SUNRISE POLICE
LOCK ALETHEIA     LOCK LOCK ALETHEIA UNIVERSE HERE LOCK LOCK ALETHEIA RISK HERE LOCK LOCK AMERICAN EURO INTL. EQ. EXECUTIVE  LOCK LOCK AMERICAN EURO UNIVERSE HERE LOCK LOCK AMERICAN EURO RISK HERE LOCK LOCK N/A LOCK LOCK N/A LOCK LOCK N/A LOCK
Sunrise Police Sunrise Police % Sunrise Police Sunrise Police Sunrise Police Sunrise Police % Sunrise Police Sunrise Police Sunrise Police %
Aletheia (Growth Equity + Cash) Aletheia (Growth Equity + Cash) Aletheia (Growth Equity + Cash) American Euro Pacific Growth Class A American Euro Pacific Growth Class A American Euro Pacific Growth Class A Putnam International Growth Fund Putnam International Growth Fund Putnam International Growth Fund
Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures
70 Broad Large Cap Growth Aggresive 74 75 International Equity 79 82 International Equity 86
Inception date is March 31, 2007 72 Incept Inception date is December 31, 1999 77 2 Yr Inception date is December 31, 1999 84 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 net of fees. Incept is March 31, 2007 to March 31, 2008 Batting Average Returns are net of fees. Incept is December 31, 1999 to March 31, 2004 Batting Average Returns are net of fees. Incept is December 31, 1999 to September 30, 2003 Batting Average
Account Reconciliation Trailing Returns through March 31, 2008 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2004 Worst Qtr Account Reconciliation Trailing Returns through September 30, 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 R1000G Standard Deviation Ending Value EAFE Standard Deviation Ending Value EAFE Standard Deviation
3/31/2008 Return Beta 3/31/2004 Return Beta 9/30/2003 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
6,649 Universe R-Squared 1,499 Universe R-Squared 1,221 Universe R-Squared
1 5th %-tile Sharpe Ratio -1,549 5th %-tile Sharpe Ratio 0 5th %-tile Sharpe Ratio
-479 25th %-tile Treynor Ratio 50 25th %-tile Treynor Ratio 69 25th %-tile Treynor Ratio
6,171 50th %-tile Tracking Error 0 50th %-tile Tracking Error 1,290 50th %-tile Tracking Error
2008 75th %-tile Information Ratio 2004 75th %-tile Information Ratio 2003 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
6,665 2 Qtrs 2 1,499 2 Qtrs 4 1,150 2 Qtrs 1
0 -7.42 -0.0742 2 -1,549 14.01 4 0 22.98 3
-494 1 75 50 100 37.5 140 89 25
6,171 -10.87 -0.1087 -7.2 0 22.26 -17.58 1,290 29.35 -8.78
3/31/2007 26 8.59 12/31/1999 48 17.98 12/31/1999 54 16.43
Incept -8.31 15.79 Incept 31.41 35.56 Incept 46.02 25.21
  5,766 -10.76 7.04 1,744 25.66 -23.16 1,823 37.33 21.3
-1 -13.04 13.48 -1,484 22.05 16.44 76 29.72 14.58
406 -14.03 0.99 -260 19.86 0.93 -609 26.15 1.01
6,171 6171000 -20.45 8.01 0 0 17.56 -3.05 1,290    1,290,000 21.22 -4.52
Investment Policy 3 Qtrs 0.8 Investment Policy 3 Qtrs 0.91 Investment Policy 3 Qtrs 0.97
Index 0.53 0.0053 0.21 Index 24.58 0.3 Index 12.19 1.38
Russell 1000 Growth 1 2.88 MSCI EAFE 92 5.37 MSCI EAFE 90 19.88
Total -7.12 -0.0712 5.99 Total 32.27 5.05 Total 18.84 2.63
Weight 38 1.3 Weight 54 -0.82 Weight 55 -2
100 -1.84 R1000G 100 52.67 EAFE 100 40.34 EAFE
100 -4.74 2 100 42.64 3 100 27.72 1
Trailing Returns through March 31, 2008 -8.88 2 Trailing Returns through March 31, 2004 32.96 5 Trailing Returns through September 30, 2003 19.83 3
Fund -10.8 25 Fund 28.21 62.5 Fund 15.37 75
R1000G -23.16 -10.18 EAFE 23.39 -19.69 EAFE 10.53 -8.13
Diff 1 Yr 6.86 Diff 1 Yr 19.57 Diff 1 Yr 19.57
1 Yr 1 Yr FUND 7.04 0.0704 17.04 1 Yr 1 Yr FUND 46.98 0.4698 39.26 1 Yr 1 Yr FUND 21.3 0.213 27.7
1/7/1900 UNIVERSE 12 -0.75 2/15/1900 UNIVERSE 90 -22.95 1/21/1900 UNIVERSE 79 26.55
-0.75 POLICY -0.75 -0.0075 12.26 58.15 POLICY 58.15 0.5815 16.91 26.55 POLICY 26.55 0.2655 14.13
7.79 38 1 -11.17 53 1 -5.25 48 1
2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 8.07 0 2 Yr 88.83 0 2 Yr 51.17 0
3/31/2007 2.24 1 1/6/1900 71.94 1 1/0/1900 34.61 1
Incept -1.62 -0.4 10.39 59.08 0.54 3.55 26.12 1.79
7.04 -4.26 -4.94 -4.12 51.75 9.11 -3.11 21.8 25.33
-0.75 -18.03 0 3 Yr 44.56 0 3 Yr 17.28 0
7.79 2 Yr Diff 1/3/1900 2 Yr Diff -9.8 2 Yr Diff
Incept ROR Fiscal Year Returns Ending September 6.01 0.0601 0   1/3/1900 6.27 0.0627 1 ############################### 0.44 0.0044 0
Fund Fund 2.8 0   -0.58 81 -1 -1.42 84 0
Policy R1000G 2.02 0.0202 50   4 Yr 10.39 0.1039 -25 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 3.55 0.0355 -50
Diff -0.1 2.98 ################################## 51 2.11 12/31/1999 62 -0.65
3/31/2008 -5.71 1.73 ################################## 25.52 -1.59 Incept 27.66 -3.14
Qtr 3 Yr -1.25 -1.17 16.62 -3.7 -9.8 14.6 -2.49
-7.2 9.85 7.79 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 10.4 -0.21 -9.79 5.01 -5.25
############################### 7.82 1.22 12/31/1999 7.12 -0.47 -0.01 1.78 0.45
1/2/1900 6.64 -0.01 Incept 2.87 -0.07 Calendar Year Returns -2.4 0.01
2008 5.57 8.01 -4.35 3 Yr -3.05 Fund 3 Yr -4.52
YTD 3 Yr FUND 0.91 0.0091 -0.2 -4.27 3 Yr FUND 3.22 0.0322 -0.09 EAFE 3 Yr FUND -9.8 -0.098 -0.03
############################### UNIVERSE 4 Yr 0.61 ################################## UNIVERSE 64 -0.24 Diff UNIVERSE 67 -0.41
############################### POLICY 8.85 0.0885 7.82 Calendar Year Returns POLICY 3.8 0.038 -3.74 9/30/2003 POLICY -8.38 -0.0838 -5.45
3.45 6.02 5.99 Fund 59 5.05 Qtr 57 2.63
2007 2006 2005 2004 2003 2002 2001 2000 1999 5.37 3 Yr EAFE 21.94 3 Yr 5.62 8.62 5 Yr 2 Yr
Returns in Up Markets 4.05 # of Negative Qtrs Diff 12.43 # of Negative Qtrs 8.18 -0.35 # of Negative Qtrs
Fund 1.77 # of Positive Qtrs 3/31/2004 5.64 # of Positive Qtrs -2.56 -7.16 # of Positive Qtrs
R1000G 5 Yr Batting Average Qtr 1.82 Batting Average 6/25/1905 -11.15 Batting Average
Ratio 13.97 Worst Qtr -0.1 -1.83 Worst Qtr YTD -15.63 Worst Qtr
3/31/2007 11.81 Best Qtr 1/4/1900 4 Yr Best Qtr 1/12/1900 4 Yr Best Qtr
Incept 10.62 Range -4.5 -5.68 Range 18.84 9.62 Range
15.6 10.13 Worst 4 Qtrs 2004 63 Worst 4 Qtrs -6.65 2.03 Worst 4 Qtrs
11.3 7.69 Standard Deviation YTD -4.51 Standard Deviation 2002 -2.72 Standard Deviation
137.6 6 Yr Beta ################################## 55 Beta ############################### -6.02 Beta
Returns in Down Markets 6.1 Annualized Alpha 4.4 10.18 Annualized Alpha -15.65 -9.45 Annualized Alpha
Fund 4.34 R-Squared -4.5 2.19 R-Squared -1.38 5 Yr R-Squared
R1000G 5 Yr FUND 3.44 Sharpe Ratio 6/25/1905 5 Yr FUND -3.98 Sharpe Ratio 2001 5 Yr FUND 18.09 Sharpe Ratio
Ratio NA 2.27 Treynor Ratio 32.91 NA -7.33 Treynor Ratio -19.79 NA 9.63 Treynor Ratio
3/31/2007   1.11 Tracking Error 2/8/1900   -11.11 Tracking Error ###############################   4.27 Tracking Error
Incept 7 Yr Information Ratio -6.26 5 Yr Information Ratio 1.42 0.45 Information Ratio
-7.4 4.77   Fund 2002 18.66   Fund 2000 -2.84   Fund Fund
-10.9 3.33 5 -13.61 10.09 5 -9.02 6 Yr 3
3/8/1900 2.38   7 -15.65 5.21   7 -13.96 8.6   5
0.28 1.23 50 2.04 1.01 50 4.94 2.76 Batting Average 37.5
2001 -0.25 -19.18 2001 -2.33 -17.58 1999 1998 1997 1996 1995 1994 -0.28 -20.7
############################### 8 Yr 17.19 ################################## 6 Yr 17.98 Returns in Up Markets -2.26 16.43
-21.21 0.43 36.37 ################################## 12.81 35.56 Fund -5.28 37.13
4.94 -0.52 -24.37 9.04 6.63 -23.16 EAFE 7 Yr -25.51
2000 -2.77 16.26 2000 3.13 15.87 Ratio 10.45 Standard Deviation 16.96
############################### -4.81 0.93 -17.83 0.86 0.9 1 Yr 5.19 Beta 1.01
-13.96 -5.63 -2.36   -13.96 -1.46 -0.21   33 2.28 Annualized Alpha -2.99 -0.0299
1/0/1900 Fiscal Year Returns Ending September 0.93 -3.87 7 Yr 0.91 37.7 0.24 R-Squared 0.98
1999 1998 1997 1996 1995 Fund -0.05 1999 1998 1997 1996 1995 12.98 0.08 87.4 -3.6 -0.07
Returns in Up Markets Return -0.84 Returns in Up Markets 7 1.48 2 Yr 8 Yr -1.15
Fund %-tile 4.32 Fund 4.48 4.98 35.7 10.08 2.59
EAFE R1000G -0.62 EAFE 2.35 -0.12 37 5.69 -1.2
Ratio Return EAFE Ratio -0.88 EAFE 96.5 3.12 Policy EAFE
2 Yr %-tile ####### 5 2 Yr 8 Yr 5 3 Yr 1.41 3
40.8 Universe 7 44.6 13.01 7 35.7 -2.29 5
51.7 5th %-tile ####### 50 51.7 7.83 50 37 Calendar Year Returns 62.5
78.9 25th %-tile -19.69 86.2 5.14 -19.69 96.5 Fund -19.69
3 Yr 50th %-tile ####### 19.57 3 Yr 3.35 19.57 12/31/1999 Return 19.57
2/4/1900 75th %-tile 39.26 2/7/1900 -0.67 39.26 Incept %-tile 39.26
40.4 95th %-tile ####### -22.95 40.4 Calendar Year Returns -22.95 35.7 EAFE -22.95
87.2 Qtr 16.88 94.6 Fund 16.88 37 Return Standard Deviation 16.67
4 Yr -7.2 -0.072 1 4 Yr Return   1 96.5 %-tile   1
2/4/1900 1 0 38.3 %-tile 0 Returns in Down Markets Universe 0
40.4 -10.18 -0.1018 1 40.4 EAFE   1 Fund 5th %-tile   1
87.2 16 0.11 94.6 Return 0.11 EAFE 25th %-tile 0.12
12/31/1999 -9.34   1.91 12/31/1999 %-tile   1.91 Ratio 50th %-tile   1.95
Incept -10.98 0 Incept Universe 0 1 Yr 75th %-tile 0
35.3 -12.27   Diff 38.3 5th %-tile   Diff -8.8 95th %-tile   Diff
40.4 -13.71 0 40.4 25th %-tile 0 -8.1 Qtr 0
87.2 -15.15   0 94.6 50th %-tile   0 108 QU. FUND 5.62 0.0562 0
Returns in Down Markets YTD 0 Returns in Down Markets 75th %-tile 0 2 Yr UNIVERSE 83 -25
Fund -7.42   0.51 Fund 95th %-tile 2.11 -31.1 POLICY 8.18 0.0818 -1.01
EAFE 1 -2.38 EAFE Qtr -1.59 -27.6 58 -3.14
Ratio QU. FUND -10.87 -0.1087 -2.89 Ratio QU. FUND -0.1 -0.001 -3.7 112.6 18.61 -2.13
2 Yr UNIVERSE 26 -1.42 2 Yr UNIVERSE 100 -0.21 3 Yr 12.99 -2.56
-30 POLICY -8.31 -0.0831 -0.62 ################################## POLICY 4.4 0.044 -1.01 -32.6 8.87   0.29
-27.6 -10.76 -0.07 -27.6 64 -0.1 -31.3 6.39 0.01
108.4 -13.04   -2.36 104.1 12.35   -0.21 104.3 3.84   -2.99
3 Yr -14.03 -0.07 3 Yr 7.66 -0.09 12/31/1999 YTD -0.02
-32.7 -20.45   -0.16 ################################## 5.1   -0.03 Incept 12.19   -0.19
-32 2007 -2.75 -32 3.86 -0.43 -26.4 90 -3.1
102.2 29.19   4.32 98.2 1.64   4.98 -26.8 18.84   2.59
4 Yr 23.18   4 Yr 4 Yr YTD 4 Yr 98.7 55 3 Yr
-30.4 20.14   # of Negative Qtrs -29.9 -0.1   # of Negative Qtrs 40.9 40.34   # of Negative Qtrs
-29.3 18.24 # of Positive Qtrs -29.3 100 # of Positive Qtrs 88.8 27.72 # of Positive Qtrs
103.8 15.61   Batting Average 102.3 4.4   Batting Average 7 Yr 19.83   Batting Average
12/31/1999 2006 Worst Qtr 12/31/1999 64 Worst Qtr 33.6 15.37 Worst Qtr
Incept 11.6   Best Qtr Incept 12.35   Best Qtr 37 10.53   Best Qtr
-26.3 7.84 Range -26.1 7.66 Range 90.6 2002 Range
-26.8 5.27   Worst 4 Qtrs ################################## 5.1   Worst 4 Qtrs 9/30/1995 2002 FUND -17.03 -0.1703 Worst 4 Qtrs
98.1 2.96 Standard Deviation 97.4 3.86 Standard Deviation Incept UNIVERSE 69 Standard Deviation
0.86   Beta 1.64   Beta 32.2 POLICY -15.65 -0.1565 Beta
2005 Annualized Alpha 2003 Annualized Alpha 34.9 60 Annualized Alpha
2002 FUND 30.32 0.3032 R-Squared 2002 FUND 32.91 0.3291 R-Squared 92.3 1.13 R-Squared
UNIVERSE 22.83 Sharpe Ratio UNIVERSE 77 Sharpe Ratio Returns in Down Markets -8.2 Sharpe Ratio
POLICY 18.25 0.1825 Treynor Ratio POLICY 39.17 0.3917 Treynor Ratio Fund -14.26   Treynor Ratio
13.39 Tracking Error 50 Tracking Error Policy -17.82 Tracking Error
9.22   Information Ratio 65.72   Information Ratio Ratio -22.25   Information Ratio
2004   Fund 48.59 Fund 3 Yr 2001 Fund
19.98   9 38.92   9 -29.4 2001 FUND -19.79 -0.1979 6
11.68   7 33.2 7 -34.5 UNIVERSE 59 6
8.57     43.75 27.55   43.75 85 POLICY -21.21 -0.2121 50
5.29 -19.18 2002 -17.58 5 Yr 66 -20.7
2001 FUND 0.39 0.0039 17.19 2001 FUND -13.61 -0.1361 17.98 -26.5 3.58 16.43
UNIVERSE 2003 36.37 UNIVERSE 47 35.56 -31.3 -10.16 37.13
POLICY 46.58 0.4658 -27.32 POLICY -15.65 -0.1565 -28.02 84.6 -18.13   -27.24
28.47   17.03 60 16.41 7 Yr -22.9 16.92
22.7     0.98 1.13   0.93 -26.5 -29.05   0.98
21.09   -2.46   -8.2 -1.43   -31.3 2000 -1.69
17.26     0.89 -14.26   0.88 84.6 2000 FUND -9.02 -0.0902 0.97
2002 -0.58   -17.82 -0.52 -0.0052 9/30/1995 UNIVERSE 30 -0.74
-15.25   -10 -22.25   -9.23 Incept POLICY -13.96 -0.1396 -12.79
-21.24 5.54 2001 5.88 -26.5 44 2.89
2000 FUND -24.1 -0.241 -0.43 2000 FUND -12.17 -0.1217 -0.2 -31.3 2.88 -0.49
UNIVERSE -26.19   EAFE UNIVERSE 30 EAFE 84.6 -8.21 EAFE
POLICY -33.08 -0.3308 9 POLICY -21.21 -0.2121 9 -15.61 7
2001 7 66 7 -24.08 5
-41.52 56.25 3.58 56.25 -34 50
-45.11 -19.69 -10.16 -19.69 1999 -19.69
-50.21   19.57 -18.13   19.57 1999 FUND 116.89   19.57
-55.78 39.26 -22.9 39.26  NA 67.58 39.26
-60.95   -28.27 -29.05   -28.27   47.85   -28.27
2000   16.44 2000 16.44 28.32 17.01
1999 FUND 58.93 0.5893 1 1999 FUND -17.83 -0.1783 1 16.51 1
 NA 37.72 0  NA 61 0 1998 0
  27.34 0.2734 1   -13.96 -0.1396 1 27.64 1
22.31 -0.45 44 -0.45 17.86 -0.65
9.33 -7.41 2.88 -7.41 11.79 -11.11
-8.21 0 -8.21 0 2.35 0
1998 FUND -15.61   Diff -15.61   Diff 1998 FUND -29.32   Diff
NA -24.08 0 -24.08 0 NA 1997 -1
  -34   0 -34   0   22.94   1
1999 -12.5 1999 -12.5 11.7 0
116.89 0.51 1998 FUND 116.89 2.11 5.22 -1.01
67.58 -2.38 NA 67.58 -1.59 -2.28 -3.14
47.85 -2.89   47.85 -3.7 -30.46 -2.13
28.32 0.95 28.32 0.25 1996 1.03
16.51 0.59 16.51 -0.03 28.9 -0.09
1998 -0.02 1998 -0.07 20.05 -0.02
27.64   -2.46 27.64   -1.43 14.65   -1.69
17.86 -0.11 17.86 -0.12 9.94 -0.03
11.79   -0.13 11.79   -0.07 0.97   -0.09
2.35 -2.59 2.35 -1.82 1995 -1.68
-29.32 5.54 -29.32 5.88 21.87 2.89
1997 Incept Incept 1997 Incept Incept 13.07 Incept
22.94 # of Negative Qtrs 22.94 # of Negative Qtrs 9.83 # of Negative Qtrs
11.7 # of Positive Qtrs 11.7 # of Positive Qtrs 3.73 # of Positive Qtrs
5.22 Batting Average 5.22 Batting Average -8.25 Batting Average
-2.28 Worst Qtr -2.28 Worst Qtr 19 Worst Qtr
-30.46   Best Qtr -30.46   Best Qtr 35.39   Best Qtr
1996 Range 1996 Range 28.17 Range
28.9   Worst 4 Qtrs 28.9   Worst 4 Qtrs 23.31   Worst 4 Qtrs
20.05 Standard Deviation 20.05 Standard Deviation 14.65 Standard Deviation
14.65 Beta 14.65 Beta 6.14 Beta
9.94 Annualized Alpha 9.94 Annualized Alpha 1997 Annualized Alpha
0.97 R-Squared 0.97 R-Squared 32.62 R-Squared
Sharpe Ratio Sharpe Ratio 23 Sharpe Ratio
Treynor Ratio Treynor Ratio 33.36 Treynor Ratio
Tracking Error Tracking Error 14 Tracking Error
Information Ratio Information Ratio 35.83 Information Ratio
Fund Fund Fund Fund 32.4 Fund
9 9 29.2 8
8 8 26.22 7
Batting Average 47.06 Batting Average 47.06 19.15 46.67
-19.18 -17.58 1996 -20.7
17.19 17.98 22.92 16.43
36.37 35.56 27 37.13
-27.32 -28.02 22.96 -27.24
Standard Deviation 16.91 Standard Deviation 16.23 26 18.18
Beta 0.96 Beta 0.92 27.28 1.04
Annualized Alpha -1.15 -0.0115 Annualized Alpha -0.37 23.01 0.61
R-Squared 0.87 R-Squared 0.86 21.51 0.87
-0.5 -0.46 18.9 -0.72
-8.74 -8.04 15.28 -12.63
6.05 6.27 1995 6.46
-0.18 -0.01 38.57 0
Policy EAFE Policy EAFE 36.55 EAFE
10 10 33.47 10
7 7 30.16 5
52.94 52.94 24.43 53.33
-19.69 -19.69 -19.69
19.57 19.57 19.57
39.26 39.26 39.26
-28.27 -28.27 -28.27
Standard Deviation 16.41 Standard Deviation 16.41 16.41
1 1 1
0 0 0
1 1 1
-0.45 -0.45 -0.8
-7.32 -7.32 -13.13
0 0 0
Diff Diff Diff
-1 -1 -2
1 1 2
-5.88 -5.88 -6.66
0.51 2.11 -1.01
-2.38 -1.59 -3.14
-2.89 -3.7 -2.13
0.95 0.25 1.03
0.5 -0.18 1.77
-0.04 -0.08 0.04
-1.15 -0.37 0.61
-0.13 -0.14 -0.13
-0.05 -0.01 0.08
-1.42 -0.72 0.5
6.05 6.27 6.46