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 LG.GR. EXECUTIVE HERE LOCK LOCK DHJ EQ. UNIVERSE HERE LOCK LOCK DHJ EQ 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 % Sunrise Police 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) 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 Risk Measures 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 1 Yr 37 Broad Large Cap Growth Conservative 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. # of Negative Qtrs Inception date is December 31, 1997 39 3 Yr Inception date is December 31, 2002 53 2 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. # of Positive 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 All dollar values are shown in thousands. Returns are in percent. "%-tile" is the percentile ranking within the universe. # of Negative Qtrs
Returns are net of fees. Incept is March 31, 2004 to March 31, 2007 Batting Average 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 March 31, 2007 Worst Qtr Returns are gross of fees. Incept is December 31, 1997 to March 31, 2007 Batting Average Returns are net of fees. Incept is December 31, 2002 to March 31, 2007 Batting Average Returns are net of fees. Incept is March 31, 2004 to March 31, 2007 Batting Average
Beginning Value Fund Best Qtr Account Reconciliation Trailing Returns through March 31, 2007 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2007 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2007 Worst Qtr
Net Flows Return Range Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr
Investment G/L %-tile Worst 4 Qtrs Net Flows Return Range Net Flows Return Range Net Flows Return Range
Ending Value Policy Standard Deviation Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs
3/31/2007 Return Beta Ending Value R1000G Standard Deviation Ending Value S&P500 Standard Deviation Ending Value R2000V Standard Deviation
Qtr %-tile Annualized Alpha 3/31/2007 Return Beta 3/31/2007 Return Beta 3/31/2007 Return Beta
19,864 Universe R-Squared Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
3 5th %-tile Sharpe Ratio 11,334 Universe R-Squared 14,878 Universe R-Squared 4,986 Universe R-Squared
288 25th %-tile Treynor Ratio -5,856 5th %-tile Sharpe Ratio 4 5th %-tile Sharpe Ratio -1 5th %-tile Sharpe Ratio
20,154 50th %-tile Tracking Error 266 25th %-tile Treynor Ratio 136 25th %-tile Treynor Ratio 152 25th %-tile Treynor Ratio
2,007 75th %-tile Information Ratio 5,744 50th %-tile Tracking Error 15,017 50th %-tile Tracking Error 5,137 50th %-tile Tracking Error
YTD 95th %-tile Fund 2007 75th %-tile Information Ratio 2007 75th %-tile Information Ratio 2007 75th %-tile Information Ratio
18,946 2 Qtrs 1 YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
-500   9.14   3 11,457 3 Qtrs 3 14,397   2 Qtrs   1 4,549 2 Qtrs 1
1,708   51 75 -6,328 7.6 9 -498   7.92 7 -1 12.95 0.1295 3
20,154   8.35   -1.59 615 100 50 1,119   51   50 589 26 Batting Average 50
38,077 78 7.59 5,744 11.4 -4.9 15,017 7.38 -0.43 5,137 10.62 0.1062 -5.18
Incept 11.59 9.18 12/31/1997 39 10.86 12/31/2002 60 6.95 3/31/2004 74 9.61
13,788 10.03 11.48 Incept 13.48 15.76 Incept 11.3 7.38 Incept 16.58 14.79
  1,043 9.15 6.44 10,999 12.07 3.48   6,658 9.05 6.83 2,986 13.01 7.2
5,322 8.41 0.97 -12,334 10.14 8.46 1,733 7.94 5.99 664 11.25 Standard Deviation 10.73
20,154     7.51 0.36 7,078 9.47 0.98 6,626     7.27 0.85   1,486 10.56 Beta 1.1  
Investment Policy #VALUE! 3 Qtrs 0.92 5,744    5,744,000 8.31 -0.63 15,017  15,017,000 5.72 0.65 0.0065 5,137   5,137,000 8.85 Annualized Alpha -3.63 -0.0363
Index 13.28 1.01 Investment Policy 1 Yr 0.93 Investment Policy 3 Qtrs 0.8 Investment Policy 3 Qtrs R-Squared 0.65
S&P 500 48 6.69 Index 3.48 0.0348 0.33 Index 13.33 1.07 Index 13.07 0.1307 0.21
Russell 2000 Value 13.47 1.86 Russell 1000 Growth 90 2.88 S&P 500 62 7.53 Russell 2000 Value 24 2.01
Total 42 0.04 Total 7.06 0.0706 2.22 Total 13.46 2.85 Total 13.45 0.1345 6.39
Weight 16.26 Policy Weight 45 -0.38 Weight 59 -0.41 Weight 22 -0.5
70 14.26 1 100 12.66 R1000G 100 17.24 S&P500 100 20.36 Policy R2000V
30 13.2 3 100 9.06 3 100 15.14 1 100 12.72 1
100 12.14 25 Trailing Returns through March 31, 2007 6.21 9 Trailing Returns through March 31, 2007 14.03 7 Trailing Returns through March 31, 2007 10.22 3
Trailing Returns through March 31, 2007 10.84 -1.82 Fund 5.85 50 Fund 12.94 50 Fund 9.64 50
Fund 1 Yr 7.4 R1000G 2.65 -5.23 S&P500 10.92 -1.44 R2000V 6.83 -2.7
Policy   11.48   9.22 Diff   2 Yr   9.17 Diff   1 Yr   6.7 Diff 1 Yr 9.03
Diff 1 Yr FUND 51 0.51 11.41 1 Yr 1 Yr FUND 7.36 0.0736 14.4 1 Yr 1 Yr FUND 12.85 0.1285 8.14 1 Yr 7.2 0.072 11.73
1 Yr UNIVERSE 11.41 6.33 1/3/1900 UNIVERSE 100 1.16 1/12/1900 UNIVERSE 52 8.63 1/7/1900 45 10.38
11.48 POLICY 51 0.51 1 7.06 POLICY 10.06 0.1006 8.35 11.83 POLICY 11.83 0.1183 6.31 10.38 10.38 0.1038 7.86
11.41 15.61 0 -3.58 43 1 1.02 68 1 -3.18 23 1
0.07 13.28 1 2 Yr 15.12 0 2 Yr 18.13 0 2 Yr 16.98 0
2 Yr 11.53 1.01 1/7/1900 10.77 1 1/10/1900 15.47 1 1/12/1900 10.07 1
1/11/1900 9.99 6.42 10.06 9.52 0.44 11.78 13 1.2 16.88 5.92 0.69
13.35 8.19 0 -2.7 8.96 3.67 -1.16 11.71 7.56 -4.06 4.92 5.39
-2.31 2 Yr Diff 3 Yr 8.18 0 3 Yr 8.82 0 3 Yr 0.67 0
3 Yr 11.04 0 6.16 3 Yr Diff 1/9/1900 2 Yr Diff 1/13/1900 2 Yr Diff
   1/10/1900 94   0   1/7/1900 6.16 0.0616 0    1/10/1900 2 Yr FUND 10.62 0.1062 0   1/14/1900 12.82 0.1282 0
   1/11/1900 13.35 50   ################################## 87 0    -0.59 UNIVERSE 91 0   -1.12 84 0
  -1.14 49   0.23   4 Yr 7.01 0.0701 0   4 Yr POLICY 11.78 0.1178 0   4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 16.88 0.1688 0
4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 16.47 0.19 10.57 54 0.33 1/17/1900 69 1.01 3/31/2004 18 -2.48
3/31/2004 14.3 -0.04 1/12/1900 11.4 1.69 1/15/1900 17.19 0.25 Incept 19.62 0.58
Incept 13.29 0.07 -2.24 9.44 1.36 1.72   13.72 -0.76 13.35 16.17 3.06
10.28 12.41 0.11 5 Yr 7.14 2.32 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 12.5 -1.8 14.47 14.26 -3.18
11.42 10.76 -0.03 2.64 6.5 0.11 12/31/2002 11.62 -0.32 -1.12 13.73 2.87
################################# 3 Yr 0.36 3.47 5.87 -0.02 Incept 8.63 -0.15 Fiscal Year Returns Ending September 11.44 0.1
Fiscal Year Returns Ending September 10.28 -0.08 -0.83 4 Yr -0.63 15.36 3 Yr 0.65 Fund 3 Yr -3.63
Fund 3 YR FUND 91 0.91 0 6 Yr 3 YR FUND 10.57 0.1057 -0.07 13.99   9.47 0.0947 -0.2 R2000V 13.35 0.1335 -0.35
Policy UNIVERSE 11.42 0.27 1/2/1900 UNIVERSE 100 -0.11 1.37   85 -0.13 Diff 53 -0.48
Diff POLICY 67 0.67 1.86 2.54 POLICY 12.81 0.1281 -0.79 Fiscal Year Returns Ending September   10.06 0.1006 -0.03 3/31/2007 14.47 0.1447 -3.38
3/31/2007 14.66 2 Yr 0.15 44 2.22 Fund   70 2.85 Qtr 31 6.39
Qtr 13.1 5 Yr # of Negative Qtrs 7 Yr 17.48 5 Yr 5 Yr S&P500 15.15 3 Yr 3.04 17.52 2 Yr
1/1/1900 12.13 # of Positive Qtrs ################################## 13.95 # of Negative Qtrs Diff 12.71 # of Negative Qtrs 1.46 14.74 # of Negative Qtrs
0.89 10.97 Batting Average -5.64 12.23 # of Positive Qtrs 3/31/2007 11.51 # of Positive Qtrs 1.58 13.4 # of Positive Qtrs
0.56 9.64 Worst Qtr 1/3/1900 11.86 Batting Average Qtr 9.97 Batting Average 2007 12.34 Batting Average
2007 4 Yr Best Qtr 8 Yr 11.12 Worst Qtr 0.91 7.79 Worst Qtr YTD 10.68 Worst Qtr
YTD 22.15 Range 1/1/1900 5 Yr Best Qtr 1/0/1900 4 Yr Best Qtr 1/12/1900 4 Yr Best Qtr
1/9/1900 20.34 Worst 4 Qtrs ################################## 2.64 0.0264 Range 1/0/1900 17.57 0.1757 Range 1/10/1900 27.96 Range
8.35 19.41 Standard Deviation 1/2/1900 90 Worst 4 Qtrs 2007 50 Worst 4 Qtrs 2.33 24.85 Worst 4 Qtrs
0.79 18.27 Beta 9 Yr 3.47 0.0347 Standard Deviation YTD 15.85 0.1585 Standard Deviation 2006 23.65 Standard Deviation
2006 16.97 Annualized Alpha 1/4/1900 60 Beta 7.92 71 Beta 1/9/1900 22.95 Beta
1/11/1900 5 Yr R-Squared 1/1/1900 7.14 Annualized Alpha 1/7/1900 21.4 Annualized Alpha 14 21.6 Annualized Alpha
11.81 11.7 Sharpe Ratio 2.49 5.01 R-Squared 0.54 18.6 R-Squared -4.79 5 Yr R-Squared
-0.74 10.24 Treynor Ratio 10 Yr 3.79 Sharpe Ratio 2006 17.56 Sharpe Ratio 2005 17.35 Sharpe Ratio
2005 9.28 Tracking Error 12/31/1997 3.23 Treynor Ratio 1/11/1900 15.77 Treynor Ratio 1/12/1900 13.95 Treynor Ratio
1/11/1900 8.26 Information Ratio Incept 2.42 Tracking Error 1/10/1900 13.76 Tracking Error 1/17/1900 12.44 Tracking Error
13.96 7.28 Fund 5.38 6 Yr Information Ratio 1.13 5 Yr Information Ratio -4.82 11.37 Information Ratio
-2.79 5 YR FUND 6 Yr ####### 1 1/3/1900 5 YR FUND 2.69 0.0269 Fund Fund 2005 10.93   Fund 2004 2003 2002 2001 2000 1999 1998 10.74 Fund
2004 2003 2002 2001 2000 1999 1998 UNIVERSE 11.68 7 2.35 UNIVERSE 49 7 1/10/1900   8.95 3 Returns in Up Markets 6 Yr 1
Returns in Up Markets POLICY 10.24 0.1024   50 Fiscal Year Returns Ending September POLICY 2.54 0.0254 13 12.25   7.76   9 Fund 20.55 7
Fund 9.27 Batting Average -1.59 Fund 53 Batting Average 35 ################################   6.18 50 R2000V 16.9 50
Policy 8.09 7.59 R1000G 6.03 -15.29 2004 4.7 -1.09 Ratio 14.55 -5.18
Ratio 6.97 9.18 Diff 3.85 11.55 1/16/1900 6 Yr 8.88 1 Yr 12.95 13.53
1 Yr 7 Yr 7.8 3/31/2007 2.61 26.84 13.87 9.6 9.97 1/13/1900 11.25 18.71
13.3 11.01 6.84 Qtr 1.9 -23.77 1/2/1900 8.23 4.52 13.4 7 Yr 7.2
13.5 9.43 Standard Deviation 0.85 2.02 1.53 Standard Deviation 13.39 2003 2002 2001 2000 1999 1998 6.86 6.41 97.2 18.13 13.02
98.6 7.67 Beta -0.24   1.19 7 Yr Beta 0.86 Returns in Up Markets 5.11 0.85   2 Yr 15.78 1.04
2 Yr 5.42 Annualized Alpha 0.88 0.0088 0.83 -2.42 Annualized Alpha -0.46 -0.0046 Fund 4.04 0.96 0.0096 1/18/1900 14.28 -4.01 -0.0401
1/13/1900 3.58 R-Squared 1 2007 45 R-Squared 0.96 S&P500 7 Yr 0.82 1/21/1900 11.04 0.84
1/16/1900 8 Yr 8.02 YTD -5.64 0.01 Ratio 9.26 0.96 85.6 6.03 0.66
82.7 10.91 2.63 5.29 100 0.15 2 Yr 7.59 7.21 3/31/2004 8 Yr 8.27
3/31/2004 9.73 -0.88 7.19 3.08 3.33 1/12/1900 5.07 2.95 Incept 19.37 5.2
Incept 8.84 Policy -1.9 -0.5 -0.25 1/14/1900 1.76 -0.2 20.2 16.27 -0.78
15.8 7.52 Policy 1 2006 -3.4 Policy R1000G 86.1 0.71 S&P500 20.8 14.8 R2000V
18.5 6.29 7 4.42 -4.05 6 3 Yr 8 Yr 3 97.1 14.32 1
85.2 Fiscal Year Returns Ending September 50 6.03 -5.25 14 13.4 8.92 9 Returns in Down Markets 12.69 7
Returns in Down Markets Fund -1.82 -1.61 8 Yr 65 16.4 7.19 50 Fund Fiscal Year Returns Ending September 50
Fund Return 7.4 2005 1.18 -18.67 81.5 5.91 -2.15 R2000V Fund -2.7
Policy %-tile 9.22 12.97 36 14.31 4 Yr 3.84   9.23 Ratio Return 13.5
Ratio Policy 10.45 11.6 -1.4 32.98 1/22/1900 2.79 11.38 1 Yr %-tile 16.2
1 Yr Return 7.51 1.37 100 -26.76 21.9 Fiscal Year Returns Ending September   4.91 -5.2 R2000V 10.38
-1.6 %-tile Standard Deviation 1 6/26/1905 6.79 Standard Deviation 15.29 102.7 Fund 6.86 -2.7 Return 11.45
-1.8 Universe 0 4.45 1.82 1 12/31/2002 Return 1 191.9 QU. FUND %-tile #VALUE! 1
87.4 5th %-tile 1 7.51 0.69 0 Incept %-tile 0 2 Yr UNIVERSE Universe 0
2 Yr 25th %-tile 1.22 -3.06 -0.28 1 22.5 S&P500 1 -5.2 POLICY 5th %-tile #VALUE! 1
################################# 50th %-tile 9.13 2003 -0.87 0.06 1/21/1900 Return 0.98 -2.7 25th %-tile 1.11
-1.8 75th %-tile 0 20.02 9 Yr 0.96 102.7 QU. FUND %-tile 6.72 191.9 50th %-tile #VALUE! 12.66
87.4 95th %-tile Diff 25.91 4 0 Returns in Down Markets UNIVERSE Universe 0 3/31/2004 75th %-tile 0
3/31/2004 Qtr 0 -5.89 28 Diff Fund POLICY 5th %-tile Diff Incept 95th %-tile #VALUE! Diff
Incept 1.45 0 2002 1.51 1 S&P500 25th %-tile 0 -8.1 Qtr 0
-3.6 60   0 -17.69 92   -1 Ratio 50th %-tile ####### 0 -6.6 3.04 0.0304 0
-5.7 0.89 0.23 -22.51 7.8 -30 2 Yr 75th %-tile 0 123.9 64 0
63.3 88   0.19 4.82 4.06   3.38 -0.4 95th %-tile ####### 1.06 1.46 0.0146 -2.48
103 3 -0.04 2001 2.74 -2.76 -1.4 Qtr -0.35 90 0.03
5 Yr 2.1 -2.65 ################################## 2 -6.14 1/29/1900 0.91 0.0091 -1.41 5.58 2.51
31 1.62 -0.67 -45.64 0.88 2.99 3 Yr 42 -0.39 4.1 -3.18
32.4 1.18 -0.15 12.51 Fiscal Year Returns Ending September -1.9 -1.2 0.64 0.0064 -0.45 3.28 1.57
95.6 0.47 -0.24 6/22/1905 Fund -0.14 -5.4 58 -0.15 2.6 0.04
6 Yr YTD   -0.12 1/26/1900 Return   -0.46 21.6 2.92   0.96 0.49 -4.01
32.7 9.14 -0.22 23.43 %-tile -0.04 4 Yr 1.42 -0.18 YTD -0.16
34.9 51   -1.11 3.18 R1000G   -0.05 -1.2 0.69   -0.02 12.95 -0.45
93.7 8.35 2.63 6/21/1905 Return -0.81 -5.4 0.41 0.49 26 -4.39
12/31/1997 QU. FUND 78 0.78 Incept 1/29/1900 %-tile 3.33 21.6 -0.42 2.95 10.62 5.2
Incept UNIVERSE 11.59 # of Negative Qtrs 34.85 Universe 9 Yr 12/31/2002 YTD Incept 4 Yr 74 Incept
34.8 POLICY 10.03 0.1003 # of Positive Qtrs -5.03 5th %-tile # of Negative Qtrs Incept 7.92 # of Negative Qtrs 16.58 # of Negative Qtrs
36.9 9.15 Batting Average 1998 25th %-tile # of Positive Qtrs -5.1 51 # of Positive Qtrs 13.01 # of Positive Qtrs
4/3/1900 8.41 Worst Qtr Returns in Up Markets QU. FUND 50th %-tile Batting Average ################################ 2004 FUND 7.38 0.0738 Batting Average 11.25 Batting Average
Returns in Down Markets 7.51 Best Qtr Fund UNIVERSE 75th %-tile Worst Qtr 60.8 UNIVERSE 60 Worst Qtr 10.56 Worst Qtr
Fund 2006 Range R1000G POLICY 95th %-tile Best Qtr POLICY 11.3 0.113 Best Qtr 8.85 Best Qtr
S&P500 11.07 Worst 4 Qtrs Ratio Qtr Range 9.05 Range 2006 Range
Ratio 44   Standard Deviation 3 Yr 2.02 0.0202 Worst 4 Qtrs 7.94 Worst 4 Qtrs 9.21 Worst 4 Qtrs
3 Yr 11.81 Beta 14.1 17 Standard Deviation 7.27 Standard Deviation 55 Standard Deviation
-40.5 28   Annualized Alpha 1/16/1900 1.19 0.0119 Beta 5.72 Beta 14 Beta
-40.8 13.63 R-Squared 87 45 Annualized Alpha 2006 Annualized Alpha 1 Annualized Alpha
99.2 11.93 Sharpe Ratio 5 Yr 2.62 R-Squared 11.92   R-Squared 13.25 R-Squared
5 Yr 10.71 Treynor Ratio 1/18/1900 1.62 Sharpe Ratio 42 Sharpe Ratio 11.5 Sharpe Ratio
-31 8.99 Tracking Error 21.7 0.98 Treynor Ratio 2003 FUND 10.79 0.1079 Treynor Ratio 9.78 Treynor Ratio
-30.9 6.6 Information Ratio 83.6 0.63 Tracking Error UNIVERSE 60 Tracking Error 6.28 Tracking Error
100.2 2005   Fund 9 Yr 0.35   Information Ratio POLICY 15.53 0.1553 Information Ratio -2.91 Information Ratio
6 Yr 11.17 3 1/28/1900 YTD Fund 13.04 Fund 2005 Fund
-30.8 95   9 33.3 5.29   13 11.24 3 12.93 3
-31.3 13.96 41.67 3/25/1900 96 23 10.32   13 91 9
98.5 2003 FUND 66 0.66 -1.66 12/31/1997 7.19 47.22 7.31   Batting Average 62.5 17.75 50
12/31/1997 UNIVERSE 22.41 9.74 Incept 40 -16.95 2005 -1.09 71 -5.18
Incept POLICY 17.21 0.1721 11.4 30 9.46 21.83 10.7   17.8 24.63 13.53
-30.8 14.97 3.83 34.9 7.77 38.78 79 18.89 21.81 18.71
-31.3 13.26 7.32 86 2004 FUND 6.47 0.0647 -33.13 2002 FUND 12.25   4.52 20.3 1.31
4/7/1900 11.01 0.83 Returns in Down Markets UNIVERSE 5.94 17.43 UNIVERSE 57 Standard Deviation 8.41 16.98 13.4
2004   0.77 Fund POLICY 5.33 0.0533 0.78   NA 24.1   Beta 0.95 11.37 0.94
23.62 0.87 0.0087 R1000G 2006 2.43 0.0243 16.12 Annualized Alpha 2.3 0.023 2004 -0.04 -0.0004
19.76   0.95 Ratio 4.42 0.96 12.74   R-Squared 0.84 33.25 0.75
17.24 8.36 3 Yr 76 0.03 11.06 1.76 24.88 0.75
2002 FUND 15.21 0.1521 2.97 -11.1 6.03   0.65 7.98 15.6 22.79 10.65
UNIVERSE 12.19 -0.38 ################################## 59 6.15 2004 3.42 19.56 6.67
POLICY 2003 20.03 Policy 87.9 12.28   0.4 16.73 0.5 13.41 -0.17
27.84 3 5 Yr 10.11 R1000G 36 Policy S&P500 2003 R2000V
25.03 9 ################################## 2003 FUND 6.63 0.0663 14   13.87   3 36.11 2
23.22 58.33 -29.1 UNIVERSE 4.5 22   57 13 29.71 10
20.96   -2.7 89.4 POLICY 0.01 0.0001 52.78   23.92   37.5 26.15 50
18.02 10.43 9 Yr 2005 -21.35 18.34 -2.15 22.71 -3.98
2002   13.13 -25.4 12.97 26.74 14.42 15.39 14.77 13.5
-5.31 4.9 -33.9 60 48.09 13.02 17.54 2002 17.48
2001 FUND -10.93 -0.1093 8.21 3/15/1900 11.6   -45.64   8.08 4.91 9.49 4.71
UNIVERSE -13.63 1 12/31/1997 71 21.97   2003 Standard Deviation 8.1 2.65 12.34
POLICY -15.7 -0.157 0 Incept 25.06   1   27.67 1 -2.41 1
-18.62 1 -25.4 17.68 0 23.98 0 -6.84 0
2001 0.98 -33.9 2002 FUND 13.67 0.1367 1 21.95   1 -14.06 1
4.41 8.08 75.1 UNIVERSE 10.23 -0.09 19.27 1.62 2001 0.9
-3.06   0 123.8 POLICY 6.73 0.0673 -1.98 15.84   13.1 14.31 11.13
-8.63 Diff 2004 0 2002 0 8.77 0
-15.13   0 4.45 Diff -6.38 Diff 3.66 Diff
-20.75 0 93 -1 -15.42 0 -5.01 1
2000 FUND 2000 20 -16.66 7.51   1 -18.95 0 -19.22 -1
UNIVERSE 22.04 1.04 73 -5.56 -20.72 25 2000 0
POLICY 15.71 0.1571 -0.69 18.36   4.4 -24.03 1.06 37.32 -1.2
11.94 -1.73 12.29 -4.91 2001 2.41 26.91 0.03
7.53 -1.07 2001 FUND 10.02 0.1002 -9.31 5.47 1.35 19.81 1.23
2.05 -0.89 UNIVERSE 7.03 12.51 -5.14 -0.39 14.46 -3.4
1999   -0.17 POLICY 3.61 0.0361 -4.54 -13.19 0.31 -0.83 1.06
23.94 0.77 2003 -0.22 -23.01 -0.05 1999 -0.06
18.65   -0.13 20.02 2.43 -27 2.3 25.16 -0.04
14.96 -0.03 62 -0.04 2000 -0.16 19.69 -0.25
1999 FUND 11.42 0.1142 0.28 25.91   0.12 22.25 0.14 10.99 -0.15
UNIVERSE 6.56 2.97 8 2.63 13.38 2.5 7.81 -0.48
POLICY 21.04 0.2104 3.58 26.39   6.15 8.39 3.42 2.47 6.67
41 Incept 23.7 Incept 3.08 Incept
40.15 # of Negative Qtrs 2000 FUND 21.45 0.2145 # of Negative Qtrs -3.5 # of Negative Qtrs
24.24 # of Positive Qtrs UNIVERSE 17.27 # of Positive Qtrs 1999 # of Positive Qtrs
20.43 Batting Average POLICY 11.31 0.1131 Batting Average 28.08 Batting Average
15.61 Worst Qtr 2002 Worst Qtr 20.54 Worst Qtr
5.6 Best Qtr -17.69 Best Qtr 15.47 Best Qtr
1998 Range 33 Range 11.7 Range
1998 FUND 30.71 Worst 4 Qtrs -22.51 Worst 4 Qtrs 4.46 Worst 4 Qtrs
UNIVERSE 16 Standard Deviation 76 Standard Deviation Standard Deviation
POLICY 28.58 Beta -9.79 Beta Beta
25 Annualized Alpha -16.66 Annualized Alpha Annualized Alpha
35.85 R-Squared -19.49 R-Squared R-Squared
28.5 Sharpe Ratio -22.37 Sharpe Ratio Sharpe Ratio
25.14 Treynor Ratio -28.93 Treynor Ratio Treynor Ratio
17.48 Tracking Error 2001 Tracking Error Tracking Error
7.55 Information Ratio -33.13 Information Ratio Information Ratio
1997 Fund 73 Fund Fund
36.26 9 -45.64 13 4
32.81 16 100 24 13
30.27 56 -25.35 45.95 58.82
25.81 -17.77 -28.09 -16.95 -3.96
15.95 19.75 -31.08 21.83 17.8
1996 37.52 -33.4 38.78 21.76
28.82 -25.89 -36.39 -33.13 4.52
23.34 19.32 2000 17.68 8.48
21.69 0.94 26.61 0.78 0.95
18.67 -0.44 9 2.59 1.9 0.019
13.52 0.97 23.43 0.96 0.84
-0.02 10 0.1 1.5
-0.4 33.35 2.36 13.37
3.51 16.1 6.08 3.4
-0.19 12.97 0.39 0.4
S&P500 12.4 R1000G S&P500
10 6.57 14 4
15 1999 23 13
44 29.82 54.05 41.18
-17.28 25 -21.35 -3.15
21.3 34.85 26.74 15.39
38.58 12 48.09 18.54
-26.62 38.73 -45.64 4.91
20.28 29.66 22.15 8.18
1 25.66 1 1
0 20.21 0 0
1 17.15 1 1
0.01 -0.02 1.39
0.27 -0.51 11.33
0 0 0
Diff Diff Diff
-1 -1 0
1 1 0
12 -8.1 17.64
-0.49 4.4 -0.81
-1.55 -4.91 2.41
-1.06 -9.31 3.22
0.73 12.51 -0.39
-0.96 -4.47 0.3
-0.06 -0.22 -0.05
-0.44 2.59 1.9
-0.03 -0.04 -0.16
-0.03 0.12 0.11
-0.67 2.87 2.04
3.51 6.08 3.4