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 Large Cap Growth Equity 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) Executive Summary 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 37 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 Inception date is December 31, 1997 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. All dollar values are shown in thousands. 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. Returns for periods exceeding one year are annualized. 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 December 31, 2006 Returns are gross of fees. 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, 2006 Account Reconciliation Incept is December 31, 1997 to December 31, 2006 Batting Average Returns are net of fees. Incept is December 31, 2002 to December 31, 2006 Batting Average Returns are net of fees. Incept is March 31, 2004 to December 31, 2006 Batting Average
Beginning Value Fund Beginning Value Trailing Returns through December 31, 2006 Worst Qtr Account Reconciliation Trailing Returns through December 31, 2006 Worst Qtr Account Reconciliation Trailing Returns through December 31, 2006 Worst Qtr
Net Flows Return Net Flows Fund Best Qtr Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr
Investment G/L %-tile Investment G/L Return Range Net Flows Return Range Net Flows Return Range
Ending Value Policy Ending Value %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs
12/31/2006 Return 12/31/2006 R1000G Standard Deviation Ending Value S&P500 Standard Deviation Ending Value R2000V Standard Deviation
Qtr %-tile Qtr Return Beta 12/31/2006 Return Beta 12/31/2006 Return Beta
18,946 Universe 11,457 %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
-503 5th %-tile -472 Universe R-Squared 14,397 Universe R-Squared 4,549 Universe R-Squared
1,420 25th %-tile 349 5th %-tile Sharpe Ratio -502 5th %-tile Sharpe Ratio -1 5th %-tile Sharpe Ratio
19,864 50th %-tile 11,334 25th %-tile Treynor Ratio 983 25th %-tile Treynor Ratio 437 25th %-tile Treynor Ratio
2,007 75th %-tile 2,007 50th %-tile Tracking Error 14,878 50th %-tile Tracking Error 4,986 50th %-tile Tracking Error
YTD 95th %-tile YTD 75th %-tile Information Ratio 2007 75th %-tile Information Ratio 2007 75th %-tile Information Ratio
18,946 2 Qtrs 11,457 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
-503   11.66   4 -472 3 Qtrs 4 14,397   2 Qtrs   1 4,549 2 Qtrs 1
1,420   43 8 349 1.43 8 -502   12.31 3 -1 9.73 0.0973 3
19,864   12.48   58.33 11,334 66 41.67 983   76   50 437 25 Batting Average 50
38,077 24 -17.77 35,795 5.8 -4.9 14,878 12.74 -0.43 4,986 11.81 0.1181 -5.18
Incept 14.03 14.61 Incept 38 10.86 12/31/2002 51 6.95 3/31/2004 16 13.53
13,788 12.41 32.38 10,999 11.45 15.76 Incept 15.44 7.38 Incept 15.72 18.71
  1,040 11.4 -25.33 -6,478 8.05 3.79   6,658 13.91 16.43 2,986 9.65 18.11
5,035 10.58 20.64 6,812 4.6 8.32 1,730 12.75 5.16 665 7.31 Standard Deviation 13.87
19,864     9.07 0.99 11,334  11,334,000 0.25 0.96 6,490     12.35 0.87   1,335 5.77 Beta 1.18  
Investment Policy #VALUE! 3 Qtrs 0.67 Investment Policy #VALUE! -3.69 -1.3 14,878  14,878,000 9.54 2.49 0.0249 4,986   4,986,000 3.44 Annualized Alpha -7.76 -0.0776
Index 9.89 1 Index 1 Yr 0.92 Investment Policy 3 Qtrs 0.83 Investment Policy 3 Qtrs R-Squared 0.85
S&P 500 50 -0.03 Russell 1000 Growth 4.25 0.0425 0.27 Index 11.82 2.26 Index 4.04 0.0404 0.96
Russell 2000 Value 10.43 -0.6 Total 68 2.31 S&P 500 53 13.41 Russell 2000 Value 46 11.31
Total 40 1.29 Weight 9.07 0.0907 2.31 Total 11.12 2.25 Total 8.79 0.0879 5.73
Weight 13.34 0.52 100 39 -0.72 Weight 60 0.28 Weight 14 -0.94
70 11.25 S&P500 100 16.74 R1000G 100 16.27 S&P500 100 12.62 Policy R2000V
30 9.84 4 Trailing Returns through December 31, 2006 12.01 3 100 14.22 1 100 6.31 1
100 8.4 8 Fund 7.79 9 Trailing Returns through December 31, 2006 12.05 3 Trailing Returns through December 31, 2006 3.18 3
Trailing Returns through December 31, 2006 6.58 41.67 R1000G 2.9 58.33 Fund 10.97 50 Fund 1.2 50
Fund 1 Yr -17.28 Diff -3.49 -5.23 S&P500 7.85 -1.44 R2000V -1.96 -2.7
Policy   16.59   15.39 1 Yr   2 Yr   9.17 Diff   1 Yr   6.7 Diff 1 Yr 13.5
Diff 1 Yr FUND 61 0.61 32.67 4.25 1 Yr FUND 4.79 0.0479 14.4 1 Yr 1 Yr FUND 16.43 0.1643 8.14 1 Yr 18.11 0.1811 16.2
1 Yr UNIVERSE 18.12 -24.76 1/9/1900 UNIVERSE 78 1.16 1/16/1900 UNIVERSE 57 15.8 1/18/1900 38 23.48
16.59 POLICY 37 0.37 20.91 -4.82 POLICY 7.15 0.0715 8.31 15.8 POLICY 15.8 0.158 5.4 23.48 23.48 0.2348 10.84
18.12 21.7 1 2 Yr 47 1 0.63 68 1 -5.37 9 1
-1.53 18.99 0 4.79 10.84 0 2 Yr 23.22 0 2 Yr 25.58 0
2 Yr 17.21 1 1/7/1900 8.49 1 1/10/1900 19.8 1 1/9/1900 19.43 1
1/10/1900 15.5 -0.06 -2.36 6.98 0.47 10.22 17.17 2.04 13.71 15.5 1.73
11.31 13.06 -1.26 3 Yr 5.13 3.88 0.1 15.59 11.04 -4.32 13.76 18.72
-1.28 2 Yr 0 5.21 -0.85 0 3 Yr 11.15 0 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 10.53 0
3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 10.03 Diff 6.87 3 Yr Diff 1/10/1900 2 Yr Diff 3/31/2004 2 Yr Diff
   3/31/2004 85   0   ################################## 5.21 0.0521 1    1/10/1900 2 Yr FUND 10.32 0.1032 0   Incept 9.39 0.0939 0
   Incept 11.31 0   4 Yr 78 -1    0.00 UNIVERSE 67 0   13.41 88 0
  10.69 57   16.66   9.42 6.87 0.0687 -16.66   4 Yr POLICY 10.22 0.1022 0   15.27 13.71 0.1371 0
12.16 14.38 -0.49 12.18 49 0.33 1/16/1900 70 1.01 -1.86 22 -2.48
-1.47 12.65 -0.78 ################################## 11.26 1.69 1/14/1900 15.62 0.25 Fiscal Year Returns Ending September 16.56 0.03
Fiscal Year Returns Ending September 11.55 -0.29 5 Yr 8.43 1.36 1.39   12.81 -0.76 Fund 13.18 2.51
Fund 10.43 -0.57 2.63 6.77 2.63 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11.41 0.63 R2000V 11.44 -5.37
Policy 8.99 -0.27 2.69 5.4 0.01 12/31/2002 10.15 -0.24 Diff 10.41 3.03
Diff 3 Yr -0.01 -0.06 2.06 -0.04 Incept 7.87 -0.13 12/31/2006 7.79 0.18
12/31/2006 15.37 0.67 6 Yr 4 Yr -1.3 16.13 3 Yr 2.49 Qtr 3 Yr -7.76
Qtr 3 YR FUND 13.68 0.1368 0 ################################## 3 YR FUND 9.42 0.0942 -0.08 14.74   10.44 0.1044 -0.17 9.61 19.4 -0.15
1/7/1900 UNIVERSE 12.73 0.03 ################################## UNIVERSE 71 -0.2 1.39   70 0.22 1/9/1900 15.95 -0.77
7.4 POLICY 11.67 0.1167 0.66 0.81 POLICY 12.18 0.1218 -1.57 Fiscal Year Returns Ending September   10.44 0.1044 2.37 0.58 14.58 -7.41
0.19 9.94 1.29 7 Yr 25 2.31 Fund   70 2.25 2007 13.48 5.73
6/29/1905 4 Yr 5 Yr 5 Yr ################################## 14.1 5 Yr 5 Yr S&P500 15.49 2 Yr YTD 12.21 2 Yr
YTD 19.7 # of Negative Qtrs ################################## 12.15 # of Negative Qtrs Diff 12.96 # of Negative Qtrs 9.61 4 Yr # of Negative Qtrs
7.59 18.27 # of Positive Qtrs 3.3 10.88 # of Positive Qtrs 12/31/2006 11.76 # of Positive Qtrs 9.03 25.64 # of Positive Qtrs
7.4 17.33 Batting Average 8 Yr 8.87 Batting Average Qtr 10.34 Batting Average 0.58 22.4 Batting Average
0.19 16.46 Worst Qtr 1/1/1900 7.31 Worst Qtr 6.95 7.62 Worst Qtr 2006 20.97 Worst Qtr
6/28/1905 14.97 Best Qtr ################################## 5 Yr Best Qtr 1/6/1900 4 Yr Best Qtr 1/9/1900 19.97 Best Qtr
1/11/1900 5 Yr Range 1/2/1900 2.63 0.0263 Range 1/0/1900 16.13 0.1613 Range 1/14/1900 19.45 Range
11.81 12.06 Worst 4 Qtrs 9 Yr 53 Worst 4 Qtrs 2007 37 Worst 4 Qtrs -4.79 5 Yr Worst 4 Qtrs
-0.74 10.8 Standard Deviation 5.29 2.69 0.0269 Standard Deviation YTD 14.74 0.1474 Standard Deviation 2005 18.66 Standard Deviation
2005 9.78 Beta 1/2/1900 53 Beta 6.95 68 Beta 1/12/1900 15.56 Beta
1/11/1900 8.58 Annualized Alpha 1/2/1900 6.2 Annualized Alpha 1/6/1900 18.82 Annualized Alpha 17.75 13.3 Annualized Alpha
13.96 7.52 R-Squared 10 Yr 3.98 R-Squared 0.25 16.82 R-Squared -4.82 12.2 R-Squared
-2.79 6 Yr Sharpe Ratio 12/31/1997 2.88 Sharpe Ratio 2006 15.63 Sharpe Ratio 2004 2003 2002 2001 2000 1999 1998 11.54 Sharpe Ratio
2004 2003 2002 2001 2000 1999 1998 10.95 Treynor Ratio Incept 1.11 Treynor Ratio 1/11/1900 14.58 Treynor Ratio Returns in Up Markets 6 Yr Treynor Ratio
Returns in Up Markets 9.27 Tracking Error 1/5/1900 -0.57 Tracking Error 1/10/1900 12.02 Tracking Error Fund 21.01 Tracking Error
Fund 8.01 Information Ratio 2.98 6 Yr Information Ratio 1.13 5 Yr Information Ratio R2000V 15.35 Information Ratio
Policy 5 YR FUND 6.58 0.0658 Fund 1/2/1900 5 YR FUND -0.77 -0.0077 Fund Fund 2005 11.04   Fund Ratio 13.91 Fund
Ratio UNIVERSE 5.27 8 Fiscal Year Returns Ending September UNIVERSE 48 7 1/10/1900   9.43 1 1 Yr 11.86 2
1 Yr POLICY 7 Yr #######   12 Fund POLICY -1.58 -0.0158 13 12.25   7.89   7 24.6 8.15 6
1/18/1900 11.16 Batting Average 55 R1000G 79 Batting Average 35 ################################   6.11 50 26.9 7 Yr 50
20.3 9.71 -17.77 Diff 4.17 -15.29 2004 4.88 -0.43 91.3 20.52 -5.18
3/31/1900 8.52 14.61 12/31/2006 1.27 11.55 1/16/1900 6 Yr 6.95 2 Yr 17.06 13.53
2 Yr 6.19 32.38 Qtr -0.92 26.84 13.87 9.16 7.38 1/19/1900 14.56 18.71
15.1 4.91 -25.89 1/3/1900 -1.51 -23.77 1/2/1900 7.15 4.52 24.2 14.05 1.31
18.9 8 Yr Standard Deviation 18.42 5.93 -2.08 Standard Deviation 13.39 2003 2002 2001 2000 1999 1998 5.34 5.99 79.7 13.17 13.33
79.8 10.78 Beta 0.94   -2.73 7 Yr Beta 0.85 Returns in Up Markets 3.38 0.78   3/31/2004 8 Yr 1.03
3/31/2004 9.1 Annualized Alpha -0.72 -0.0072 2007 -1.57 Annualized Alpha 0.22 0.0022 Fund 2.79 2.22 0.0222 Incept 16.96 -4.01 -0.0401
Incept 8.24 R-Squared 0.97 YTD 38 R-Squared 0.95 S&P500 7 Yr 0.78 1/21/1900 14.4 0.87
1/17/1900 7.1 -0.28 3.2 -4.87 0.02 Ratio 8.99 1.08 22.6 13.07 0.41
20.6 6.13 -5.48 5.93 100 0.33 1 Yr 7.37 8.26 93.3 12.32 5.35
83.2 Fiscal Year Returns Ending September 3.6 -2.73 3.8 3.91 1/16/1900 5.52 3.17 Returns in Down Markets 11.18 4.84
Returns in Down Markets Fund -0.17 2006 0.14 -0.02 1/17/1900 1.92 0.03 Fund Fiscal Year Returns Ending September -0.89
Fund Return Policy S&P500 4.42 -2.59 Policy R1000G 96.8 0.91 S&P500 R2000V Fund R2000V
Policy %-tile 9 6.03 -3.04 7 2 Yr 8 Yr 2 Ratio Return 2
Ratio Policy 11 -1.61 -3.8 13 14 9.61 6 1 Yr %-tile 6
1 Yr Return 45 2005 8 Yr 65 16.6 7.17 50 -5.2 R2000V 50
-1.6 %-tile -17.28 12.97 1.57 -18.67 84.4 5.85 -2.15 -2.7 Return -3.98
-1.8 Universe 15.39 11.6 47 14.31 3 Yr 4.19   6.7 191.9 %-tile 13.5
3/27/1900 5th %-tile 32.67 1.37 -0.79 32.98 1/14/1900 3.25 8.85 2 Yr Universe 17.48
2 Yr 25th %-tile -26.62 2004 100 -27.89 17 Fiscal Year Returns Ending September   4.91 -8.1 5th %-tile 4.71
-2 50th %-tile Standard Deviation 19.2 1/4/1900 6.13 Standard Deviation 15.38 86.9 Fund 6.73 -6.6 25th %-tile 12.12
-4.5 75th %-tile 1 7.51 2.71 1 12/31/2002 Return 1 123.9 QU. FUND 50th %-tile #VALUE! 1
44.1 95th %-tile 0 -3.06 1.39 0 Incept %-tile 0 3/31/2004 UNIVERSE 75th %-tile 0
3/31/2004 Qtr 1 2003 0.66 1 24.2 S&P500 1 Incept POLICY 95th %-tile #VALUE! 1
Incept 7.59 -0.24 20.02 0.27 0.02 1/23/1900 Return 0.94 -8.1 Qtr 0.81
-3.6 41 -4.52 25.91 9 Yr 0.34 102.3 QU. FUND %-tile 6.34 -6.6 9.61 0.0961 9.83
-5.7 7.4 0 -5.89 5.29 0 Returns in Down Markets UNIVERSE Universe 0 123.9 16 0
63.3 50 Diff 2002 30 Diff Fund POLICY 5th %-tile Diff 9.03 0.0903 Diff
Ratio 8.72 -1 -17.69 2.98 0 S&P500 25th %-tile -1 21 0
3 Yr 7.93   1 -22.51 94   0 Ratio 50th %-tile ####### 1 11.94 0
32.2 7.37 10 4.82 7.9 -30 1 Yr 75th %-tile 0 8.67 0
31.2 6.93   -0.49 2001 5.7   3.38 -0.4 95th %-tile ####### 1.72 8.16 -1.2
103 5.98 -0.78 -33.13 4.21 -2.76 -1.4 Qtr 0.25 7.5 0.03
5 Yr YTD -0.29 ################################## 3.72 -6.14 1/29/1900 6.95 0.0695 -1.47 6.83 1.23
31 7.59 0.73 12.51 2.91 4.12 2 Yr 50 -0.39 YTD -3.4
32.4 41 -0.78 2000 Fiscal Year Returns Ending September -1.99 -0.1 6.7 0.067 -0.74 9.61 1.21
95.6 7.4 -0.06 1/26/1900 Fund -0.15 -3.6 60 -0.22 16 0.03
6 Yr 50   -0.72 1/23/1900 Return   0.22 2 8.7   2.22 9.03 -4.01
32.7 8.72 -0.03 3.18 %-tile -0.05 3 Yr 7.62 -0.22 21 -0.13
34.9 7.93   -0.04 1999 R1000G   0 -1.2 6.92   0.14 11.94 -0.4
93.7 7.37 -0.96 1/29/1900 Return -0.01 -5.4 6.6 1.92 8.67 -4.48
12/31/1997 QU. FUND 6.93 0.0693 3.6 2/3/1900 %-tile 3.91 21.6 4.92 3.17 8.16 4.84
Incept UNIVERSE 5.98 6 Yr -5.03 Universe 8 Yr 12/31/2002 YTD Incept 3 Yr 7.5 Incept
34.8 POLICY 2006 20.06 # of Negative Qtrs 1998 5th %-tile # of Negative Qtrs Incept 6.95 # of Negative Qtrs 6.83 # of Negative Qtrs
36.9 11.07 # of Positive Qtrs Returns in Up Markets 25th %-tile # of Positive Qtrs -5.1 50 # of Positive Qtrs 2006 # of Positive Qtrs
4/3/1900 44 Batting Average Fund QU. FUND 50th %-tile Batting Average ################################ 2004 FUND 6.7 0.067 Batting Average 9.21 Batting Average
Returns in Down Markets 11.81 Worst Qtr R1000G UNIVERSE 75th %-tile Worst Qtr 60.8 UNIVERSE 60 Worst Qtr 55 Worst Qtr
Fund 28 Best Qtr Ratio POLICY 95th %-tile Best Qtr POLICY 8.7 0.087 Best Qtr 14 Best Qtr
S&P500 13.63 Range 3 Yr Qtr Range 7.62 Range 1 Range
Ratio 11.93   Worst 4 Qtrs 1/12/1900 3.2 0.032 Worst 4 Qtrs 6.92 Worst 4 Qtrs 13.25 Worst 4 Qtrs
3 Yr 10.71 Standard Deviation 16 86 Standard Deviation 6.6 Standard Deviation 11.5 Standard Deviation
-40.5 8.99   Beta 3/19/1900 5.93 0.0593 Beta 4.92 Beta 9.78 Beta
-40.8 6.6 Annualized Alpha 5 Yr 37 Annualized Alpha 2006 Annualized Alpha 6.28 Annualized Alpha
99.2 2005 R-Squared 1/18/1900 7.26 R-Squared 11.92   R-Squared -2.91 R-Squared
5 Yr 11.17 Sharpe Ratio 1/23/1900 6.22 Sharpe Ratio 42 Sharpe Ratio 2005 Sharpe Ratio
-31 95 Treynor Ratio 81.9 5.69 Treynor Ratio 2003 FUND 10.79 0.1079 Treynor Ratio 12.93 Treynor Ratio
-30.9 13.96 Tracking Error 8 Yr 4.14 Tracking Error UNIVERSE 60 Tracking Error 91 Tracking Error
100.2 66   Information Ratio 1/25/1900 2.24   Information Ratio POLICY 15.53 0.1553 Information Ratio 17.75 Information Ratio
6 Yr 22.41 Fund 1/31/1900 YTD Fund 13.04 Fund 71 Fund
-30.8 17.21   9 82.6 3.2   12 11.24 3 24.63 3
-31.3 14.97 15 12/31/1997 86 20 10.32   9 21.81 8
98.5 2003 FUND 13.26 0.1326 54.17 Incept 5.93 43.75 7.31   Batting Average 50 20.3 45.45
12/31/1997 UNIVERSE 11.01 -17.77 1/31/1900 37 -16.95 2005 -1.09 16.98 -5.18
Incept POLICY 2004 20.04 19.75 36.5 7.26 18.83 10.7   8.88 11.37 13.53
-30.8 23.62 37.52 85.3 6.22 35.78 79 9.97 2004 18.71
-31.3 19.76 -25.89 Returns in Down Markets 2004 FUND 5.69 0.0569 -33.13 2002 FUND 12.25   4.52 33.25 1.31
4/7/1900 17.24 18.99 Fund UNIVERSE 4.14 16.61 UNIVERSE 57 Standard Deviation 6.39 24.88 13.91
15.21   0.93 R1000G POLICY 2.24 0.0224 0.77   NA 24.1   Beta 0.84 22.79 0.95
12.19 -0.59 -0.0059 Ratio 2006 1.83 0.0183 16.12 Annualized Alpha 1.62 0.0162 19.56 -0.77 -0.0077
2003   0.97 3 Yr 4.42 0.95 12.74   R-Squared 0.8 13.41 0.77
27.84 -0.13 ################################## 76 -0.1 11.06 1.17 2003 0.74
2002 FUND 25.03 0.2503 -2.59 -12.6 6.03   -2.26 7.98 8.87 36.11 10.77
UNIVERSE 23.22 3.58 3/27/1900 59 6.1 2004 3.03 29.71 6.73
POLICY 20.96 0.2096 -0.19 5 Yr 12.28   0.39 16.73 0 26.15 -0.28
18.02 S&P500 ################################## 10.11 R1000G 36 Policy S&P500 22.71 R2000V
2002 10 ################################## 2003 FUND 6.63 0.0663 13   13.87   3 14.77 2
-5.31 14 82.3 UNIVERSE 4.5 19   57 9 2002 9
-10.93   45.83 8 Yr POLICY 0.01 0.0001 56.25   23.92   50 9.49 54.55
-13.63 -17.28 -25.7 2005 -21.35 18.34 -2.15 2.65 -3.98
-15.7   21.3 -34 12.97 25.14 14.42 9.23 -2.41 13.5
-18.62 38.58 75.4 60 46.49 13.02 11.38 -6.84 17.48
2001 FUND 2001 20.01 -26.62 12/31/1997 11.6   -45.64   8.08 4.91 -14.06 4.71
UNIVERSE 4.41 20.04 Incept 71 21.08   2003 Standard Deviation 6.82 2001 12.81
POLICY -3.06 -0.0306 1 ################################## 25.06   1   27.67 1 14.31 1
-8.63 0 -33.9 17.68 0 23.98 0 8.77 0
-15.13 1 75.1 2002 FUND 13.67 0.1367 1 21.95   1 3.66 1
-20.75 -0.09 -9.1 UNIVERSE 10.23 -0.19 19.27 1.09 -5.01 0.94
2000   -1.74 123.8 POLICY 6.73 0.0673 -4.1 15.84   7.45 -19.22 12.09
22.04 0 2004 0 2002 0 2000 0
15.71   Diff 4.45 Diff -6.38 Diff 37.32 Diff
11.94 -1 93 -1 -15.42 0 26.91 1
2000 FUND 7.53 0.0753 1 7.51   1 -18.95 0 19.81 -1
UNIVERSE 2.05 8.34 73 -12.5 -20.72 0 14.46 -9.1
POLICY 1999 19.99 -0.49 18.36   4.4 -24.03 1.06 -0.83 -1.2
23.94 -1.55 12.29 -6.31 2001 -0.35 1999 0.03
18.65 -1.06 2001 FUND 10.02 0.1002 -10.71 5.47 -1.41 25.16 1.23
14.96 0.73 UNIVERSE 7.03 12.51 -5.14 -0.39 19.69 -3.4
11.42   -1.05 POLICY 3.61 0.0361 -4.47 -13.19 -0.43 10.99 1.1
6.56 -0.07 2003 -0.23 -23.01 -0.16 7.81 -0.05
-15.34   -0.59 20.02 1.83 -27 1.62 2.47 -0.77
1999 -0.03 62 -0.05 2000 -0.2 -0.23
1999 FUND 8.77 0.0877 -0.04 25.91   0.09 22.25 0.08 -0.2
UNIVERSE 89 -0.85 8 1.84 13.38 1.42 -1.32
POLICY 21.04 0.2104 3.58 26.39   6.1 8.39 3.03 6.73
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 23 12
30.27 56 -25.35 44.44 56.25
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 17.92 8.58
21.69 0.94 26.61 0.78 0.95
18.67 -0.44 9 2.54 1.97 0.0197
13.52 0.97 23.43 0.96 0.84
-0.02 10 0.1 1.59
-0.4 33.35 2.29 14.34
3.51 16.1 6.17 3.46
-0.19 12.97 0.37 0.4
S&P500 12.4 R1000G S&P500
10 6.57 14 4
15 1999 22 12
44 29.82 55.56 43.75
-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 22.46 8.28
1 25.66 1 1
0 20.21 0 0
1 17.15 1 1
0.01 -0.02 1.48
0.27 -0.52 12.23
0 0 0
Diff Diff Diff
-1 -1 0
1 1 0
12 -11.12 12.5
-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 -4.54 0.3
-0.06 -0.22 -0.05
-0.44 2.54 1.97
-0.03 -0.04 -0.16
-0.03 0.12 0.11
-0.67 2.81 2.11
3.51 6.17 3.46