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 % 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 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
30 Broad Large Cap Core Equity 32 37 Broad Large Cap Growth Core Equity 41 51 Broad Large Cap Value Core Equity 55 58 Broad Small Cap Value Core 62
Inception date is December 31, 1997 31 3 Yr Inception date is December 31, 1997 39 3 Yr Inception date is December 31, 2002 53 1 Yr Inception date is March 31, 2004 60 Incept 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 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, 2005 Batting Average Returns are gross of fees. Incept is December 31, 2002 to June 30, 2005 Batting Average Returns are gross of fees. Incept is March 31, 2004 to June 30, 2005 Batting Average
Account Reconciliation Trailing Returns through March 31, 2004 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2005 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2005 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2005 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 6/30/2005 Return Beta 6/30/2005 Return Beta 6/30/2005 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
19,769 Universe R-Squared 11,510 Universe R-Squared 13,621 Universe R-Squared 3,607 Universe R-Squared
4,333 5th %-tile Sharpe Ratio 80 5th %-tile Sharpe Ratio -15 5th %-tile Sharpe Ratio -10 5th %-tile Sharpe Ratio
390 25th %-tile Treynor Ratio 168 25th %-tile Treynor Ratio 164 25th %-tile Treynor Ratio 30 25th %-tile Treynor Ratio
24,492 50th %-tile Tracking Error 11,758 50th %-tile Tracking Error 13,770 50th %-tile Tracking Error 3,628 50th %-tile Tracking Error
2004 75th %-tile Information Ratio 2005 75th %-tile Information Ratio 2005 75th %-tile Information Ratio 2005 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 11,913 2 Qtrs 5 13,433   2 Qtrs   1 3,724 2 Qtrs 2
4,333   14.53 8 17 -1.45 7 105   1.7 3 -19 -2.06 -0.0206 2
390   33   58.33 -172 56 41.67 232   22   50 -77 91 Batting Average 50
24,492 14.08 -17.77 11,758 -0.81 -15.29 13,770 -0.81 -0.95 3,628 0.9 0.009 -3.21
12/31/1997 40 14.61 12/31/1997 45 11.55 12/31/2002 62 9.02 3/31/2004 62 13.24
Incept 19.01 32.38 Incept 3.41 26.84 Incept 5.93 9.97 Incept 4.89 16.45
  10,999 15.19 -25.33 10,999 0.17 -1.58   6,658 1.35 9.83 2,986 2.69 7.35
8,274 13.84 20.64 -4,798 -1.24 14.55 3,133 -0.17 7.05 131 1.68 Standard Deviation 15.69
5,218     12.4 0.99 5,556     -2.39 0.87 3,980     -1.02 0.82   510 0.05 Beta 0.99  
24,492  24,492,000 9.7 0.67 11,758  11,758,000 -4.32 -2.08 13,770  13,770,000 -2.51 4.43 0.0443 3,628   3,628,000 -2.85 Annualized Alpha -5.98 -0.0598
Investment Policy 3 Qtrs 1 Investment Policy 3 Qtrs 0.96 Investment Policy 3 Qtrs 0.9 Investment Policy 3 Qtrs R-Squared 0.85
Index 18.62 -0.03 Index 9.25 0.25 Index 10.88 1.1 Index 10.92 0.1092 0.34
S&P 500 24 -0.6 S&P 500 43 4.15 S&P 500 28 9.5 Russell 2000 Value 83 5.36
Total 17.09 1.29 Total 8.35 3.77 Total 8.35 2.67 Total 14.22 0.1422 6
Weight 40 0.52 Weight 52 -0.85 Weight 59 1.31 Weight 44 -1.17
100 24.7 S&P500 100 16.46 S&P500 100 18.31 S&P500 100 18.52 Policy R2000V
100 18.47 4 100 10.8 4 100 11.19 2 100 15.31 1
Trailing Returns through March 31, 2004 16.8 8 Trailing Returns through June 30, 2005 8.49 8 Trailing Returns through June 30, 2005 8.83 2 Trailing Returns through June 30, 2005 13.97 3
Fund 15.49 41.67 Fund 6.74 58.33 Fund 7.81 50 Fund 11.54 50
S&P500 11.19 -17.28 S&P500 3.95 -17.28 S&P500 5.48 -2.15 R2000V 8.15 -3.98
Diff   1 Yr   15.39 Diff   1 Yr   15.39 Diff   1 Yr   9.23 Diff 1 Yr 13.21
1 Yr 1 Yr FUND 35.96 0.3596 32.67 1 Yr 1 Yr FUND 3.9 0.039 32.67 1 Yr 1 Yr FUND 9.83 0.0983 11.38 1 Yr 7.35 0.0735 17.19
35.96 UNIVERSE 34 -24.76 1/3/1900 UNIVERSE 50 0.25 1/9/1900 UNIVERSE 33 6.32 1/7/1900 91 14.39
35.12 POLICY 35.12 0.3512 20.91 6.32 POLICY 6.32 0.0632 16.4 6.32 POLICY 6.32 0.0632 8.14 14.39 14.39 0.1439 14.61
0.84 39 1 -2.42 29 1 3.51 65 1 -7.04 32 1
2 Yr 46.22 0 2 Yr 12.92 0 2 Yr 18.61 0 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 20.29 0
0.76 37.64 1 1/8/1900 7.39 1 1/16/1900 10.82 1 3/31/2004 15.02 1
0.83 34.56 -0.06 12.53 3.89 0.42 12.53 7.83 0.53 Incept 12.86 0.85
-0.07 31.35 -1.26 -3.96 1.53 6.81 3.76 5.83 4.28 12.85 10.13 12.35
3 Yr 25.07 0 3 Yr -1.5 0 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 2.78 0 12.11 5.16 0
1/1/1900 2 Yr Diff 5.08 2 Yr Diff 12/31/2002 2 Yr Diff 0.74 2 Yr Diff
   0.63 0.76   0   1/8/1900 8.57   1    Incept 2 Yr FUND 16.29 0.1629 -1   Calendar Year Returns 30.28 1
   1/0/1900 43 0   ################################## 75 -1    18.54 UNIVERSE 20 1   Fund 24.02 -1
  4 Yr 0.83   16.66   4 Yr 12.53   -16.66   14.91 POLICY 12.53 0.1253 0   R2000V 21.92 0
-4.76 41 -0.49 -1.01 29 1.99 3.63 57 1.2 Diff 20.05 0.77
-5.48 6.66 -0.78 1/1/1900 19.38 -3.84 Calendar Year Returns 22 -0.21 6/30/2005 14.76 0.03
1/0/1900 2.3 -0.29 -2.02 13.06 -5.83 Fund 15.32 -1.41 Qtr 3 Yr -0.74
5 Yr 0.54 -0.57 5 Yr 10.1 -1.83 S&P500 12.99 3.51 0.84 19.4 -7.04
-1.83 -0.89 -0.27 -5.44 8.55 -1.85 Diff 11.8 -1.09 5.08 14.77 1.08
################################# -3.75 -0.01 -2.37 5.42 -0.13 6/30/2005 8.13 -0.18 -4.24 13.24 -0.01
-0.63 3 Yr 0.67 -3.07 3 Yr -2.08 Qtr 3 Yr 4.43 2005 11.75 -5.98
6 Yr 3 YR FUND 1.3 0.013 0 6 Yr 3 YR FUND 5.08 0.0508 -0.04 1/1/1900   13.05   -0.1 YTD 8.29 -0.15
1/1/1900 UNIVERSE 31 0.03 ################################## UNIVERSE 72 -0.17 1/1/1900   9.71 0.57 ################################### 4 Yr -0.51
1.83 POLICY 0.63 0.0063 0.66 -0.83 POLICY 8.28 0.0828 -2.66 -0.16   7.99   5.22 0.9 17.16 -6.99
-0.67 41 1.29 -0.6 29 3.77 2005   6.92 2.67 -2.96 12.61 6
7 Yr 8 Yr 9 Yr 10 Yr 6.89 5 Yr 5 Yr 7 Yr 11.61 5 Yr 5 Yr YTD 4.87 2 Yr 2004 2003 2002 2001 2000 1999 1998 1997 1996 10.47 Incept
12/31/1997 1.67 # of Negative Qtrs 1/2/1900 8.85 # of Negative Qtrs 1/1/1900 4 Yr # of Negative Qtrs Returns in Up Markets 9.05 # of Negative Qtrs
Incept 0.35 # of Positive Qtrs 2.24 6.39 # of Positive Qtrs -0.81 9.97 # of Positive Qtrs Fund 3.45 # of Positive Qtrs
3.26 -0.93 Batting Average ################################## 4.8 Batting Average 2.51 4.16 Batting Average R2000V 5 Yr Batting Average
3.91 -3.92 Worst Qtr 8 Yr 9 Yr 10 Yr 2.99 Worst Qtr 2004 2.05 Worst Qtr Ratio 20.75 Worst Qtr
################################# 4 Yr Best Qtr 12/31/1997 4 Yr Best Qtr 1/11/1900 0.59 Best Qtr 1 Yr 15.87 Best Qtr
Calendar Year Returns -4.76 Range Incept -1.01 Range 1/10/1900 -1.63 Range 1/10/1900 12.98 Range
Fund 40 Worst 4 Qtrs 1/4/1900 42 Worst 4 Qtrs 0.42 5 Yr Worst 4 Qtrs 19.1 9.97 Worst 4 Qtrs
S&P500 -5.48 Standard Deviation 4.33 1.01 Standard Deviation 2003 12.46 Standard Deviation 55 5.32 Standard Deviation
Diff 49 Beta 1/0/1900 22 Beta 35.16 5.91 Beta 3/31/2004 6 Yr Beta
3/31/2004 3.81 Annualized Alpha Calendar Year Returns 3.57 Annualized Alpha 1/28/1900 0.97 Annualized Alpha Incept 18.59 Annualized Alpha
Qtr -2.09 R-Squared Fund 0.63 R-Squared 6.48 -2.27 R-Squared 19.8 13.62 R-Squared
2.06 -5.61 Sharpe Ratio S&P500 -1.7 Sharpe Ratio 2002 2001 2000 1999 1998 1997 1996 -3.77 Sharpe Ratio 20.1 11.87 Sharpe Ratio
1.69 -6.74 Treynor Ratio Diff -3.88 Treynor Ratio Returns in Up Markets 6 Yr Treynor Ratio 98.1 9.56 Treynor Ratio
1/0/1900 -10.38 Tracking Error 6/30/2005 -5.64 Tracking Error Fund 10.06 Tracking Error Returns in Down Markets 6.33 Tracking Error
2004 5 Yr Information Ratio Qtr 5 Yr Information Ratio S&P500 3.38 Information Ratio Fund 7 Yr Information Ratio
YTD 5 YR FUND -1.83 -0.0183 Fund 1/1/1900 5 YR FUND -5.44 -0.0544 Fund Fund Ratio 1.26   Fund R2000V 14.21 Fund
2.06 UNIVERSE 69 8 1.37 UNIVERSE 30 9 1 Yr   -0.89 2 Ratio 11.35 2
1.69 POLICY -1.2 -0.012   12 0.03 POLICY -2.37 -0.0237 11 10.3   -2.41   6 1 Yr 9.18 3
1/0/1900 51 Batting Average 55 2005 14 Batting Average 40 1/10/1900   7 Yr 62.5 -2.9 7.25 60
2003 9.66 -17.77 YTD -1.02 -16.95 96.4 9.68 -0.95 -4 4.65 -3.21
1/29/1900 1.38 14.61 -1.45 -4.84 11.55 2 Yr 5.11 14.95 72.1 8 Yr 13.24
28.68 -1.18 32.38 ################################## -7.51 28.5 22.7 3.21 15.9 3/31/2004 14.13 16.45
0.77 -2.09 -25.89 ################################## -9.28 -33.13 1/20/1900 2 7.77 Incept 12.44 7.35
2002 -4.94 Standard Deviation 18.42 2004 -12.13 Standard Deviation 18.15 111.9 0.28 8.24 -2.9 10.2 14.72
-21.99 6 Yr Beta 0.94   6.06 6 Yr Beta 0.98 12/31/2002 8 Yr 0.92   -4 9.06 0.85
-22.1 1.16 Annualized Alpha -0.72 -0.0072 10.88 -1.43 Annualized Alpha -3.08 -0.0308 Incept 10.59 4.37 0.0437 72.1 6.74 2.58 0.0258
1/0/1900 67 R-Squared 0.97 -4.82 38 R-Squared 0.95 1/30/1900 7.22 0.81 Calendar Year Returns 0.72
6/23/1905 1.83 -0.28 2003 -0.83 -0.44 1/27/1900 5.57 1.79 Fund 0.75
-11.7 44 -5.48 23.08 33 -8.09 113.7 4.78 16.08 Return 12.98
-11.88 7.64 3.6 28.68 5.16 4.24 Returns in Down Markets 3.09 3.66 %-tile 8.15
1/0/1900 2.97 -0.17 -5.6 -0.01 -0.72 Fund Calendar Year Returns 1.03 R2000V 0.09
2000 1.62 Policy S&P500 2002 -2.87 Policy S&P500 S&P500 Fund S&P500 Return R2000V
-5.58 0.67 9 -20.58 -4.4 9 Ratio Return 2 %-tile 1
-9.11 -2.03 11 -22.1 -6.67 11 1 Yr %-tile 6 Universe 4
3.53 7 Yr 45 1.52 7 Yr 60 -0.5 S&P500 37.5 5th %-tile 40
1999 11.91 -17.28 2001 2.19 -17.28 -4 Return -2.15 25th %-tile -3.98
8.77 8.12 15.39 -16.13 35 15.39 11.6 %-tile   12.18 50th %-tile 13.21
1/21/1900 7.04 32.67 -11.88 2.24 32.67 2 Yr Universe 14.33 75th %-tile 17.19
-12.27 5.65 -26.62 -4.25 34 -26.62 -0.5 5th %-tile   6.32 95th %-tile 9.79
1998 2.86 Standard Deviation 19.2 6/22/1905 7.31 Standard Deviation 17.99 -4 25th %-tile 8.03 Qtr 14.66
30.71 8 Yr 1 -6.27 2.91 1 11.6 50th %-tile 1 QU. FUND 0.84 0.0084 1
28.58 11.91 0 -9.11 0.87 0 12/31/2002 75th %-tile 0 UNIVERSE 93 0
2.13 8.87 1 2.84 -0.76 1 Incept 95th %-tile 1 POLICY 5.08 0.0508 1
1997 1996 1995 8.22 -0.24 1999 -2.82 -0.27 ################################ Qtr 1.37 10 0.7
Returns in Up Markets 6.8 -4.52 26.62 8 Yr -4.86 -7 QU. FUND 1.21 0.0121 11.03 5.97 10.29
Fund 4.05 0 21.04 9.35 0 62.9 UNIVERSE 63 0 4.03 0
S&P500 Calendar Year Returns Diff 5.58 6.08 Diff POLICY 1.37 0.0137 Diff 3.26 Diff
Ratio Fund -1 1998 4.12 0 49 0 2.47 1
3 Yr Return   1 40.41 2.88   0 3.9   0 0.58 -1
32.2 %-tile 10 28.58 0.74 -20 1.99 25 YTD 20
31.2 S&P500   -0.49 11.83 Calendar Year Returns   0.33 1.34   1.2 -2.06 0.77
103 Return -0.78 1997 1996 Fund -3.84 0.85 2.77 91 0.03
5 Yr %-tile -0.29 Returns in Up Markets Return -4.17 -0.35 1.57 0.9 -0.74
31 Universe 0.73 Fund %-tile -6.51 YTD 1.45 62 -2.44
32.4 5th %-tile -0.78 S&P500 S&P500 0.16 1.7 0.21 4.89 0.06
95.6 25th %-tile -0.06 Ratio Return -0.02 22 -0.08 2.69 -0.15
6 Yr 50th %-tile   -0.72 3 Yr %-tile   -3.08 -0.81   4.37 1.68 2.58
32.7 75th %-tile -0.03 23.1 Universe -0.05 62 -0.19 0.05 -0.28
34.9 95th %-tile   -0.04 28.5 5th %-tile   -0.17 5.93   0.42 -2.85 0.05
93.7 Qtr -0.96 3/21/1900 25th %-tile -3.23 1.35 5.05 2004 2.69
12/31/1997 QU. FUND 2.06 0.0206 3.6 5 Yr 50th %-tile 4.24 -0.17 3.66 26.37 8.15
Incept UNIVERSE 37 6 Yr 24.6 75th %-tile 7 Yr -1.02 Incept Incept 22.14
34.8 POLICY 1.69 0.0169 # of Negative Qtrs 27.2 95th %-tile # of Negative Qtrs -2.51 # of Negative Qtrs 20.01
36.9 50 # of Positive Qtrs 90.3 Qtr # of Positive Qtrs 2004 # of Positive Qtrs 16.76
4/3/1900 4.69 Batting Average 7 Yr QU. FUND 1.4 0.014 Batting Average 2004 FUND 11.3 0.113 Batting Average 10.8
Returns in Down Markets 2.55 Worst Qtr 33.6 UNIVERSE 80 Worst Qtr UNIVERSE 46 Worst Qtr 2003
Fund 1.68 Best Qtr 32.8 POLICY 1.37 0.0137 Best Qtr POLICY 10.88 0.1088 Best Qtr 53.56
S&P500 1.24 Range 102.5 81 Range 50 Range 43.94
Ratio -0.36   Worst 4 Qtrs 12/31/1997 6.42   Worst 4 Qtrs 20.36 Worst 4 Qtrs 38.98
3 Yr YTD Standard Deviation Incept 3.71 Standard Deviation 13.83 Standard Deviation 35.3
-40.5 2.06   Beta 2/4/1900 2.39   Beta 10.8 Beta 27.69
-40.8 37 Annualized Alpha 33.4 1.76 Annualized Alpha 10.08 Annualized Alpha 2002
99.2 1.69 R-Squared 105.9 0.21 R-Squared 5.98   R-Squared 1.2
5 Yr 50 Sharpe Ratio Returns in Down Markets YTD Sharpe Ratio 2003 Sharpe Ratio -6.32
-31 4.69 Treynor Ratio Fund -1.45 Treynor Ratio 2003 FUND 35.16 0.3516 Treynor Ratio -11.28
-30.9 2.55 Tracking Error S&P500 56 Tracking Error UNIVERSE 1 Tracking Error -15.78
100.2 1.68   Information Ratio Ratio -0.81   Information Ratio POLICY 28.68 0.2868 Information Ratio -20.15
6 Yr 1.24 Fund 3 Yr 45 Fund 23 Fund 2001
-30.8 -0.36   9 -23.4 3.41   12 32.31 3 26.57
-31.3 2003 15 -23.1 0.17 16 28.49   7 17.56
98.5 2003 FUND 29.45 0.2945 54.17 4/10/1900 -1.24 53.57 27.67   Batting Average 60 11.75
12/31/1997 UNIVERSE 27 -17.77 5 Yr -2.39 -16.95 25.15 -3.96 5.92
Incept POLICY 28.68 0.2868 19.75 -32.5 -4.32 21.83 22.17   17.8 -0.83
-30.8 34 37.52 -29.4 2004 38.78 2002 21.76 2000
-31.3 35.07 -25.89 110.6 2004 FUND 6.06 0.0606 -33.13 2002 FUND -11.31   7.77 34.76
4/7/1900 29.63 18.99 7 Yr UNIVERSE 66 19.46 UNIVERSE -16.33 Standard Deviation 9.71 23.25
27.91   0.93 -28.5 POLICY 10.88 0.1088 1   NA -19.88   Beta 0.96 17.5
25.2 -0.59 -0.0059 -27.8 20 0.09 0.0009 -22.33 Annualized Alpha 3.77 0.0377 11.3
20.9   0.97 102.4 15.53 0.93 -25.04   R-Squared 0.86 1.04
2002 -0.13 12/31/1997 10.23 -0.05 2001 1.76 1999
2002 FUND -21.99 -0.2199 -2.59 Incept 7.31   -1.01 5.61 17.82 16.81
UNIVERSE 44 3.58 ################################## 4.74 5.05 -3.21 3.65 11.34
POLICY -22.1 -0.221 -0.19 -27.8 1.66   -0.01 -8.64 0.99 4.25
47 S&P500 102.4 2003 S&P500 -12.12 Policy S&P500 -1.13
-15.02 10 2003 FUND 23.08 0.2308 12   -14.21   3 -6.81
-19.91 14 UNIVERSE 83 16   2000 7 1998
-22.25   45.83 POLICY 28.68 0.2868 46.43   20.68   40 6.9
-23.64 -17.28 37 -17.28 9.66 -3.15 -0.79
-26.8   21.3 38.01 21.3 0.81 15.39 -5.04
2001 38.58 30.97 38.58 -9.06 18.54 -8.98
2001 FUND -11.7 -0.117 -26.62 26.77   -26.62   -9.96 6.32 -13.11
UNIVERSE 46 20.04 24.36 18.86   1999 Standard Deviation 9.34 1997
POLICY -11.88 -0.1188 1 20.43   1   22.9 1 38.7
48 0 2002 0 20.37 0 32.43
0.69 1 2002 FUND -20.58 -0.2058 1 14.99   1 27.92
-8.82 -0.09 UNIVERSE 14 -0.05 3.15 1.44 23.21
-12.07   -1.74 POLICY -22.1 -0.221 -0.96 -5.6   13.48 17.47
-13.76 0 19 0 1998 0
-19.6   Diff -15.91 Diff 30.24 Diff
2000 -1 -23 0 28.06 0
2000 FUND -5.58 -0.0558 1 -25.5   0 19.31 0
UNIVERSE 45 8.34 -28.94 7.14 11.45 20
POLICY -9.11 -0.0911 -0.49 -32.42   0.33 4.41 -0.81
65 -1.55 2001 0.53 1997 2.41
15.56 -1.06 2001 FUND -16.13 -0.1613 0.2 38.51 3.22
0.06 0.73 UNIVERSE 31 -6.51 32.94 1.45
-6.88   -1.05 POLICY -11.88 -0.1188 0.6 30.77 0.37
-9.62 -0.07 2 0 26.72 -0.04
-15.34   -0.59 -12.27 0.09 22.19 3.77
1999 -0.03 -15.3 -0.07 -0.14
1999 FUND 8.77 0.0877 -0.04 -19.4   0 0.32
UNIVERSE 89 -0.85 -22.65 -0.05 4.34
POLICY 21.04 0.2104 3.58 -26.27   5.05 3.65
41 Incept 2000 Incept
40.15 # of Negative Qtrs 2000 FUND -6.27 -0.0627 # of Negative Qtrs
24.24 # of Positive Qtrs UNIVERSE 22 # of Positive Qtrs
20.43 Batting Average POLICY -9.11 -0.0911 Batting Average
15.61 Worst Qtr 36 Worst Qtr
5.6 Best Qtr -0.8 Best Qtr
1998 Range -7.05 Range
1998 FUND 30.71 Worst 4 Qtrs -11.72 Worst 4 Qtrs
UNIVERSE 16 Standard Deviation -16.14 Standard Deviation
POLICY 28.58 Beta -22.27 Beta
25 Annualized Alpha 1999 Annualized Alpha
35.85 R-Squared 26.62 R-Squared
28.5 Sharpe Ratio 75 Sharpe Ratio
25.14 Treynor Ratio 21.04 Treynor Ratio
17.48 Tracking Error 93 Tracking Error
7.55 Information Ratio 56.01 Information Ratio
1997 Fund 40.12 Fund
36.26 9 32.43 12
32.81 16 26.37 18
30.27 56 19.99 56.67
25.81 -17.77 1998 -16.95
15.95 19.75 40.41 21.83
1996 37.52 18 38.78
28.82 -25.89 28.58 -33.13
23.34 19.32 66 19.49
21.69 0.94 49.36 1
18.67 -0.44 37.1 0.66
13.52 0.97 31.26 0.93
-0.02 26.52 0.08
-0.4 16.34 1.53
3.51 1997 5.11
-0.19 36.92 0.1
S&P500 32.06 S&P500
10 28.41 12
15 23.82 18
44 17.55 43.33
-17.28 -17.28
21.3 21.3
38.58 38.58
-26.62 -26.62
20.28 18.82
1 1
0 0
1 1
0.01 0.05
0.27 1
0 0
Diff Diff
-1 0
1 0
12 13.34
-0.49 0.33
-1.55 0.53
-1.06 0.2
0.73 -6.51
-0.96 0.67
-0.06 0
-0.44 0.66
-0.03 -0.07
-0.03 0.03
-0.67 0.53
3.51 5.11