SUNRISE POLICE
LOCK DOM. EQ. TOTAL EXECUTIVE HERE LOCK LOCK DOM.EQ. TOTAL UNIVERSE HERE LOCK LOCK DOM. EQ. TOTAL RISK HERE LOCK LOCK DHJ EQ. TOTAL EXECUTIVE HERE LOCK LOCK DHJ TOTAL 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
Sunrise Police Sunrise Police % Sunrise Police Sunrise Police Sunrise Police Sunrise Police % Sunrise Police Sunrise Police % Sunrise Police
Domestic Equity Domestic Equity Domestic Equity DHJ Equity DHJ Equity DHJ Equity Buckhead (Large Cap Equity + Cash) Buckhead (Large Cap Equity + Cash) Buckhead (Large Cap Equity + Cash)
Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures
30 Broad Large Cap Core Equity 32 54 Broad Large Cap Growth Core Equity 58 68 Broad Large Cap Value Core Equity 72
Inception date is December 31, 1997 31 3 Yr Inception date is December 31, 1997 56 3 Yr Inception date is December 31, 2002 70 1 Yr
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 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
Returns are gross of fees. Incept is December 31, 1997 to March 31, 2004 Batting Average Returns are gross of fees. Incept is December 31, 1997 to March 31, 2004 Batting Average Returns are gross of fees. Incept is December 31, 2002 to March 31, 2004 Batting Average
Account Reconciliation Trailing Returns through March 31, 2004 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2004 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2004 Worst Qtr
Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr
Net Flows Return Range Net Flows Return Range Net Flows Return Range
Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs
Ending Value S&P500 Standard Deviation Ending Value S&P500 Standard Deviation Ending Value S&P500 Standard Deviation
3/31/2004 Return Beta 3/31/2004 Return Beta 3/31/2004 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
19,769 Universe R-Squared 10,474 Universe R-Squared 10,084 Universe R-Squared
4,333 5th %-tile Sharpe Ratio 1,093 5th %-tile Sharpe Ratio 335 5th %-tile Sharpe Ratio
390 25th %-tile Treynor Ratio -80 25th %-tile Treynor Ratio 384 25th %-tile Treynor Ratio
24,492 50th %-tile Tracking Error 11,488 50th %-tile Tracking Error 10,802 50th %-tile Tracking Error
2004 75th %-tile Information Ratio 2004 75th %-tile Information Ratio 2004 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
19,769   2 Qtrs   4 10,474 2 Qtrs 5 10,084   2 Qtrs   0
4,333   14.53 8 1,093 8.42 7 335   19.3 4
390   33   58.33 -80 94 41.67 384   7   100
24,492 14.08 -17.77 11,488 14.08 -15.29 10,802 14.08 3.78
12/31/1997 40 14.61 12/31/1997 19 11.55 12/31/2002 53 17.8
Incept 19.01 32.38 Incept 17.3 26.84 Incept 19.68 14.02
  10,999 15.19 -25.33 10,999 13.46 -23.77   6,658 16.15 46.05
8,274 13.84 20.64 -4,499 12.14 18.96 1,329 14.13 10.29
5,218    12.4 0.99 4,987    10.46 0.9 2,816    13.68 0.98  
24,492  24,492,000 9.7 0.67 11,488  11,488,000 8.17 -1.36 10,802  10,802,000 10.54 9.12 0.0912
Investment Policy 3 Qtrs 1 Investment Policy 3 Qtrs 0.97 Investment Policy 3 Qtrs 0.84
Index 18.62 -0.03 Index 12 -0.13 Index 23.98 4.38
S&P 500 24 -0.6 S&P 500 89 -2.83 S&P 500 5 45.97
Total 17.09 1.29 Total 17.09 3.74 Total 17.09 4.09
Weight 40 0.52 Weight 33 -0.34 Weight 43 2.67
100 24.7 S&P500 100 24.86 S&P500 100 23.74 S&P500
100 18.47 4 100 17.52 4 100 18.63 0
Trailing Returns through March 31, 2004 16.8 8 Trailing Returns through March 31, 2004 15.89 8 Trailing Returns through March 31, 2004 16.89 4
Fund 15.49 41.67 Fund 13.61 58.33 Fund 16.22 0
S&P500 11.19 -17.28 S&P500 10.48 -17.28 S&P500 11.86 1.69
Diff   1 Yr   15.39 Diff   1 Yr   15.39 Diff   1 Yr   15.39
1 Yr 1 Yr FUND 35.96 0.3596 32.67 1 Yr 1 Yr FUND 24.94 0.2494 32.67 1 Yr 1 Yr FUND 46.05 0.4605 13.7
35.96 UNIVERSE 34 -24.76 1/24/1900 UNIVERSE 92 -24.76 2/15/1900 UNIVERSE 1 35.12
35.12 POLICY 35.12 0.3512 20.91 35.12 POLICY 35.12 0.3512 20.91 35.12 POLICY 35.12 0.3512 9.66
0.84 39 1 -10.18 26 1 10.93 41 1
2 Yr 46.22 0 2 Yr 45.44 0 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 43.54 0
0.76 37.64 1 ################################## 35.21 1 12/31/2002 37.42 1
0.83 34.56 -0.06 0.83 31.09 -0.06 Incept 34.73 3.53
-0.07 31.35 -1.26 -3.24 27.75 -1.26 31.09 33.82 34.12
3 Yr 25.07 0 3 Yr 23.27 0 24.01 28.1 0
1/1/1900 2 Yr Diff -0.66 2 Yr Diff 1/7/1900 2 Yr Diff
  0.63 0.76   0   1/0/1900 -2.41   1   Calendar Year Returns 6.73   0  
  1/0/1900 43 0   ################################## 59 -1   Fund 2.54 0  
  4 Yr 0.83   16.66   4 Yr 0.83   -16.66   S&P500 0.7   100  
-4.76 41 -0.49 -8.39 30 1.99 Diff 0.07 2.09
-5.48 6.66 -0.78 ################################## 5.12 -3.84 3/31/2004 -2.71 2.41
1/0/1900 2.3 -0.29 -2.91 1.45 -5.83 Qtr 3 Yr 0.32
5 Yr 0.54 -0.57 5 Yr -1.62 0.99 3.78 9.51 10.93
-1.83 -0.89 -0.27 -1.69 -3.6 -1.95 1.69 3.01 0.63
############################## -3.75 -0.01 -1.2 -5.7 -0.1 1/2/1900 0.68 -0.02
-0.63 3 Yr 0.67 -0.49 3 Yr -1.36 2004 0.08 9.12
6 Yr 3 YR FUND 1.3 0.013 0 6 Yr 3 YR FUND -0.66 -0.0066 -0.03 YTD   -2.95   -0.16
1/1/1900 UNIVERSE 31 0.03 1/2/1900 UNIVERSE 37 -0.07 1/3/1900   4 Yr 0.85
1.83 POLICY 0.63 0.0063 0.66 1.83 POLICY 0.63 0.0063 -1.57 1.69   10.84   11.85
-0.67 41 1.29 1.11 28 3.74 2.09   2.98 4.09
7 Yr 8 Yr 9 Yr 10 Yr 6.89 5 Yr 5 Yr 7 Yr 8 Yr 9 Yr 10 Yr 3.68 5 Yr 5 Yr 6/25/1905 -2.06 Incept Incept
12/31/1997 1.67 # of Negative Qtrs 12/31/1997 0.91 # of Negative Qtrs 2/4/1900 -5.68 # of Negative Qtrs
Incept 0.35 # of Positive Qtrs Incept -2.05 # of Positive Qtrs 28.68 -6.55 # of Positive Qtrs
3.26 -0.93 Batting Average 1/5/1900 -3.86 Batting Average 6.48 5 Yr Batting Average
3.91 -3.92 Worst Qtr 1/3/1900 -6.43 Worst Qtr 2002 2001 2000 1999 1998 1997 1996 1995 10 Worst Qtr
############################## 4 Yr Best Qtr 1/1/1900 4 Yr Best Qtr Returns in Up Markets 3.47 Best Qtr
Calendar Year Returns -4.76 Range Calendar Year Returns -8.39 Range Fund 0.59 Range
Fund 40 Worst 4 Qtrs Fund 31 Worst 4 Qtrs S&P500 -1.45 Worst 4 Qtrs
S&P500 -5.48 Standard Deviation S&P500 -5.48 Standard Deviation Ratio -2.36 Standard Deviation
Diff 49 Beta Diff 13 Beta 1 Yr 6 Yr Beta
3/31/2004 3.81 Annualized Alpha 3/31/2004 -3.16 Annualized Alpha 2/15/1900 7.18 Annualized Alpha
Qtr -2.09 R-Squared Qtr -7.8 R-Squared 35.1 3.82 R-Squared
2.06 -5.61 Sharpe Ratio -0.69 -10.62 Sharpe Ratio 131.1 1.85 Sharpe Ratio
1.69 -6.74 Treynor Ratio 1/1/1900 -12.88 Treynor Ratio 12/31/2002 1.23 Treynor Ratio
1/0/1900 -10.38 Tracking Error ################################## -15.73 Tracking Error Incept -0.75 Tracking Error
2004 5 Yr Information Ratio 2004 5 Yr Information Ratio 46.1 7 Yr Information Ratio
YTD 5 YR FUND -1.83 -0.0183 Fund YTD 5 YR FUND -1.69 -0.0169 Fund Fund 35.1 11.6   Fund
2.06 UNIVERSE 69 8 -0.69 UNIVERSE 36 9 131.1   8.49 1
1.69 POLICY -1.2 -0.012   12 1.69 POLICY -1.2 -0.012 11 Returns in Down Markets   7.13     4
1/0/1900 51 Batting Average 55 -2.38 32 Batting Average 50 Fund   6.03 Batting Average 80
2003 9.66 -17.77 2003 6.8 -16.95 S&P500 4.05 -3.96
1/29/1900 1.38 14.61 23.08 0.19 18.83 Ratio 8 Yr 17.8
28.68 -1.18 32.38 1/28/1900 -2.87 35.78 1 Yr 12.69 21.76
0.77 -2.09 -25.89 ################################## -4.9 -33.13 12/31/2002 9.59 35.16
2002 -4.94 Standard Deviation 18.42 2002 -8.04 Standard Deviation 19.92 Incept 8.48 Standard Deviation 11.26
-21.99 6 Yr Beta 0.94   -20.58 6 Yr Beta 1 -4 7.23 Beta 1.02  
-22.1 1.16 Annualized Alpha -0.72 -0.0072 -22.1 2.94 Annualized Alpha -0.33 -0.0033 -3.1 5.15 Annualized Alpha 5.41 0.0541
1/0/1900 67 R-Squared 0.97 1.52 28 R-Squared 0.92 5/4/1900 Calendar Year Returns R-Squared 0.87
6/23/1905 1.83 -0.28 2001 1.83 -0.25 Fund 2.67
-11.7 44 -5.48 -16.13 39 -5.01 Return 29.46
-11.88 7.64 3.6 -11.88 7.42 5.48 %-tile 4.08
1/0/1900 2.97 -0.17 -4.25 3.26 -0.09 S&P500 1.74
2000 1.62 Policy S&P500 2000 0.88 Policy S&P500 Return Policy S&P500
-5.58 0.67 9 -6.27 -1.08 9 %-tile 1
-9.11 -2.03 11 -9.11 -3.27 11 Universe 4
3.53 7 Yr 45 2.84 7 Yr 50 5th %-tile 20
1999 11.91 -17.28 1999 11.05 -17.28 25th %-tile -3.15
8.77 8.12 15.39 26.62 7.94 15.39 50th %-tile   15.39
1/21/1900 7.04 32.67 21.04 6.16 32.67 75th %-tile 18.54
-12.27 5.65 -26.62 5.58 4.64 -26.62 95th %-tile   28.68
1998 2.86 Standard Deviation 19.2 6/20/1905 2.08 Standard Deviation 19.2 Qtr Standard Deviation 10.27
30.71 8 Yr 1 40.41 8 Yr 1 QU. FUND 3.78 0.0378 1
28.58 11.91 0 28.58 12.22 0 UNIVERSE 15 0
2.13 8.87 1 11.83 8.7 1 POLICY 1.69 0.0169 1
1997 1996 1995 8.22 -0.24 1997 1996 1995 7.17 -0.24 53 2.24
Returns in Up Markets 6.8 -4.52 Returns in Up Markets 5.68 -4.52 5.15 22.97
Fund 4.05 0 Fund 3.66 0 2.99 0
S&P500 Calendar Year Returns Diff S&P500 Calendar Year Returns Diff 1.72 Diff
Ratio Fund -1 Ratio Fund 0 1.5 0
3 Yr Return   1 3 Yr Return   0 -0.24   0
32.2 %-tile 10 26.8 %-tile 0 YTD 60
31.2 S&P500   -0.49 31.2 S&P500   0.33 3.78   -0.81
103 Return -0.78 85.8 Return 3.44 15 2.41
5 Yr %-tile -0.29 5 Yr %-tile 3.11 1.69 3.22
31 Universe 0.73 32.8 Universe -6.51 53 6.48
32.4 5th %-tile -0.78 32.4 5th %-tile 0.72 5.15 0.99
95.6 25th %-tile -0.06 4/10/1900 25th %-tile 0 2.99 0.02
6 Yr 50th %-tile   -0.72 6 Yr 50th %-tile   -0.33 1.72   5.41
32.7 75th %-tile -0.03 37 75th %-tile -0.08 1.5 -0.13
34.9 95th %-tile   -0.04 34.9 95th %-tile   -0.01 -0.24   0.43
93.7 Qtr -0.96 4/15/1900 Qtr -0.49 2003 6.49
12/31/1997 QU. FUND 2.06 0.0206 3.6 12/31/1997 QU. FUND -0.69 -0.0069 5.48 2003 FUND 35.16 0.3516 4.08
Incept UNIVERSE 37 6 Yr Incept UNIVERSE 93 6 Yr UNIVERSE 1
34.8 POLICY 1.69 0.0169 # of Negative Qtrs 38.9 POLICY 1.69 0.0169 # of Negative Qtrs POLICY 28.68 0.2868
36.9 50 # of Positive Qtrs 36.9 35 # of Positive Qtrs 23
4/3/1900 4.69 Batting Average 105.5 4.8 Batting Average 32.31
Returns in Down Markets 2.55 Worst Qtr Returns in Down Markets 2.11 Worst Qtr 28.49
Fund 1.68 Best Qtr Fund 1.21 Best Qtr 27.67
S&P500 1.24 Range S&P500 0.61 Range 25.15
Ratio -0.36   Worst 4 Qtrs Ratio -1.1   Worst 4 Qtrs 22.17  
3 Yr YTD Standard Deviation 3 Yr YTD Standard Deviation 2002
-40.5 2.06   Beta ################################## -0.69   Beta 2002 FUND -11.31  
-40.8 37 Annualized Alpha -40.8 93 Annualized Alpha UNIVERSE -16.33
99.2 1.69 R-Squared 95.6 1.69 R-Squared NA -19.88
5 Yr 50 Sharpe Ratio 5 Yr 35 Sharpe Ratio -22.33
-31 4.69 Treynor Ratio -31.9 4.8 Treynor Ratio -25.04
-30.9 2.55 Tracking Error -30.9 2.11 Tracking Error 2001
100.2 1.68   Information Ratio 4/12/1900 1.21   Information Ratio 5.61 0.0561
6 Yr 1.24 Fund 6 Yr 0.61 Fund -3.21
-30.8 -0.36   9 -31 -1.1   10 -8.64 -0.0864
-31.3 2003 15 -31.3 2003 14 -12.12
98.5 2003 FUND 29.45 0.2945 54.17 4/8/1900 2003 FUND 23.08 0.2308 58.33 2001 FUND -14.21  
12/31/1997 UNIVERSE 27 -17.77 12/31/1997 UNIVERSE 83 -16.95 UNIVERSE 2000
Incept POLICY 28.68 0.2868 19.75 Incept POLICY 28.68 0.2868 21.83 POLICY 20.68  
-30.8 34 37.52 -31 37 38.78 9.66
-31.3 35.07 -25.89 -31.3 38.01 -33.13 0.81
4/7/1900 29.63 18.99 99.1 30.97 20.59 -9.06
27.91   0.93 26.77   0.99   -9.96 -0.0996
25.2 -0.59 -0.0059 24.36 1.25 0.0125 1999  
20.9   0.97 20.43   0.93 22.9 0.229
2002 -0.13 2002 -0.03 20.37
2002 FUND -21.99 -0.2199 -2.59 2002 FUND -20.58 -0.2058 -0.64 2000 FUND 14.99  
UNIVERSE 44 3.58 UNIVERSE 14 5.51 UNIVERSE 3.15
POLICY -22.1 -0.221 -0.19 POLICY -22.1 -0.221 0.2 POLICY -5.6  
47 S&P500 19 S&P500 1998
-15.02 10 -15.91 10 30.24
-19.91 14 -23 14 28.06
-22.25   45.83 -25.5   41.67 19.31 0.1931
-23.64 -17.28 -28.94 -17.28 11.45
-26.8   21.3 -32.42   21.3 4.41 0.0441
2001 38.58 2001 38.58 1997
2001 FUND -11.7 -0.117 -26.62 2001 FUND -16.13 -0.1613 -26.62 1999 FUND 38.51  
UNIVERSE 46 20.04 UNIVERSE 31 20.04 UNIVERSE 32.94
POLICY -11.88 -0.1188 1 POLICY -11.88 -0.1188 1 POLICY 30.77  
48 0 2 0 26.72
0.69 1 -12.27 1 22.19
-8.82 -0.09 -15.3 -0.09 1996
-12.07   -1.74 -19.4   -1.74 28.7
-13.76 0 -22.65 0 23.06
-19.6   Diff -26.27   Diff 21.86
2000 -1 2000 0 19.07
2000 FUND -5.58 -0.0558 1 2000 FUND -6.27 -0.0627 0 14.29
UNIVERSE 45 8.34 UNIVERSE 22 16.66
POLICY -9.11 -0.0911 -0.49 POLICY -9.11 -0.0911 0.33
65 -1.55 36 0.53
15.56 -1.06 -0.8 0.2
0.06 0.73 -7.05 -6.51
-6.88   -1.05 -11.72   0.55
-9.62 -0.07 -16.14 -0.01
-15.34   -0.59 -22.27   1.25
1999 -0.03 1999 -0.07
1999 FUND 8.77 0.0877 -0.04 1999 FUND 26.62 0.2662 0.06
UNIVERSE 89 -0.85 UNIVERSE 75 1.1
POLICY 21.04 0.2104 3.58 POLICY 21.04 0.2104 5.51
41 Incept 93 Incept
40.15 # of Negative Qtrs 56.01 # of Negative Qtrs
24.24 # of Positive Qtrs 40.12 # of Positive Qtrs
20.43 Batting Average 32.43 Batting Average
15.61 Worst Qtr 26.37 Worst Qtr
5.6 Best Qtr 19.99 Best Qtr
1998 Range 1998 Range
1998 FUND 30.71 Worst 4 Qtrs 40.41 Worst 4 Qtrs
UNIVERSE 16 Standard Deviation 18 Standard Deviation
POLICY 28.58 Beta 28.58 Beta
25 Annualized Alpha 66 Annualized Alpha
35.85 R-Squared 49.36 R-Squared
28.5 Sharpe Ratio 37.1 Sharpe Ratio
25.14 Treynor Ratio 31.26 Treynor Ratio
17.48 Tracking Error 26.52 Tracking Error
7.55 Information Ratio 16.34 Information Ratio
1997 Fund 1997 Fund
36.26 9 36.92 10
32.81 16 32.06 15
30.27 56 28.41 60
25.81 -17.77 23.82 -16.95
15.95 19.75 17.55 21.83
1996 37.52 1996 38.78
28.82 -25.89 31.41 -33.13
23.34 19.32 23.23 20.79
21.69 0.94 20.57 0.99
18.67 -0.44 17.81 1.24
13.52 0.97 11.91 0.93
-0.02 0.07
-0.4 1.37
3.51 5.4
-0.19 0.2
S&P500 S&P500
10 10
15 15
44 40
-17.28 -17.28
21.3 21.3
38.58 38.58
-26.62 -26.62
20.28 20.28
1 1
0 0
1 1
0.01 0.01
0.27 0.27
0 0
Diff Diff
-1 0
1 0
12 20
-0.49 0.33
-1.55 0.53
-1.06 0.2
0.73 -6.51
-0.96 0.51
-0.06 -0.01
-0.44 1.24
-0.03 -0.07
-0.03 0.06
-0.67 1.1
3.51 5.4