta 12/31/1997 40 Beta 11.29 4.35 Beta Returns in Up Markets 16.64 Beta
1 Yr 7.53 Annualized Alpha Incept 11.65 Annualized Alpha 1/12/1900 2.85 Annualized Alpha Fund 14.92 Annualized Alpha
4.7 5.22 R-Squared 5.61 6.53 R-Squared -0.96 5 Yr R-Squared R2000V 13.17 R-Squared
7.8 3.32 Sharpe Ratio 5.16 4.25 Sharpe Ratio 2004 10.13 Sharpe Ratio Ratio 9.41 Sharpe Ratio
60.7 1.41 Treynor Ratio 1/0/1900 2.13 Treynor Ratio 1/17/1900 6.17 Treynor Ratio 1 Yr 6 Yr Treynor Ratio
3/31/2004 7 Yr Tracking Error Fiscal Year Returns Ending September 0.2 Tracking Error 1/13/1900 4.1 Tracking Error 1/19/1900 21.23 Tracking Error
Incept 10.71 Information Ratio Fund 5 Yr Information Ratio 3.49 3.45 Information Ratio 23.8 16.51 Information Ratio
13.1 5 YR FUND 7.61 0.0761 Fund S&P500 5 YR FUND 2.54 0.0254 Fund Fund 2003 2002 2001 2000 1999 1998 1997 1.87   Fund 82.5 13.19 Fund
16.3 UNIVERSE 6.06 8 Diff UNIVERSE 52 7 Returns in Up Markets   6 Yr 2 3/31/2004 10.61 2
80.2 POLICY 4.78 0.0478   12 3/31/2006 POLICY 3.97 0.0397 13 Fund   11.19   6 Incept 4.53 6
Returns in Down Markets 3.28 Batting Average 55 Qtr 37 Batting Average 40 S&P500   5.65 50 22.2 7 Yr 62.5
Fund 8 Yr -17.77 2.79 12.79 -15.29 Ratio 0.87 -0.95 21.9 23.37 -3.21
Policy 10.09 14.61 4.21 5.06 11.55 1 Yr -1.09 9.02 101.2 17.28 13.53
Ratio 7.7 32.38 ################################## 2.65 26.84 9 -2.4 9.97 Returns in Down Markets 15.03 16.74
1 Yr 6.59 -25.89 6/28/1905 0.7 -23.77 1/11/1900 7 Yr 5.09 Fund 13.25 2.34
-0.2 5.62 Standard Deviation 18.42 YTD -1.67 Standard Deviation 15.79 76.9 10.27 6.52 R2000V 10.19 14.45
-2.7 4.47 Beta 0.94   6.24 6 Yr Beta 0.92 2 Yr 5.51 0.8   Ratio 8 Yr 0.92
8.5 Fiscal Year Returns Ending September Annualized Alpha -0.72 -0.0072 6.38 -3.37 Annualized Alpha -1.13 -0.0113 1/11/1900 2.99 1.07 0.0107 1 Yr 15.85 2.21 0.0221
3/31/2004 Fund R-Squared 0.97 -0.14 45 R-Squared 0.96 1/15/1900 1.42 0.79 3/31/2004 11.95 0.79
Incept Return -0.28 2005 -0.83 0.03 3/15/1900 0.3 0.9 Incept 9.48 1.03
-1.7 %-tile -5.48 12.97 27 0.43 3 Yr 8 Yr 7.35 -2.9 7.75 16.24
-3.9 Policy 3.6 12.25 8.43 3.38 1/24/1900 8.66 3.36 -4 5.85 6.7
2/12/1900 Return -0.17 0.72 -0.68 -0.42 1/23/1900 5.19 -0.23 72.1 Fiscal Year Returns Ending September 0.13
2000 %-tile Policy S&P500 2004 -4.03 Policy S&P500 105.9 3.7 S&P500 Fund R2000V
-5.58 Universe 9 4.45 -6.56 6 12/31/2002 3.1 2 Return 1
-9.11 5th %-tile 11 13.87 -9.32 14 Incept 1.83 6 %-tile 7
3.53 25th %-tile 45 -9.42 7 Yr 60 24.3 Fiscal Year Returns Ending September 50 R2000V 37.5
1999 50th %-tile -17.28 2003 0.86 -17.28 23 Fund -2.15 Return -3.98
8.77 75th %-tile 15.39 20.02 49 15.39 105.9 Return   9.23 %-tile 13.51
1/21/1900 95th %-tile 32.67 24.4 1.66 32.67 Returns in Down Markets %-tile 11.38 Universe 17.49
-12.27 Qtr -26.62 -4.38 40 -24.76 Fund S&P500   4.91 5th %-tile 4.71
1998 2.66 Standard Deviation 19.2 6/24/1905 13.16 Standard Deviation 16.82 S&P500 Return 7.25 25th %-tile 14.02
30.71 14 1 -17.69 3.41 1 Ratio %-tile 1 QU. FUND 50th %-tile #VALUE! 1
28.58 1.66 0 -20.49 0.69 0 1 Yr 2 Yr Universe 0 UNIVERSE 75th %-tile 0
2.13 54 1 2.8 -1.12 1 -0.5 5th %-tile 1 POLICY 95th %-tile #VALUE! 1
1997 1996 1995 3.23 -0.24 2001 -3.91 0.11 ################################ 25th %-tile 0.92 Qtr 1
Returns in Up Markets 2.26 -4.52 -33.13 8 Yr 1.83 11.6 QU. FUND 50th %-tile 6.66 13.53 0.1353 14.05
Fund 1.73 0 -26.62 4.07 0 3 Yr UNIVERSE 75th %-tile 0 20 0
S&P500 1.19 Diff -6.51 33 Diff -0.5 POLICY 95th %-tile Diff 13.51 0.1351 Diff
Ratio 0.35 -1 2000 3.62 1 -4 Qtr 0 20 1
3 Yr YTD   1 26.61 39   -1 11.6 4.26 0.0426 0 15.62 -1
32.2 2.66 10 13.28 9.38 -20 12/31/2002 48 0 12.92 25
31.2 14   -0.49 13.33 4.98   1.99 Incept 4.21 0.0421 1.2 11.69 0.77
103 1.66 -0.78 1999 2.88 -3.84 -4.4 50 -0.21 9.22 0.02
5 Yr 54 -0.29 1/29/1900 1.2 -5.83 ################################ 7.18 -1.41 7.08 -0.75
31 3.23 0.73 27.81 -0.77 0.99 62.9 5.29 0.18 YTD -2.37
32.4 2.26 -0.78 2.01 Fiscal Year Returns Ending September -1.03 4.19 -0.73 15.35 0.43
95.6 1.73 -0.06 1998 1997 Fund -0.08 3.81 -0.2 17 -0.08
6 Yr 1.19   -0.72 Returns in Up Markets Return   -1.13 2.53   1.07 14.26 2.21
32.7 0.35 -0.03 Fund %-tile -0.04 YTD -0.21 30 -0.21
34.9 2005   -0.04 S&P500 S&P500   -0.08 7.33   -0.02 17.89 0.03
93.7 11.87 -0.96 Ratio Return -1.4 22 0.69 14.54 2.19
12/31/1997 QU. FUND 91 0.91 3.6 3 Yr %-tile 3.38 6.38 3.36 12.75 6.7
Incept UNIVERSE 13.96 6 Yr 19.6 Universe 8 Yr 43 Incept 3 Yr 10.64
34.8 POLICY 66 0.66 # of Negative Qtrs 23 5th %-tile # of Negative Qtrs 9.63 # of Negative Qtrs 8.15
36.9 22.41 # of Positive Qtrs 85.1 25th %-tile # of Positive Qtrs 7.16 # of Positive Qtrs 2005
4/3/1900 17.21 Batting Average 5 Yr QU. FUND 50th %-tile Batting Average 2004 FUND 6.28 0.0628 Batting Average 14.06
Returns in Down Markets 14.97 Worst Qtr 22.1 UNIVERSE 75th %-tile Worst Qtr UNIVERSE 5.64 Worst Qtr 88
Fund 13.26 Best Qtr 24.2 POLICY 95th %-tile Best Qtr POLICY 3.31 0.0331 Best Qtr 17.75
S&P500 11.01 Range 91.2 Qtr Range 2005 Range 71
Ratio 2004   Worst 4 Qtrs 8 Yr 2.79 0.0279 Worst 4 Qtrs 11.29 Worst 4 Qtrs 24.63
3 Yr 23.62 Standard Deviation 30.3 81 Standard Deviation 73 Standard Deviation 21.81
-40.5 19.76   Beta 1/28/1900 4.21 0.0421 Beta 12.25 Beta 20.3
-40.8 17.24 Annualized Alpha 105.6 51 Annualized Alpha 57 Annualized Alpha 16.98
99.2 15.21 R-Squared 12/31/1997 8.81 R-Squared 24.1   R-Squared 11.37
5 Yr 12.19 Sharpe Ratio Incept 5.33 Sharpe Ratio 16.12 Sharpe Ratio 2004
-31 2003 Treynor Ratio 32 4.22 Treynor Ratio 2003 FUND 12.74 0.1274 Treynor Ratio 33.25
-30.9 27.84 Tracking Error 30.4 3.07 Tracking Error UNIVERSE 11.06 Tracking Error 24.88
100.2 25.03   Information Ratio 4/14/1900 1.22   Information Ratio POLICY 7.98 0.0798 Information Ratio 22.79
6 Yr 23.22 Fund Returns in Down Markets YTD Fund 2004 Fund 19.56
-30.8 20.96   9 Fund 6.24   12 17.36 2 13.41
-31.3 18.02 15 S&P500 75 20 30   10 2003
98.5 2003 FUND 2002 20.02 54.17 Ratio 6.38 53.13 13.87   Batting Average 66.67 36.11
12/31/1997 UNIVERSE -5.31 -17.77 3 Yr 73 -16.95 57 -0.95 29.71
Incept POLICY -10.93 -0.1093 19.75 -7.6 14.15 21.83 23.92   17.8 26.15
-30.8 -13.63 37.52 -4 8.94 38.78 18.34 18.75 22.71
-31.3 -15.7 -25.89 190.2 2004 FUND 7.3 0.073 -33.13 2002 FUND 14.42   5.09 14.77
4/7/1900 -18.62 18.99 5 Yr UNIVERSE 6.17 18.38 UNIVERSE 13.02 Standard Deviation 9.01 2002
2001   0.93 -31.8 POLICY 4.64 0.0464 1   NA 8.08   Beta 0.94 9.49
4.41 -0.59 -0.0059 -31.4 2005 0.57 0.0057 2003 Annualized Alpha 3.14 0.0314 2.65
-3.06   0.97 101.2 12.97 0.93 27.67   R-Squared 0.82 -2.41
-8.63 -0.13 8 Yr 57 0.04 23.98 1.97 -6.84
2002 FUND -15.13 -0.1513 -2.59 -28.5 12.25   0.76 21.95 18.84 -14.06
UNIVERSE -20.75 3.58 ################################## 64 5 19.27 3.81 2001
POLICY 2000 20 -0.19 102.4 25.77   0.09 15.84 0.66 14.31
22.04 S&P500 12/31/1997 18.07 S&P500 2002 Policy S&P500 8.77
15.71 10 Incept 2003 FUND 13.56 0.1356 12   -6.38   2 3.66
11.94 14 -28.5 UNIVERSE 11.02 20   -15.42 10 -5.01
7.53   45.83 -27.8 POLICY 7.76 0.0776 46.87   -18.95   33.33 -19.22
2.05 -17.28 102.4 2004 -17.28 -20.72 -2.15 2000
1999   21.3 4.45 21.3 -24.03 15.39 37.32
23.94 38.58 89 38.58 2001 17.54 26.91
2001 FUND 18.65 0.1865 -26.62 13.87   -26.62   5.47 4.91 19.81
UNIVERSE 14.96 20.04 10 17.72   -5.14 Standard Deviation 8.66 14.46
POLICY 11.42 0.1142 1 15.25   1   -13.19 1 -0.83
6.56 0 11.67 0 -23.01 0 1999
1998 1 2002 FUND 8.28 0.0828 1 -27   1 25.16
2.88 -0.09 UNIVERSE 6.32 0.02 2000 1.76 19.69
-0.47   -1.74 POLICY 2.06 0.0206 0.31 22.25   15.21 10.99
-3.2 0 2003 0 13.38 0 7.81
-5.81   Diff 20.02 Diff 8.39 Diff 2.47
-9.68 -1 54 0 3.08 0 1998
2000 FUND -5.58 -0.0558 1 24.4   0 -3.5 0 -4.72
UNIVERSE 45 8.34 23 6.26 1999 33.34 -11.02
POLICY -9.11 -0.0911 -0.49 30.61   0.33 28.08 1.2 -15.76
65 -1.55 23.77 0.53 20.54 2.41 -19.37
15.56 -1.06 2001 FUND 20.39 0.2039 0.2 15.47 1.21 -28.19
0.06 0.73 UNIVERSE 18.37 -6.51 11.7 0.18
-6.88   -1.05 POLICY 14.19 0.1419 0.66 4.46 0.35
-9.62 -0.07 2002 0 1998 -0.06
-15.34   -0.59 -17.69 0.57 9.83 3.14
1999 -0.03 18 -0.07 6.07 -0.18
1999 FUND 8.77 0.0877 -0.04 -20.49   0.02 1.83 0.21
UNIVERSE 89 -0.85 40 0.45 -0.8 3.63
POLICY 21.04 0.2104 3.58 -12.11   5 -5.82 3.81
41 Incept -19.07 Incept Incept
40.15 # of Negative Qtrs 2000 FUND -21.45 -0.2145 # of Negative Qtrs # of Negative Qtrs
24.24 # of Positive Qtrs UNIVERSE -23.71 # of Positive Qtrs # of Positive Qtrs
20.43 Batting Average POLICY -29.04 -0.2904 Batting Average Batting Average
15.61 Worst Qtr 2001 Worst Qtr Worst Qtr
5.6 Best Qtr -33.13 Best Qtr Best Qtr
1998 Range 14 Range Range
1998 FUND 30.71 Worst 4 Qtrs -26.62 Worst 4 Qtrs Worst 4 Qtrs
UNIVERSE 16 Standard Deviation 2 Standard Deviation Standard Deviation
POLICY 28.58 Beta -29.08 Beta Beta
25 Annualized Alpha -35.09 Annualized Alpha Annualized Alpha
35.85 R-Squared -38.5 R-Squared R-Squared
28.5 Sharpe Ratio -43.41 Sharpe Ratio Sharpe Ratio
25.14 Treynor Ratio -51.41 Treynor Ratio Treynor Ratio
17.48 Tracking Error 2000 Tracking Error Tracking Error
7.55 Information Ratio 26.61 Information Ratio Information Ratio
1997 Fund 28 Fund Fund
36.26 9 13.28 12 3
32.81 16 82 21 10
30.27 56 46.3 54.55 61.54
25.81 -17.77 27.14 -16.95 -3.96
15.95 19.75 20.88 21.83 17.8
1996 37.52 14.34 38.78 21.76
28.82 -25.89 8.45 -33.13 5.09
23.34 19.32 1999 18.61 9.09
21.69 0.94 29.82 1 0.95
18.67 -0.44 36 0.57 2.51 0.0251
13.52 0.97 27.81 0.93 0.83
-0.02 54 0.12 1.61
-0.4 38.21 2.24 15.44
3.51 31.55 4.92 3.77
-0.19 27.96 0.09 0.52
S&P500 26.33 S&P500 S&P500
10 20.01 12 3
15 1998 21 10
44 16.52 45.45 38.46
-17.28 9.1 -17.28 -3.15
21.3 7.45 21.3 15.39
38.58 2.95 38.58 18.54
-26.62 -4.96 -26.62 4.91
20.28 17.98 8.74
1 1 1
0 0 0
1 1 1
0.01 0.1 1.45
0.27 1.79 12.71
0 0 0
Diff Diff Diff
-1 0 0
1 0 0
12 9.1 23.08
-0.49 0.33 -0.81
-1.55 0.53 2.41
-1.06 0.2 3.22
0.73 -6.51 0.18
-0.96 0.63 0.35
-0.06 0 -0.05
-0.44 0.57 2.51
-0.03 -0.07 -0.17
-0.03 0.02 0.16
-0.67 0.45 2.73
3.51 4.92 3.77