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 42 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 June 30, 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 June 30, 2007 Worst Qtr Returns are gross of fees. Incept is December 31, 1997 to June 30, 2007 Batting Average Returns are net of fees. Incept is December 31, 2002 to June 30, 2007 Batting Average Returns are net of fees. Incept is March 31, 2004 to June 30, 2007 Batting Average
Beginning Value Fund Best Qtr Account Reconciliation Trailing Returns through June 30, 2007 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2007 Worst Qtr Account Reconciliation Trailing Returns through June 30, 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
6/30/2007 Return Beta Ending Value R1000G Standard Deviation Ending Value S&P500 Standard Deviation Ending Value R2000V Standard Deviation
Qtr %-tile Annualized Alpha 6/30/2007 Return Beta 6/30/2007 Return Beta 6/30/2007 Return Beta
20,154 Universe R-Squared Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
-1 5th %-tile Sharpe Ratio 5,744 Universe R-Squared 15,017 Universe R-Squared 5,137 Universe R-Squared
1,203 25th %-tile Treynor Ratio 74 5th %-tile Sharpe Ratio 0 5th %-tile Sharpe Ratio -1 5th %-tile Sharpe Ratio
21,356 50th %-tile Tracking Error 352 25th %-tile Treynor Ratio 856 25th %-tile Treynor Ratio 347 25th %-tile Treynor Ratio
2,007 75th %-tile Information Ratio 6,170 50th %-tile Tracking Error 15,873 50th %-tile Tracking Error 5,483 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 0 YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
-501   7.5   4 11,457 3 Qtrs 3 14,397   2 Qtrs   1 4,549 2 Qtrs 0
2,911   62 75 -6,294 12.56 9 -499   6.67 7 -2 10 0.1 4
21,356   6.01   1.45 1,007 70 50 1,975   82   50 936 28 Batting Average 75
38,077 94 7.59 6,170 14.53 -4.9 15,873 6.96 -0.43 5,483 3.8 0.038 0.1
Incept 10.63 6.14 12/31/1997 15 10.86 12/31/2002 61 6.95 3/31/2004 93 9.61
13,788 8.84 20.04 Incept 15.63 15.76 Incept 11.27 7.38 Incept 14.23 9.51
  1,042 7.86 6.22 10,999 14.06 3.9   6,658 8.36 6.83 2,986 10.11 20.7
6,525 7.05 0.95 -12,300 12.8 8.68 1,733 7.31 6.43 663 8.65 Standard Deviation 10.15
21,356     5.71 1.62 7,471 12.46 0.95 7,482     6.86 0.87   1,833 6.69 Beta 1.15  
Investment Policy #VALUE! 3 Qtrs 0.91 6,170    6,170,000 12.22 -0.19 15,873  15,873,000 5.6 0.55 0.0055 5,483   5,483,000 2.43 Annualized Alpha 2.01 0.0201
Index 15.66 2.41 Investment Policy 1 Yr 0.94 Investment Policy 3 Qtrs 0.83 Investment Policy 3 Qtrs R-Squared 0.67
S&P 500 53 15.76 Index 15.03 0.1503 0.51 Index 14.08 1.34 Index 20.58 0.2058 1.54
Russell 2000 Value 13.86 1.85 Russell 1000 Growth 95 4.63 S&P 500 66 9.91 Russell 2000 Value 19 13.59
Total 90 0.43 Total 19.04 0.1904 2.13 Total 14.12 2.76 Total 13.17 0.1317 5.94
Weight 19.57 Policy Weight 18 -0.29 Weight 62 -0.48 Weight 84 0.78
70 17.15 0 100 20.61 R1000G 100 20.53 S&P500 100 24.18 Policy R2000V
30 15.81 4 100 18.58 3 100 16.73 1 100 19.76 0
100 14.78 25 Trailing Returns through June 30, 2007 16.56 9 Trailing Returns through June 30, 2007 14.42 7 Trailing Returns through June 30, 2007 17.19 4
Trailing Returns through June 30, 2007 13.13 0.89 Fund 16 50 Fund 13.99 50 Fund 15.55 25
Fund 1 Yr 7.4 R1000G 15.02 -5.23 S&P500 13.18 -1.44 R2000V 10.39 1.46
Policy   20.04   6.51 Diff   2 Yr   9.17 Diff   1 Yr   6.7 Diff 1 Yr 9.03
Diff 1 Yr FUND 52 0.52 19.24 1 Yr 1 Yr FUND 10.24 0.1024 14.4 1 Yr 1 Yr FUND 19.79 0.1979 8.14 1 Yr 20.7 0.207 7.57
1 Yr UNIVERSE 19.24 6.27 1/15/1900 UNIVERSE 96 1.68 1/19/1900 UNIVERSE 91 8.63 1/20/1900 20 16.06
20.04 POLICY 69 0.69 1 19.04 POLICY 12.39 0.1239 8.83 20.59 POLICY 20.59 0.2059 6.72 16.06 16.06 0.1606 7.24
19.24 24.38 0 -4.01 27 1 -0.8 67 1 4.64 57 1
0.8 21.72 1 2 Yr 15.28 0 2 Yr 26.75 0 2 Yr 28.38 0
2 Yr 20.16 2.26 1/10/1900 12.45 1 1/13/1900 22.69 1 1/16/1900 19.81 1
1/13/1900 18.97 14.17 12.39 11.32 0.57 14.45 21.13 1.48 15.33 16.34 1.52
14.76 17.52 0 -2.15 11.05 5.02 -1.32 20.44 9.94 0.9 14.18 10.99
-1.01 2 Yr Diff 3 Yr 10.33 0 3 Yr 19.15 0 3 Yr 9.26 0
3 Yr 13.75 0 8.08 3 Yr Diff 1/11/1900 2 Yr Diff 1/12/1900 2 Yr Diff
   1/11/1900 94   0   1/8/1900 8.08 0.0808 0    1/11/1900 2 Yr FUND 13.13 0.1313 0   1/15/1900 16.23 0.1623 0
   1/12/1900 14.76 50   ################################## 88 0    0.13 UNIVERSE 100 0   -2.2 42 0
  -0.74 72   0.56   4 Yr 8.7 0.087 0   4 Yr POLICY 14.45 0.1445 0   4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 15.33 0.1533 50
4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 19.01 0.19 9.4 57 0.33 1/14/1900 70 1.01 3/31/2004 50 -1.36
3/31/2004 16.67 -0.37 1/10/1900 12.19 1.69 1/13/1900 20.65 0.25 Incept 20.82 0.58
Incept 15.59 0.8 -1.53 10.12 1.36 0.94   16.68 -0.76 14.55 17.25 1.94
11.43 14.63 -0.05 5 Yr 8.79 2.22 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 15.41 -1.8 14.08 15.29 4.64
12.2 13.45 -0.05 7.11 8.41 -0.15 12/31/2002 14.39 -0.29 0.47 14.12 2.91
################################# 3 Yr 1.62 9.28 7.86 -0.05 Incept 13.53 -0.13 Fiscal Year Returns Ending September 10.27 0.15
Fiscal Year Returns Ending September 11.99 -0.09 -2.17 4 Yr -0.19 15.86 3 Yr 0.55 Fund 3 Yr 2.01
Fund 3 YR FUND 93 0.93 0.15 6 Yr 3 YR FUND 9.4 0.094 -0.06 14.70   11.81 0.1181 -0.17 R2000V 12.81 0.1281 -0.33
Policy UNIVERSE 12.73 1.59 1/2/1900 UNIVERSE 93 -0.06 1.16   70 -0.14 Diff 86 0.02
Diff POLICY 75 0.75 1.85 2.29 POLICY 10.93 0.1093 -0.39 Fiscal Year Returns Ending September   11.68 0.1168 -0.03 6/30/2007 15.01 0.1501 2.6
6/30/2007 16.85 2 Yr 0.32 42 2.13 Fund   74 2.76 Qtr 42 5.94
Qtr 14.91 5 Yr # of Negative Qtrs 7 Yr 15.1 5 Yr 5 Yr S&P500 17.84 3 Yr 6.75 19 2 Yr
1/5/1900 13.73 # of Positive Qtrs ################################## 11.48 # of Negative Qtrs Diff 14.78 # of Negative Qtrs 2.3 16.18 # of Negative Qtrs
5.08 12.71 Batting Average -4.37 10.67 # of Positive Qtrs 6/30/2007 13.12 # of Positive Qtrs 4.45 14.33 # of Positive Qtrs
0.89 11.79 Worst Qtr 1/3/1900 10.45 Batting Average Qtr 11.63 Batting Average 2007 13.43 Batting Average
2007 4 Yr Best Qtr 8 Yr 9.3 Worst Qtr 5.7 11.03 Worst Qtr YTD 11.91 Worst Qtr
YTD 19.13 Range 1/1/1900 5 Yr Best Qtr 1/6/1900 4 Yr Best Qtr 1/20/1900 4 Yr Best Qtr
1/15/1900 17.22 Worst 4 Qtrs ################################## 7.11 0.0711 Range ################################ 14.43 0.1443 Range 1/13/1900 23.38 Range
13.86 16.26 Standard Deviation 1/2/1900 88 Worst 4 Qtrs 2007 58 Worst 4 Qtrs 7.41 20.5 Worst 4 Qtrs
1.8 15.28 Beta 9 Yr 9.28 0.0928 Standard Deviation YTD 13.49 0.1349 Standard Deviation 2006 19.22 Standard Deviation
2006 14.27 Annualized Alpha 1/3/1900 24 Beta 14.08 70 Beta 1/9/1900 18.42 Beta
1/11/1900 5 Yr R-Squared 1/1/1900 11.46 Annualized Alpha 1/14/1900 19.06 Annualized Alpha 14 16.33 Annualized Alpha
11.81 14.79 Sharpe Ratio 2.18 9.1 R-Squared -0.04 16.02 R-Squared -4.79 5 Yr R-Squared
-0.74 13.24 Treynor Ratio 10 Yr 8.09 Sharpe Ratio 2006 14.86 Sharpe Ratio 2005 17.47 Sharpe Ratio
2005 12.38 Tracking Error 12/31/1997 7.76 Treynor Ratio 1/11/1900 13.38 Treynor Ratio 1/12/1900 16.18 Treynor Ratio
1/11/1900 11.64 Information Ratio Incept 6.85 Tracking Error 1/10/1900 12.41 Tracking Error 1/17/1900 14.38 Tracking Error
13.96 10.77 Fund 5.97 6 Yr Information Ratio 1.13 5 Yr Information Ratio -4.82 13.41 Information Ratio
-2.79 5 YR FUND 6 Yr ####### 1 1/3/1900 5 YR FUND 2.61 0.0261 Fund Fund 2005 14.72   Fund 2004 2003 2002 2001 2000 1999 1998 11.85 Fund
2004 2003 2002 2001 2000 1999 1998 UNIVERSE 11.3 7 2.3 UNIVERSE 45 6 1/10/1900   12.34 2 Returns in Up Markets 6 Yr 1
Returns in Up Markets POLICY 10.01 0.1001   62.5 Fiscal Year Returns Ending September POLICY 2.29 0.0229 14 12.25   11.32   10 Fund 17.03 7
Fund 9.01 Batting Average -1.59 Fund 49 Batting Average 30 ################################   10.53 50 R2000V 14.52 62.5
Policy 7.86 7.59 R1000G 5.67 -15.29 2004 9.22 -1.09 Ratio 13.11 -5.18
Ratio 6.63 9.18 Diff 3.86 11.55 1/16/1900 6 Yr 8.88 1 Yr 11.56 13.53
1 Yr 7 Yr 7.8 6/30/2007 2.27 26.84 13.87 10.26 9.97 1/20/1900 9.76 18.71
20 12.81 6.92 Qtr 1.69 -1.58 1/2/1900 8.61 4.52 16.1 7 Yr 7.2
19.2 10.9 Standard Deviation 0.89 6.11 1.26 Standard Deviation 11.79 2003 2002 2001 2000 1999 1998 7.33 6.72 128.9 19.32 11.93
104.2 9.51 Beta 0.69   6.86 7 Yr Beta 0.93 Returns in Up Markets 5.26 0.85   2 Yr 17.03 1.05
2 Yr 7.14 Annualized Alpha 0.89 0.0089 -0.75 -1.2 Annualized Alpha -1.43 -0.0143 Fund 4.45 1.79 0.0179 1/22/1900 15.05 0.19 0.0019
1/16/1900 5.57 R-Squared 1.34 2007 35 R-Squared 0.96 S&P500 7 Yr 0.85 1/19/1900 13.74 0.8
1/18/1900 8 Yr 10.38 YTD -4.37 0.38 Ratio 11.8 1.21 114.6 11.88 0.98
92.7 10.18 2.49 12.56 83 4.77 2 Yr 8.91 9.56 3 Yr 8 Yr 11.16
3 Yr 8.81 -0.41 14.53 4.13 2.37 1/15/1900 7 2.78 19.5 17.69 5.3
1/18/1900 7.89 Policy -1.97 0.19 -0.92 1/17/1900 3.05 0.05 21.5 14.15 0.17
20.4 6.29 Policy 1 2006 -2.44 Policy R1000G 87.4 2 S&P500 90.8 12.98 R2000V
89.2 5.37 7 4.42 -3.44 5 3 Yr 8 Yr 3 3/31/2004 12.15 1
3/31/2004 Fiscal Year Returns Ending September 37.5 6.03 -5.66 15 16.7 8.6 9 Incept 10.93 7
Incept Fund -1.82 -1.61 8 Yr 70 18.7 6.87 50 21.1 Fiscal Year Returns Ending September 37.5
16.8 Return 7.4 2005 1.37 -15.05 88.9 5.72 -2.15 19.8 Fund -2.7
18.9 %-tile 9.22 12.97 32 14.31 4 Yr 2.88   9.23 106.7 Return 13.5
3/29/1900 Policy 10.45 11.6 -1.05 29.36 1/18/1900 2.33 11.38 Returns in Down Markets %-tile 16.2
Returns in Down Markets Return 7.36 1.37 92 1.16 18.9 Fiscal Year Returns Ending September   4.91 Fund R2000V 10.38
Fund %-tile Standard Deviation 1 6/26/1905 6.26 Standard Deviation 12.45 98 Fund 7.29 R2000V Return 10.16
Policy Universe 0 4.45 1.56 1 12/31/2002 Return 1 Ratio QU. FUND %-tile #VALUE! 1
Ratio 5th %-tile 1 7.51 0.49 0 Incept %-tile 0 1 Yr 2 Yr UNIVERSE Universe 0
1 Yr 2 Yr 25th %-tile 1.39 -3.06 -0.16 1 22.7 S&P500 1 -5.2 POLICY 5th %-tile #VALUE! 1
################################# 50th %-tile 10.25 2003 -2.33 0.53 1/22/1900 Return 1.1 -2.7 25th %-tile 1.06
-1.8 75th %-tile 0 20.02 9 Yr 6.61 101.6 QU. FUND %-tile 8 191.9 50th %-tile #VALUE! 10.82
87.4 95th %-tile Diff 25.91 3.93 0 Returns in Down Markets UNIVERSE Universe 0 3 Yr 75th %-tile 0
3 Yr Qtr 0 -5.89 43 Diff Fund POLICY 5th %-tile Diff -8.1 95th %-tile #VALUE! Diff
-3.6 5.97 0 2002 1.75 1 S&P500 25th %-tile -1 -6.6 Qtr 0
-5.7 61   25 -17.69 100   -1 Ratio 50th %-tile ####### 1 123.9 6.75 0.0675 0
63.3 5.08 0.23 -22.51 9.25 -40 2 Yr 75th %-tile 0 3/31/2004 18 25
3/31/2004 93   0.19 4.82 4.59   -0.24 -0.4 95th %-tile ####### 1.06 Incept 2.3 0.023 -2.48
Incept 7.69 -0.04 2001 3.44 -2.76 -1.4 Qtr -0.35 -8.1 96 0.03
################################# 6.76 -2.65 ################################## 2.89 -2.52 1/29/1900 5.7 0.057 -1.41 -6.6 9.02 2.51
-5.7 6.17 -0.44 -45.64 2.54 -2.74 3 Yr 84 -0.39 123.9 6.22 -3.18
63.3 5.65 -0.11 12.51 Fiscal Year Returns Ending September -0.66 -1.2 6.28 0.0628 -0.57 5.2 1.77
95.6 4.87 0.69 6/22/1905 Fund -0.07 -5.4 59 -0.15 4.25 0.05
6 Yr YTD   -0.11 1/26/1900 Return   -1.43 21.6 8.47   1.79 2.35 0.19
32.7 15.66 -0.05 23.43 %-tile -0.04 4 Yr 7.15 -0.15 YTD -0.2
34.9 53   0.13 3.18 R1000G   -0.15 -1.2 6.4   0.11 20.58 -0.08
93.7 13.86 2.49 6/21/1905 Return -1.84 -5.4 6.15 1.56 19 0.34
12/31/1997 QU. FUND 90 0.9 3 Yr 1/29/1900 %-tile 2.37 21.6 4.98 2.78 13.17 5.3
Incept UNIVERSE 19.57 # of Negative Qtrs 34.85 Universe 9 Yr 12/31/2002 YTD Incept 4 Yr 84 3 Yr
34.8 POLICY 17.15 0.1715 # of Positive Qtrs -5.03 5th %-tile # of Negative Qtrs Incept 14.08 # of Negative Qtrs 24.18 # of Negative Qtrs
36.9 15.81 Batting Average 1998 25th %-tile # of Positive Qtrs -5.1 66 # of Positive Qtrs 19.76 # of Positive Qtrs
4/3/1900 14.78 Worst Qtr Returns in Up Markets QU. FUND 50th %-tile Batting Average ################################ 2004 FUND 14.12 0.1412 Batting Average 17.19 Batting Average
Returns in Down Markets 13.13 Best Qtr Fund UNIVERSE 75th %-tile Worst Qtr 60.8 UNIVERSE 62 Worst Qtr 15.55 Worst Qtr
Fund 2006 Range R1000G POLICY 95th %-tile Best Qtr POLICY 20.53 0.2053 Best Qtr 10.39 Best Qtr
S&P500 11.07 Worst 4 Qtrs Ratio Qtr Range 16.73 Range 2006 Range
Ratio 44   Standard Deviation 3 Yr 6.11 0.0611 Worst 4 Qtrs 14.42 Worst 4 Qtrs 9.21 Worst 4 Qtrs
3 Yr 11.81 Beta 16.9 65 Standard Deviation 13.99 Standard Deviation 55 Standard Deviation
-40.5 28   Annualized Alpha 1/18/1900 6.86 0.0686 Beta 13.18 Beta 14 Beta
-40.8 13.63 R-Squared 90.4 36 Annualized Alpha 2006 Annualized Alpha 1 Annualized Alpha
99.2 11.93 Sharpe Ratio 5 Yr 7.63 R-Squared 11.92   R-Squared 13.25 R-Squared
5 Yr 10.71 Treynor Ratio 1/18/1900 7.09 Sharpe Ratio 42 Sharpe Ratio 11.5 Sharpe Ratio
-31 8.99 Tracking Error 22.2 6.38 Treynor Ratio 2003 FUND 10.79 0.1079 Treynor Ratio 9.78 Treynor Ratio
-30.9 6.6 Information Ratio 85 6.03 Tracking Error UNIVERSE 60 Tracking Error 6.28 Tracking Error
100.2 2005   Fund 9 Yr 5.79   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 33.9 12.56   13 11.24 3 12.93 3
-31.3 13.96 50 3/23/1900 70 23 10.32   13 91 9
98.5 2003 FUND 66 0.66 -1.66 12/31/1997 14.53 44.44 7.31   Batting Average 56.25 17.75 50
12/31/1997 UNIVERSE 22.41 9.74 Incept 15 -16.95 2005 -1.09 71 -5.18
Incept POLICY 17.21 0.1721 11.4 30.1 15.63 21.83 10.7   14.81 24.63 13.53
-30.8 14.97 3.83 34.8 14.06 38.78 79 15.9 21.81 18.71
-31.3 13.26 7.59 86.5 2004 FUND 12.8 0.128 -33.13 2002 FUND 12.25   4.52 20.3 1.31
4/7/1900 11.01 0.87 Returns in Down Markets UNIVERSE 12.46 17.38 UNIVERSE 57 Standard Deviation 7.42 16.98 13.34
2004   0.93 Fund POLICY 12.22 0.1222 0.77   NA 24.1   Beta 0.9 11.37 1.02
23.62 0.89 0.0089 R1000G 2006 2.15 0.0215 16.12 Annualized Alpha 2.11 0.0211 2004 -2.07 -0.0207
19.76   1.09 Ratio 4.42 0.96 12.74   R-Squared 0.81 33.25 0.82
17.24 9.55 3 Yr 76 0.03 11.06 1.54 24.88 0.68
2002 FUND 15.21 0.1521 2.7 -11.1 6.03   0.57 7.98 12.71 22.79 8.95
UNIVERSE 12.19 -0.27 ################################## 59 6.1 2004 3.29 19.56 5.67
POLICY 2003 20.03 Policy 87.9 12.28   0.36 16.73 0.29 13.41 -0.39
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 50 -21.9 UNIVERSE 4.5 22   57 13 29.71 10
20.96   -2.7 99.1 POLICY 0.01 0.0001 55.56   23.92   43.75 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 12.18 14.77 13.5
-5.31 4.9 -33.9 60 48.09 13.02 14.33 2002 17.48
2001 FUND -10.93 -0.1093 8.28 3/15/1900 11.6   -45.64   8.08 4.91 9.49 4.71
UNIVERSE -13.63 1 12/31/1997 71 22.02   2003 Standard Deviation 7.41 2.65 11.83
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 1.09 -33.9 2002 FUND 13.67 0.1367 1 21.95   1 -14.06 1
4.41 9.05 75.1 UNIVERSE 10.23 -0.08 19.27 1.42 2001 0.96
-3.06   0 123.8 POLICY 6.73 0.0673 -1.74 15.84   10.5 14.31 11.33
-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 0 7.51   1 -18.95 0 -19.22 -1
UNIVERSE 22.04 1.04 73 -11.12 -20.72 12.5 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 2.63 26.91 0.03
7.53 -1.07 2001 FUND 10.02 0.1002 -9.31 5.47 1.57 19.81 1.23
2.05 -0.69 UNIVERSE 7.03 12.51 -5.14 -0.39 14.46 -3.4
1999   -0.13 POLICY 3.61 0.0361 -4.64 -13.19 0.01 -0.83 1.51
23.94 0.93 2003 -0.23 -23.01 -0.1 1999 0.02
18.65   -0.11 20.02 2.15 -27 2.11 25.16 -2.07
14.96 0 62 -0.04 2000 -0.19 19.69 -0.18
1999 FUND 11.42 0.1142 0.5 25.91   0.11 22.25 0.12 10.99 -0.28
UNIVERSE 6.56 2.7 8 2.31 13.38 2.21 7.81 -2.38
POLICY 21.04 0.2104 Incept 26.39   6.1 8.39 3.29 2.47 5.67
41 # of Negative Qtrs 23.7 Incept 3.08 Incept Incept
40.15 # of Positive Qtrs 2000 FUND 21.45 0.2145 # of Negative Qtrs -3.5 # of Negative Qtrs # of Negative Qtrs
24.24 Batting Average UNIVERSE 17.27 # of Positive Qtrs 1999 # of Positive Qtrs # of Positive Qtrs
20.43 Worst Qtr POLICY 11.31 0.1131 Batting Average 28.08 Batting Average Batting Average
15.61 Best Qtr 2002 Worst Qtr 20.54 Worst Qtr Worst Qtr
5.6 Range -17.69 Best Qtr 15.47 Best Qtr Best Qtr
1998 Worst 4 Qtrs 33 Range 11.7 Range Range
1998 FUND 30.71 Standard Deviation -22.51 Worst 4 Qtrs 4.46 Worst 4 Qtrs Worst 4 Qtrs
UNIVERSE 16 Beta 76 Standard Deviation Standard Deviation Standard Deviation
POLICY 28.58 Annualized Alpha -9.79 Beta Beta Beta
25 R-Squared -16.66 Annualized Alpha Annualized Alpha Annualized Alpha
35.85 Sharpe Ratio -19.49 R-Squared R-Squared R-Squared
28.5 Treynor Ratio -22.37 Sharpe Ratio Sharpe Ratio Sharpe Ratio
25.14 Tracking Error -28.93 Treynor Ratio Treynor Ratio Treynor Ratio
17.48 Information Ratio 2001 Tracking Error Tracking Error Tracking Error
7.55 Fund -33.13 Information Ratio Information Ratio Information Ratio
1997 3 73 Fund Fund Fund
36.26 10 -45.64 13 4 3
32.81 46.15 100 25 14 10
30.27 -1.66 -25.35 44.74 55.56 53.85
25.81 9.74 -28.09 -16.95 -3.96 -5.18
15.95 11.4 -31.08 21.83 17.8 13.53
1996 3.83 -33.4 38.78 21.76 18.71
28.82 7.39 -36.39 -33.13 4.52 1.31
23.34 0.84 2000 17.5 8.46 13.08
21.69 1.18 26.61 0.78 0.94 0.94
18.67 0.88 9 2.68 1.88 0.0188 1.43 0.0143
13.52 1.08 23.43 0.96 0.85 0.75
9.49 10 0.14 1.54 0.85
2.91 33.35 3.06 13.9 11.8
-0.26 16.1 6.03 3.33 6.58
Policy 12.97 0.38 0.35 0.07
3 12.4 R1000G S&P500 R2000V
10 6.57 14 4 2
53.85 1999 24 14 11
-2.7 29.82 55.26 44.44 46.15
10.43 25 -21.35 -3.15 -3.98
13.13 34.85 26.74 15.39 13.5
4.9 12 48.09 18.54 17.48
8.28 38.73 -45.64 4.91 4.71
1 29.66 21.93 8.28 12.1
0 25.66 1 1 1
1 20.21 0 0 0
1.06 17.15 1 1 1
8.74 0 1.44 0.88
0 0.09 11.91 10.62
Diff 0 0 0
0 Diff Diff Diff
0 -1 0 1
-7.7 1 0 -1
1.04 -10.52 11.12 7.7
-0.69 4.4 -0.81 -1.2
-1.73 -4.91 2.41 0.03
-1.07 -9.31 3.22 1.23
-0.89 12.51 -0.39 -3.4
-0.16 -4.43 0.18 0.98
1.18 -0.22 -0.06 -0.06
-0.12 2.68 1.88 1.43
0.02 -0.04 -0.15 -0.25
0.75 0.14 0.1 -0.03
2.91 2.97 1.99 1.18
3.51 6.03 3.33 6.58