SUNRISE POLICE SCROLL TO RIGHT------> Small Cap
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 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
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) 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
30 Broad Large Cap Core Equity 32 44 Broad Large Cap Growth Core Equity 48 58 Broad Large Cap Value Core Equity 62 65 Broad Small Cap Value Core 69
Inception date is December 31, 1997 31 3 Yr Inception date is December 31, 1997 46 3 Yr Inception date is December 31, 2002 60 1 Yr Inception date is March 18, 2004 67 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 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 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 June 30, 2004 Batting Average Returns are gross of fees. Incept is December 31, 2002 to June 30, 2004 Batting Average Returns are gross of fees. Incept is March 18, 2004 to June 30, 2004 Batting Average
Account Reconciliation Trailing Returns through March 31, 2004 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2004 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2004 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2004 Worst Qtr
Beginning Value Fund Best 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 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 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 Ending Value R2000V Standard Deviation
3/31/2004 Return Beta 6/30/2004 Return Beta 6/30/2004 Return Beta 6/30/2004 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
19,769 Universe R-Squared 11,488 Universe R-Squared 10,802 Universe R-Squared 2,986 Universe R-Squared
4,333 5th %-tile Sharpe Ratio -241 5th %-tile Sharpe Ratio 300 5th %-tile Sharpe Ratio 167 5th %-tile Sharpe Ratio
390 25th %-tile Treynor Ratio 137 25th %-tile Treynor Ratio -73 25th %-tile Treynor Ratio 261 25th %-tile Treynor Ratio
24,492 50th %-tile Tracking Error 11,384 50th %-tile Tracking Error 11,029 50th %-tile Tracking Error 3,415 50th %-tile Tracking Error
2004 75th %-tile Information Ratio 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 YTD 95th %-tile Fund
19,769   2 Qtrs   4 10,474 2 Qtrs 5 10,084   2 Qtrs   1 0 2 Qtrs 0
4,333   14.53 8 852 0.59 7 634   3.07 3 3,067 10.76 1.14
390   33   58.33 58 82 33.33 311   62   75 348 8.93 Batting Average 100
24,492 14.08 -17.77 11,384 3.44 -15.29 11,029 3.44 -0.69 3,415 7.43 3.01
12/31/1997 40 14.61 12/31/1997 27 11.55 12/31/2002 34 14.95 3/18/2004 5.71 8.35
Incept 19.01 32.38 Incept 6.21 26.84 Incept 6.6 15.64 Incept 3.61 5.34
  10,999 15.19 -25.33 10,999 3.59 -23.77   6,658 3.86 23.13 2,899 3 Qtrs Standard Deviation 6.67
8,274 13.84 20.64 -4,740 2.33 18.49 1,629 3.24 8.97 167 30.16 Beta 0.39
5,218    12.4 0.99 5,125    1.05 0.88 2,743    2.7 1.03   348 25.88 Annualized Alpha 36.68
24,492  24,492,000 9.7 0.67 11,384  11,384,000 -1.07 -2.15 11,029  11,029,000 0.96 3 0.03 3,415   3,415,000 23.35 R-Squared 0.54
Investment Policy 3 Qtrs 1 Investment Policy 3 Qtrs 0.98 Investment Policy 3 Qtrs 0.76 Investment Policy 21.32 1.7
Index 18.62 -0.03 Index 9.83 -0.23 Index 18.48 2.47 Index 16.04 29.08
S&P 500 24 -0.6 S&P 500 88 -4.77 S&P 500 17 21.52 Russell 2000 Value 1 Yr 9.01
Total 17.09 1.29 Total 16.04 3.54 Total 16.04 4.44 Total 39.57 1.13
Weight 40 0.52 Weight 15 -0.54 Weight 40 0.91 Weight 34.88 Policy R2000V
100 24.7 S&P500 100 18.94 S&P500 100 21.2 S&P500 100 32.43 0
100 18.47 4 100 14.91 4 100 17.2 0 100 28.48 1.14
Trailing Returns through March 31, 2004 16.8 8 Trailing Returns through June 30, 2004 12.93 8 Trailing Returns through June 30, 2004 15.76 4 Trailing Returns through June 30, 2004 20.78 0
Fund 15.49 41.67 Fund 11.11 66.67 Fund 14.87 25 Fund 2 Yr 0.58
S&P500 11.19 -17.28 S&P500 8.38 -17.28 S&P500 11.54 1.69 R2000V 19.66 0.85
Diff   1 Yr   15.39 Diff   1 Yr   15.39 Diff   1 Yr   12.18 Diff 15.69 0.27
1 Yr 1 Yr FUND 35.96 0.3596 32.67 1 Yr 1 Yr FUND 13.45 0.1345 32.67 1 Yr 1 Yr FUND 23.13 0.2313 10.49 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 13.59 12.68
35.96 UNIVERSE 34 -24.76 1/13/1900 UNIVERSE 81 -24.76 1/23/1900 UNIVERSE 10 19.11 3/18/2004 11.77 1
35.12 POLICY 35.12 0.3512 20.91 19.11 POLICY 19.11 0.1911 20.7 19.11 POLICY 19.11 0.1911 7.57 Incept 6.28 0
0.84 39 1 -5.66 24 1 4.02 32 1 11.61 3 Yr 1
2 Yr 46.22 0 2 Yr 26.2 0 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 26.32 0 1.43 17.38 0.09
0.76 37.64 1 1/5/1900 18.83 1 12/31/2002 19.87 1 10.18 12.33 1.16
0.83 34.56 -0.06 9.27 17 -0.11 Incept 18.59 2.4 Calendar Year Returns 10.03 0
-0.07 31.35 -1.26 -3.6 14.44 -2.3 24.74 17.32 18.15 Fund 8.24 Diff
3 Yr 25.07 0 3 Yr 11.13 0 21.01 12.63 0 R2000V 2.19 0
1/1/1900 2 Yr Diff -2.59 2 Yr Diff 1/3/1900 2 Yr Diff Diff 4 Yr 0
  0.63 0.76   0   ################################## 5.67   1   Calendar Year Returns 12.27   1   6/30/2004 21.42 100
  1/0/1900 43 0   ################################## 72 -1   Fund 9.16 -1   Qtr 16.12 2.43
  4 Yr 0.83   16.66   4 Yr 9.27   -33.34   S&P500 8.53   50   8.35 13.07 7.5
-4.76 41 -0.49 -7.64 26 1.99 Diff 7.07 -2.38 0.85 10.27 5.07
-5.48 6.66 -0.78 ################################## 12.98 -3.84 6/30/2004 4.38 2.77 7.5 4.99 -6.01
1/0/1900 2.3 -0.29 -3.21 9.29 -5.83 Qtr 3 Yr 5.15 2004 5 Yr -0.61
5 Yr 0.54 -0.57 5 Yr 6.78 0.99 -0.69 7.34 4.02 YTD 2003 2002 2001 2000 1999 1998 1997 1996 1995 17.4 36.68
-1.83 -0.89 -0.27 -2.46 5.4 -2.21 1.72 1.77 1.4 Returns in Up Markets 13.83 -0.46
############################## -3.75 -0.01 -2.2 2.85 -0.12 ################################ -0.4 0.03 Fund 11.02 1.61
-0.63 3 Yr 0.67 -0.26 3 Yr -2.15 2004 -1.19 3 R2000V 8.57 27.92
6 Yr 3 YR FUND 1.3 0.013 0 6 Yr 3 YR FUND -2.59 -0.0259 -0.02 YTD   -3.45   -0.24 Ratio 4.72 9.01
1/1/1900 UNIVERSE 31 0.03 1/1/1900 UNIVERSE 37 -0.12 1/3/1900   4 Yr 0.07 3/18/2004 6 Yr
1.83 POLICY 0.63 0.0063 0.66 1.57 POLICY -0.69 -0.0069 -2.47 3.44   11.02   3.37 Incept 13.79
-0.67 41 1.29 0.34 20 3.54 -0.37   3.67 4.44 11.6 10.9
7 Yr 8 Yr 9 Yr 10 Yr 6.89 5 Yr 5 Yr 7 Yr 8 Yr 9 Yr 10 Yr 1.86 5 Yr 5 Yr 6/25/1905 -1.41 Incept Incept 1.4 8.59
12/31/1997 1.67 # of Negative Qtrs 12/31/1997 -1.08 # of Negative Qtrs 2/4/1900 -4.67 # of Negative Qtrs 811.9 6.47
Incept 0.35 # of Positive Qtrs Incept -3.87 # of Positive Qtrs 28.68 -5.64 # of Positive Qtrs Returns in Down Markets 3.87
3.26 -0.93 Batting Average 1/5/1900 -5.76 Batting Average 6.48 5 Yr Batting Average Fund 7 Yr
3.91 -3.92 Worst Qtr 1/4/1900 -7.79 Worst Qtr 2002 2001 2000 1999 1998 1997 1996 1995 7.18 Worst Qtr R2000V 14.21
############################## 4 Yr Best Qtr 1/0/1900 4 Yr Best Qtr Returns in Up Markets 1.9 Best Qtr Ratio 12.13
Calendar Year Returns -4.76 Range Calendar Year Returns -7.64 Range Fund -0.86 Range 3/18/2004 9.92
Fund 40 Worst 4 Qtrs Fund 32 Worst 4 Qtrs S&P500 -2.49 Worst 4 Qtrs Incept 8.48
S&P500 -5.48 Standard Deviation S&P500 -4.43 Standard Deviation Ratio -3.59 Standard Deviation 5.89
Diff 49 Beta Diff 13 Beta 1 Yr 6 Yr Beta 8 Yr
3/31/2004 3.81 Annualized Alpha 6/30/2004 -3.03 Annualized Alpha 1/23/1900 7.94 Annualized Alpha 15.56
Qtr -2.09 R-Squared Qtr -6.56 R-Squared 19.1 3.84 R-Squared 13.99
2.06 -5.61 Sharpe Ratio 1.29 -9.69 Sharpe Ratio 121 1.71 Sharpe Ratio 11.76
1.69 -6.74 Treynor Ratio 1/1/1900 -11.79 Treynor Ratio 12/31/2002 1.05 Treynor Ratio 10.67
1/0/1900 -10.38 Tracking Error ################################## -14.71 Tracking Error Incept -0.87 Tracking Error 8.06
2004 5 Yr Information Ratio 2004 5 Yr Information Ratio 34.7 7 Yr Information Ratio Calendar Year Returns
YTD 5 YR FUND -1.83 -0.0183 Fund YTD 5 YR FUND -2.46 -0.0246 Fund Fund 29 9.62   Fund Fund
2.06 UNIVERSE 69 8 0.59 UNIVERSE 36 9 119.6   6.54 2 Return
1.69 POLICY -1.2 -0.012   12 3.44 POLICY -2.2 -0.022 11 Returns in Down Markets   5.03     4 %-tile
1/0/1900 51 Batting Average 55 -2.85 34 Batting Average 50 Fund   4.26 Batting Average 66.67 R2000V
2003 9.66 -17.77 2003 4.57 -16.95 S&P500 2.13 -3.96 Return
1/29/1900 1.38 14.61 23.08 -0.63 18.83 Ratio 8 Yr 17.8 %-tile
28.68 -1.18 32.38 1/28/1900 -3.86 35.78 1 Yr 12.37 21.76 Universe
0.77 -2.09 -25.89 ################################## -5.45 -33.13 12/31/2002 9.28 23.13 5th %-tile
2002 -4.94 Standard Deviation 18.42 2002 -8.36 Standard Deviation 19.78 Incept 8.15 Standard Deviation 10.87 25th %-tile
-21.99 6 Yr Beta 0.94   -20.58 6 Yr Beta 1 -4 6.83 Beta 1.03   50th %-tile
-22.1 1.16 Annualized Alpha -0.72 -0.0072 -22.1 1.91 Annualized Alpha -0.08 -0.0008 -3.1 4.68 Annualized Alpha 2.66 0.0266 75th %-tile
1/0/1900 67 R-Squared 0.97 1.52 33 R-Squared 0.92 5/4/1900 Calendar Year Returns R-Squared 0.85 95th %-tile
6/23/1905 1.83 -0.28 2001 1.57 -0.28 Fund 2.18 Qtr
-11.7 44 -5.48 -16.13 36 -5.59 Return 23.02 QU. FUND 8.35 0.0835
-11.88 7.64 3.6 -11.88 7.4 5.44 %-tile 4.18 UNIVERSE 1
1/0/1900 2.97 -0.17 -4.25 3.11 -0.05 S&P500 0.89 POLICY 0.85 0.0085
2000 1.62 Policy S&P500 2000 0.39 Policy S&P500 Return Policy S&P500 71
-5.58 0.67 9 -6.27 -1.51 9 %-tile 1 4.37
-9.11 -2.03 11 -9.11 -3.77 11 Universe 5 3.05
3.53 7 Yr 45 2.84 7 Yr 50 5th %-tile 33.33 1.65
1999 11.91 -17.28 1999 10.32 -17.28 25th %-tile -3.15 0.39
8.77 8.12 15.39 26.62 5.83 15.39 50th %-tile   15.39 -1.13
1/21/1900 7.04 32.67 21.04 4.32 32.67 75th %-tile 18.54 YTD
-12.27 5.65 -26.62 5.58 2.49 -26.62 95th %-tile   19.11 10.76
1998 2.86 Standard Deviation 19.2 6/20/1905 0.37 Standard Deviation 18.95 Qtr Standard Deviation 9.76 8.93
30.71 8 Yr 1 40.41 8 Yr 1 QU. FUND -0.69 -0.0069 1 7.43
28.58 11.91 0 28.58 12.11 0 UNIVERSE 95 0 5.71
2.13 8.87 1 11.83 8.33 1 POLICY 1.72 0.0172 1 3.61
1997 1996 1995 8.22 -0.24 1997 1996 1995 6.66 -0.28 25 2.05 2003
Returns in Up Markets 6.8 -4.52 Returns in Up Markets 5.29 -5.33 2.8 19.98 53.56
Fund 4.05 0 Fund 3.3 0 1.7 0 43.94
S&P500 Calendar Year Returns Diff S&P500 Calendar Year Returns Diff 1.53 Diff 38.98
Ratio Fund -1 Ratio Fund 0 0.77 1 35.3
3 Yr Return   1 3 Yr Return   0 -0.76   -1 27.69
32.2 %-tile 10 23.1 %-tile 0 YTD 33.34 2002
31.2 S&P500   -0.49 28.6 S&P500   0.33 3.07   -0.81 1.2
103 Return -0.78 80.7 Return 3.44 62 2.41 -6.32
5 Yr %-tile -0.29 5 Yr %-tile 3.11 3.44 3.22 -11.28
31 Universe 0.73 30.9 Universe -6.51 34 4.02 -15.78
32.4 5th %-tile -0.78 30 5th %-tile 0.83 6.6 1.11 -20.15
95.6 25th %-tile -0.06 4/12/1900 25th %-tile 0 3.86 0.03 2001
6 Yr 50th %-tile   -0.72 6 Yr 50th %-tile   -0.08 3.24   2.66 26.57
32.7 75th %-tile -0.03 34.6 75th %-tile -0.08 2.7 -0.15 17.56
34.9 95th %-tile   -0.04 34.3 95th %-tile   0 0.96   0.13 11.75
93.7 Qtr -0.96 4/10/1900 Qtr -0.26 2003 3.04 5.92
12/31/1997 QU. FUND 2.06 0.0206 3.6 12/31/1997 QU. FUND 1.29 0.0129 5.44 2003 FUND 35.16 0.3516 4.18 -0.83
Incept UNIVERSE 37 6 Yr Incept UNIVERSE 41 6 Yr UNIVERSE 1 2000
34.8 POLICY 1.69 0.0169 # of Negative Qtrs 36.5 POLICY 1.72 0.0172 # of Negative Qtrs POLICY 28.68 0.2868 34.76
36.9 50 # of Positive Qtrs 34.8 25 # of Positive Qtrs 23 23.25
4/3/1900 4.69 Batting Average 105 3.4 Batting Average 32.31 17.5
Returns in Down Markets 2.55 Worst Qtr Returns in Down Markets 1.7 Worst Qtr 28.49 11.3
Fund 1.68 Best Qtr Fund 1.03 Best Qtr 27.67 1.04
S&P500 1.24 Range S&P500 0.1 Range 25.15 1999
Ratio -0.36   Worst 4 Qtrs Ratio -1.34   Worst 4 Qtrs 22.17   16.81
3 Yr YTD Standard Deviation 3 Yr YTD Standard Deviation 2002 11.34
-40.5 2.06   Beta ################################## 0.59   Beta 2002 FUND -11.31   4.25
-40.8 37 Annualized Alpha -40.8 82 Annualized Alpha UNIVERSE -16.33 -1.13
99.2 1.69 R-Squared 95.6 3.44 R-Squared NA -19.88 -6.81
5 Yr 50 Sharpe Ratio 5 Yr 27 Sharpe Ratio -22.33 1998
-31 4.69 Treynor Ratio -31.9 6.21 Treynor Ratio -25.04 6.9
-30.9 2.55 Tracking Error -30.9 3.59 Tracking Error 2001 -0.79
100.2 1.68   Information Ratio 4/12/1900 2.33   Information Ratio 5.61 0.0561 -5.04
6 Yr 1.24 Fund 6 Yr 1.05 Fund -3.21 -8.98
-30.8 -0.36   9 -31 -1.07   10 -8.64 -0.0864 -13.11
-31.3 2003 15 -31.3 2003 14 -12.12 1997
98.5 2003 FUND 29.45 0.2945 54.17 4/8/1900 2003 FUND 23.08 0.2308 54.17 2001 FUND -14.21   38.7
12/31/1997 UNIVERSE 27 -17.77 12/31/1997 UNIVERSE 83 -16.95 UNIVERSE 2000 32.43
Incept POLICY 28.68 0.2868 19.75 Incept POLICY 28.68 0.2868 21.83 POLICY 20.68   27.92
-30.8 34 37.52 -31 37 38.78 9.66 23.21
-31.3 35.07 -25.89 -31.3 38.01 -33.13 0.81 17.47
4/7/1900 29.63 18.99 99.1 30.97 20.42 -9.06 1996
27.91   0.93 26.77   0.99   -9.96 -0.0996 35.44
25.2 -0.59 -0.0059 24.36 0.47 0.0047 1999   26.68
20.9   0.97 20.43   0.93 22.9 0.229 22.12
2002 -0.13 2002 -0.07 20.37 19.15
2002 FUND -21.99 -0.2199 -2.59 2002 FUND -20.58 -0.2058 -1.51 2000 FUND 14.99   12.56
UNIVERSE 44 3.58 UNIVERSE 14 5.26 UNIVERSE 3.15
POLICY -22.1 -0.221 -0.19 POLICY -22.1 -0.221 0.06 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   45.83 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 20.02 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   -1.83 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 8.34
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   0.4
-9.62 -0.07 -16.14 -0.01
-15.34   -0.59 -22.27   0.47
1999 -0.03 1999 -0.07
1999 FUND 8.77 0.0877 -0.04 1999 FUND 26.62 0.2662 0.02
UNIVERSE 89 -0.85 UNIVERSE 75 0.32
POLICY 21.04 0.2104 3.58 POLICY 21.04 0.2104 5.26
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 16
30.27 56 28.41 57.69
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 20.39
21.69 0.94 20.57 0.99
18.67 -0.44 17.81 1.13
13.52 0.97 11.91 0.93
-0.02 0.07
-0.4 1.49
3.51 5.3
-0.19 0.18
S&P500 S&P500
10 10
15 16
44 42.31
-17.28 -17.28
21.3 21.3
38.58 38.58
-26.62 -26.62
20.28 19.89
1 1
0 0
1 1
0.01 0.03
0.27 0.5
0 0
Diff Diff
-1 0
1 0
12 15.38
-0.49 0.33
-1.55 0.53
-1.06 0.2
0.73 -6.51
-0.96 0.5
-0.06 -0.01
-0.44 1.13
-0.03 -0.07
-0.03 0.04
-0.67 0.99
3.51 5.3