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 (Equity + Cash) Buckhead (Equity + Cash) Buckhead (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 Incept Incept
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 December 31, 2003 Batting Average Returns are gross of fees. Incept is December 31, 1997 to December 31, 2003 Batting Average Returns are gross of fees. Incept is December 31, 2002 to December 31, 2003 Batting Average
Account Reconciliation Trailing Returns through December 31, 2003 Worst Qtr Account Reconciliation Trailing Returns through December 31, 2003 Worst Qtr Account Reconciliation Trailing Returns through December 31, 2003 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
12/31/2003 Return Beta 12/31/2003 Return Beta 12/31/2003 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
18,184 Universe R-Squared 10,122 Universe R-Squared 8,346 Universe R-Squared
-620 5th %-tile Sharpe Ratio -570 5th %-tile Sharpe Ratio 464 5th %-tile Sharpe Ratio
2,205 25th %-tile Treynor Ratio 922 25th %-tile Treynor Ratio 1,273 25th %-tile Treynor Ratio
19,769 50th %-tile Tracking Error 10,474 50th %-tile Tracking Error 10,084 50th %-tile Tracking Error
2003 75th %-tile Information Ratio 2003 75th %-tile Information Ratio 2003 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
21,914   2 Qtrs   5 8,598 2 Qtrs 5 6,658   2 Qtrs   1
-6,644   16.23 7 -178 12.79 7 994   19.46   3
4,499   21   50 2,054 74 41.67 2,432   4   Batting Average 75
19,769 15.14 -17.77 10,474 15.14 -16.95 10,084 15.14 -3.96
12/31/1997 35 14.61 12/31/1997 37 11.55 12/31/2002 32 17.8
Incept 19.11 32.38 Incept 18.7 28.5 Incept 18.94 21.76
  10,999 15.62 -25.33 10,999 15.79 -23.77   6,658 15.49 35.16
3,941 14.79 21.88 -5,592 14.17 21.24 994 14.85 Standard Deviation 12.08
4,828    13.73 0.99 5,067    12.7 0.95 2,432    14.08 Beta 1.03  
19,769  19,769,000 10.76 0.28 10,474  10,474,000 10.51 -2.64 10,084  10,084,000 11.44 Annualized Alpha 4.39 0.0439
Investment Policy 3 Qtrs 1 Investment Policy 3 Qtrs 0.96 Investment Policy 3 Qtrs R-Squared 0.87
Index 33.21 -0.28 Index 25.81 -0.41 Index 40.73 2.82
S&P 500 33 -6.09 S&P 500 82 -9.15 S&P 500 1 33.1
Total 32.87 1.35 Total 32.87 4.45 Total 32.87 4.37
Weight 37 0.22 Weight 29 -0.53 Weight 37 1.48
100 41.03 S&P500 100 40.37 S&P500 100 38.15 Policy S&P500
100 34.22 5 100 33.36 5 100 34.11 1
Trailing Returns through December 31, 2003 32.24 7 Trailing Returns through December 31, 2003 28.89 7 Trailing Returns through December 31, 2003 32.41 3
Fund 29.2 50 Fund 27.05 58.33 Fund 30.71 25
S&P500 23.99 -17.28 S&P500 22.52 -17.28 S&P500 27.14 -3.15
Diff   1 Yr   15.39 Diff   1 Yr   15.39 Diff   1 Yr   15.39
1 Yr 1 Yr FUND 29.45 0.2945 32.67 1 Yr 1 Yr FUND 23.08 0.2308 32.67 1 Yr 1 Yr FUND 35.16 0.3516 18.54
29.45 UNIVERSE 27 -24.76 1/23/1900 UNIVERSE 83 -24.76 2/4/1900 UNIVERSE 1 28.68
28.68 POLICY 28.68 0.2868 22.01 28.68 POLICY 28.68 0.2868 22.01 28.68 POLICY 28.68 0.2868 Standard Deviation 10.91
0.77 34 1 -5.6 37 1 6.48 23 1
2 Yr 35.07 0 2 Yr 38.01 0 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 32.31 0
0.49 29.63 1 ################################## 30.97 1 12/31/2002 28.49 1
0.12 27.91 -0.29 0.12 26.77 -0.29 Incept 27.67 2.53
0.37 25.2 -6.33 -1.25 24.36 -6.33 35.16 25.15 27.61
3 Yr 20.9 0 3 Yr 20.43 0 28.68 22.17 0
############################## 2 Yr Diff -6.41 2 Yr Diff 1/6/1900 2 Yr Diff
  -4.05 0.49   0   ################################## -1.13   0   Calendar Year Returns 7.36   0  
  1/0/1900 36 0   ################################## 36 0   Fund 2.74 0  
  4 Yr 0.12   0   4 Yr 0.12   -16.66   S&P500 0.16   50  
-4.21 42 -0.49 -6.37 26 0.33 Diff -0.53 -0.81
-5.34 5.38 -0.78 ################################## 5.11 -3.84 12/31/2003 -3.46 2.41
1/1/1900 1.49 -0.29 -1.03 0.14 -4.17 Qtr 3 Yr 3.22
5 Yr -0.14 -0.57 5 Yr -2.48 0.99 14.95 6.16 6.48
-1.74 -1.7 -0.13 -0.55 -5.18 -0.77 12.18 0.08 1.17
############################## -4.42 -0.01 -0.57 -7.57 -0.05 1/2/1900 -3.04 0.03
-1.17 3 Yr 0.28 0.02 3 Yr -2.64 2003 -4.47 4.39
6 Yr 3 YR FUND -3.75 -0.0375 0 6 Yr 3 YR FUND -6.41 -0.0641 -0.04 YTD   -7.22   -0.13
1/3/1900 UNIVERSE 39 0.01 1/5/1900 UNIVERSE 34 -0.12 2/4/1900   4 Yr 0.29
3.78 POLICY -4.05 -0.0405 0.24 3.78 POLICY -4.05 -0.0405 -2.82 28.68   9.51   5.49
-0.74 45 1.35 1.56 17 4.45 6.48   2.2 4.37
7 Yr 8 Yr 9 Yr 10 Yr 3.21 4 Yr 7 Yr 8 Yr 9 Yr 10 Yr -1.68 4 Yr 2002 2001 2000 1999 1998 1997 1996 1995 1994 -1.94
12/31/1997 -2.5 # of Negative Qtrs 12/31/1997 -5.62 # of Negative Qtrs Returns in Up Markets -5.51
Incept -4.29 # of Positive Qtrs Incept -8.08 # of Positive Qtrs Fund -6.19
3.04 -5.71 Batting Average 1/5/1900 -10.6 Batting Average S&P500 5 Yr
3.78 -9.09 Worst Qtr 1/3/1900 -13.4 Worst Qtr Ratio 9.2
############################## 4 Yr Best Qtr 1/1/1900 4 Yr Best Qtr 12/31/2002 3.38
Calendar Year Returns -4.21 Range Calendar Year Returns -6.37 Range Incept 0.6
Fund 39 Worst 4 Qtrs Fund 22 Worst 4 Qtrs 40.7 -0.91
S&P500 -5.34 Standard Deviation S&P500 -5.34 Standard Deviation 32.9 -2.15
Diff 56 Beta Diff 18 Beta 123.9 6 Yr
12/31/2003 3.41 Annualized Alpha 12/31/2003 -0.51 Annualized Alpha Returns in Down Markets 8.62
Qtr -2.03 R-Squared Qtr -7.04 R-Squared Fund 5.3
12.22 -5.1 Sharpe Ratio 9.18 -9.12 Sharpe Ratio S&P500 3.64
12.18 -6.37 Treynor Ratio 1/12/1900 -11.34 Treynor Ratio Ratio 2.89
1/0/1900 -9.9 Tracking Error ################################## -14.22 Tracking Error 12/31/2002 0.32
2003 5 Yr Information Ratio 2003 5 Yr Information Ratio Incept 7 Yr
YTD 5 YR FUND -1.74 -0.0174 Fund YTD 5 YR FUND -0.55 -0.0055 Fund -4 11.44  
29.45 UNIVERSE 77 7 23.08 UNIVERSE 37 7 -3.1   8.45
28.68 POLICY -0.57 -0.0057 9 28.68 POLICY -0.57 -0.0057 9 125.7   7.25  
1/0/1900 51 62.5 -5.6 37 50   5.88
2002 7.14 -17.77 2002 6.43 -16.95 3.34
############################## 1.81 14.61 -20.58 1.77 11.55 8 Yr
-22.1 -0.53 32.38 ################################## -1.8 28.5 13.5
0.11 -1.53 -25.89 1/1/1900 -3.92 -33.13 10.08
2001 -4.36 19.47 2001 -6.76 19.78 8.99
-11.7 6 Yr 1   -16.13 6 Yr 0.98 7.59  
-11.88 3.04 1.18   -11.88 5.34 -1.06   5.1  
1/0/1900 65 0.99 -4.25 24 0.92 Calendar Year Returns
6/22/1905 3.78 -0.38 2000 3.78 -0.48 Fund
-5.58 43 -7.4 -6.27 41 -9.76 Return
-9.11 8.82 1.6 -9.11 9.76 5.47 %-tile
1/3/1900 4.7 0.71 2.84 5.16 -0.19 S&P500
1999 3.54 S&P500 1999 2.98 S&P500 Return
8.77 2.29 8 26.62 1.07 8 %-tile
21.04 -0.43 8 21.04 -1.12 8 Universe
-12.27 7 Yr 37.5 5.58 7 Yr 50 5th %-tile
1998 10.88 -17.28 1998 12.38 -17.28 25th %-tile
30.71 7.81 15.39 40.41 7.49 15.39 50th %-tile  
1/28/1900 6.98 32.67 28.58 6.01 32.67 75th %-tile
2.13 5.58 -26.62 11.83 4.46 -26.62 95th %-tile  
1997 1996 1995 1994 2.7 19.48 1997 1996 1995 1994 1.6 19.48 Qtr
Returns in Up Markets 8 Yr 1 Returns in Up Markets 8 Yr 1 QU. FUND 14.95 0.1495
Fund 12.42 0 Fund 12.65 0 UNIVERSE 7
S&P500 9.44 1 S&P500 9.46 1 POLICY 12.18 0.1218
Ratio 8.65 -0.44 Ratio 7.65 -0.44 44
3 Yr 7.2 -8.53 3 Yr 6.34 -8.53 15.22
35.9 4.57 0 31.7 4.08 0 13.14
35.1 Calendar Year Returns Diff 35.1 Calendar Year Returns Diff 12.1
102.4 Fund -1 90.3 Fund -1 11.73
4 Yr Return   1 4 Yr Return   1 9.55  
33.7 %-tile 25 32.4 %-tile 0 YTD
31.6 S&P500   -0.49 31.6 S&P500   0.33 35.16  
106.6 Return -0.78 102.7 Return -3.84 1
5 Yr %-tile -0.29 5 Yr %-tile -4.17 28.68
31.2 Universe 0.73 35.6 Universe -6.51 23
34 5th %-tile -0.01 34 5th %-tile 0.3 32.31
91.8 25th %-tile 0 4/13/1900 25th %-tile -0.02 28.49
12/31/1997 50th %-tile   1.18 12/31/1997 50th %-tile   -1.06 27.67  
Incept 75th %-tile -0.01 Incept 75th %-tile -0.08 25.15
36.9 95th %-tile   0.06 42.5 95th %-tile   -0.04 22.17  
39.3 Qtr 1.13 2/8/1900 Qtr -1.23 2002
93.9 QU. FUND 12.22 0.1222 1.6 108.1 QU. FUND 9.18 0.0918 5.47 2002 FUND -11.31  
Returns in Down Markets UNIVERSE 33 5 Yr 5 Yr Returns in Down Markets UNIVERSE 82 5 Yr 5 Yr UNIVERSE -16.33
Fund POLICY 12.18 0.1218 # of Negative Qtrs Fund POLICY 12.18 0.1218 # of Negative Qtrs NA -19.88  
S&P500 35 # of Positive Qtrs S&P500 13 # of Positive Qtrs -22.33
Ratio 14.64 Batting Average Ratio 13.1 Batting Average -25.04
3 Yr 12.47 Worst Qtr 3 Yr 11.61 Worst Qtr 2001
-40.6 11.96 Best Qtr -42 10.54 Best Qtr 5.61
-40.6 10.81 Range -40.6 9.45 Range -3.21
100.1 8.92   Worst 4 Qtrs 103.5 8.07   Worst 4 Qtrs -8.64  
4 Yr YTD Standard Deviation 4 Yr YTD Standard Deviation -12.12
-31.4 29.45   Beta ################################## 23.08   Beta 2001 FUND -14.21  
-31.9 27 Annualized Alpha -31.9 83 Annualized Alpha UNIVERSE 2000
98.3 28.68 R-Squared 106 28.68 R-Squared NA 20.68
5 Yr 34 Sharpe Ratio 5 Yr 37 Sharpe Ratio 9.66
-31 35.07 Treynor Ratio -31.9 38.01 Treynor Ratio 0.81
-30.9 29.63 Tracking Error -30.9 30.97 Tracking Error -9.06
100.2 27.91   Information Ratio 4/12/1900 26.77   Information Ratio -9.96 -0.0996
12/31/1997 25.2 Fund 12/31/1997 24.36 Fund Fund 1999
Incept 20.9   8 Incept 20.43   8 22.9 0.229
-30.8 2002   12 -31 2002 12 20.37
-31.3 2002 FUND -21.99 -0.2199 Batting Average 50 ################################## 2002 FUND -20.58 -0.2058 Batting Average 55 2000 FUND 14.99  
98.5 UNIVERSE 44 -17.77 99.1 UNIVERSE 14 -16.95 UNIVERSE 3.15
POLICY -22.1 -0.221 14.61 POLICY -22.1 -0.221 18.83 POLICY -5.6  
47 32.38 19 35.78 1998
-15.02 -25.89 -15.91 -33.13 30.24
-19.91 Standard Deviation 18.43 -23 Standard Deviation 20.04 28.06
-22.25   Beta 0.94 -25.5   Beta 1   19.31 0.1931
-23.64 Annualized Alpha -1.24 -0.0124 -28.94 Annualized Alpha 0.19 0.0019 11.45  
-26.8   R-Squared 0.96 -32.42   R-Squared 0.93 4.41 0.0441
2001 -0.28 2001 -0.2 1997
2001 FUND -11.7 -0.117 -5.57 2001 FUND -16.13 -0.1613 -4.05 1999 FUND 38.51  
UNIVERSE 46 3.72 UNIVERSE 31 5.38 UNIVERSE 32.94
POLICY -11.88 -0.1188 -0.31 POLICY -11.88 -0.1188 0 POLICY 30.77  
48 Policy S&P500 2 Policy S&P500 26.72
0.69 9 -12.27 9 22.19
-8.82 11 -15.3 11 1996
-12.07   50 -19.4   45 28.7 0.287
-13.76 -17.28 -22.65 -17.28 23.06
-19.6   15.39 -26.27   15.39 21.86 0.2186
2000 32.67 2000 32.67 19.07
2000 FUND -5.58 -0.0558 -26.62 2000 FUND -6.27 -0.0627 -26.62 1998 FUND 14.29  
UNIVERSE 45 Standard Deviation 19.3 UNIVERSE 22 Standard Deviation 19.3 UNIVERSE 1995
POLICY -9.11 -0.0911 1 POLICY -9.11 -0.0911 1 POLICY 43.02  
65 0 36 0 37.11
15.56 1 -0.8 1 34.97
0.06 -0.21 -7.05 -0.21 31.72
-6.88   -4.07 -11.72   -4.07 26.07
-9.62 0 -16.14 0
-15.34   Diff -22.27   Diff
1999 -1 1999 -1
1999 FUND 8.77 0.0877 1 1999 FUND 26.62 0.2662 1
UNIVERSE 89 0 UNIVERSE 75 10
POLICY 21.04 0.2104 -0.49 POLICY 21.04 0.2104 0.33
41 -0.78 93 3.44
40.15 -0.29 56.01 3.11
24.24 0.73 40.12 -6.51
20.43   -0.87 32.43   0.74
15.61 -0.06 26.37 0
5.6   -1.24 19.99   0.19
1998 -0.04 1998 -0.07
1998 FUND 30.71 0.3071 -0.07 1998 FUND 40.41 0.4041 0.01
UNIVERSE 16 -1.5 UNIVERSE 18 0.02
POLICY 28.58 0.2858 3.72 POLICY 28.58 0.2858 5.38
25 Incept 66 Incept
35.85 # of Negative Qtrs 49.36 # of Negative Qtrs
28.5 # of Positive Qtrs 37.1 # of Positive Qtrs
25.14 Batting Average 31.26 Batting Average
17.48 Worst Qtr 26.52 Worst Qtr
7.55 Best Qtr 16.34 Best Qtr
1997 Range 1997 Range
36.26 Worst 4 Qtrs 36.92 Worst 4 Qtrs
32.81 Standard Deviation 32.06 Standard Deviation
30.27 Beta 28.41 Beta
25.81 Annualized Alpha 23.82 Annualized Alpha
15.95 R-Squared 17.55 R-Squared
1996 Sharpe Ratio 1996 Sharpe Ratio
28.82 Treynor Ratio 31.41 Treynor Ratio
23.34 Tracking Error 23.23 Tracking Error
21.69 Information Ratio 20.57 Information Ratio
18.67 Fund 17.81 Fund
13.52 9 11.91 9
1995 15 1995 15
39.63 54.17 40.73 62.5
36.82 -17.77 36.43 -16.95
34.21 19.75 32.69 21.83
29.37 37.52 28.78 38.78
23.58 -25.89 23.75 -33.13
19.72 21.19
0.94 0.99
-0.54 1.69
0.97 0.94
-0.04 0.08
-0.76 1.61
3.57 5.4
-0.21 0.29
S&P500 S&P500
10 10
14 14
45.83 37.5
-17.28 -17.28
21.3 21.3
38.58 38.58
-26.62 -26.62
20.7 20.7
1 1
0 0
1 1
0 0
0.03 0.03
0 0
Diff Diff
-1 -1
1 1
8.34 25
-0.49 0.33
-1.55 0.53
-1.06 0.2
0.73 -6.51
-0.98 0.49
-0.06 -0.01
-0.54 1.69
-0.03 -0.06
-0.04 0.08
-0.79 1.58
3.57 5.4