SUNRISE POLICE SCROLL TO RIGHT------> Small Cap
LOCK N/A LOCK LOCK N/A LOCK LOCK N/A LOCK LOCK DHJ LG.GR. EXECUTIVE HERE LOCK LOCK DHJ EQ. UNIVERSE HERE LOCK LOCK DHJ EQ RISK HERE LOCK LOCK COHEN & STEERS LOCK LOCK COHEN & STEERS LOCK LOCK COHEN & STEERS 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
DHJ Large Cap Growth Equity (R1000G) DHJ Large Cap Growth Equity (R1000G) DHJ Large Cap Growth Equity (R1000G) Cohen & Steers (Large Cap Value Equity + Cash) Cohen & Steers (Large Cap Value Equity + Cash) Cohen & Steers (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
49 Broad Large Cap Growth Equity 54 57 Broad Large Cap Value Core Equity 61 64 Broad Small Cap Value Core 68
Inception date is December 31, 1997 51 3 Yr Inception date is June 30, 2008 59 Incept Inception date is March 31, 2004 66 Incept 2 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 gross of fees. Incept is December 31, 1997 to March 31, 2009 Batting Average Returns are net of fees. Incept is June 30, 2008 to March 31, 2009 Batting Average Returns are net of fees. Incept is March 31, 2004 to March 31, 2009 Batting Average
Account Reconciliation Trailing Returns through March 31, 2009 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2009 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2009 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 R1000V Standard Deviation Ending Value R2000V Standard Deviation
3/31/2009 Return Beta 3/31/2009 Return Beta 3/31/2009 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
4,168 Universe R-Squared 7,660 Universe R-Squared 3,134 Universe R-Squared
5,331 5th %-tile Sharpe Ratio -10 5th %-tile Sharpe Ratio 7 5th %-tile Sharpe Ratio
112 25th %-tile Treynor Ratio -1,071 25th %-tile Treynor Ratio -396 25th %-tile Treynor Ratio
9,612 50th %-tile Tracking Error 6,579 50th %-tile Tracking Error 2,745 50th %-tile Tracking Error
2009 75th %-tile Information Ratio 2009 75th %-tile Information Ratio 2009 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
    4,106 1 Yr 5 9,814   2 Qtrs   3 4,300 2 Qtrs 5
  6,357 -31.27 -0.3127 7 -11   -32.86 -0.3286 0 7 -36.33 -0.3633 3
    -852 13 58.33 -3,223   86   66.67 -1,562 63 Batting Average 37.5
9,612 -34.28 -0.3428 -23.11 6,579 -35 -0.3522 -21.93 2,745 -39.64 -0.3964 -27.11
12/31/1997 37 6.11 6/30/2008 4/9/1900 -6.46 3/31/2004 97 6.75
Incept -29.11 29.22 Incept -29 15.47 Incept -30.34 33.86
  10,999 -33.71 -36.45   10,493 -31 24.95 2,986 -34.36 -33.11
-7,413 -35.42 16.78 -13 -30.66 0.9 667 -36.09 Standard Deviation 24.57
                  - 6,025 -37.92 0.93 -3,901     -32 -2.46 -0.0246 -908 -36.89 Beta 0.93  
9,612    9,612,000 -42.05 0.99 6,579    6,579,000 -34 0.99 0.0099 2,745   2,745,000 -39.04 Annualized Alpha 0.16 0.0016
Investment Policy 2 Yr 0.97 Investment Policy 3 Qtrs -1.52 Investment Policy 3 Qtrs R-Squared 0.91
Index -15.8 -0.158 -0.77 Index -37.19 -0.3719 -42.13 Index -34.8 -0.348 -1.21
Russell 1000 Growth 9 -13.98 Russell 1000 Value 77 4.01 Russell 2000 Value 54 -31.84
Total -19.24 -0.1924 2.93 Total -39.18 -0.3918 0.5 Total -36.65 -0.3665 7.43
Weight 36 0.58 Weight 90 R1000V Weight 71 0.24
70 100 -14.97 R1000G 100 -33.38 3 100 -27.02 Policy R2000V
30 100 -18.28 6 100 -35.83 0 100 -32.06 6
100 50 Trailing Returns through March 31, 2009 -20.5 6 Trailing Returns through March 31, 2009 -36.4 33.33 Trailing Returns through March 31, 2009 -34.08 2
Trailing Returns through March 31, 2008 -8.57 Fund -22.22 41.67 Fund -37.1 -22.18 Fund -38.12 62.5
Fund 5.08 R1000G -24.01 -22.79 R1000V -40.4 -6.11 R2000V -38.24 -24.89
Policy     13.65 Diff   3 Yr   6.86 Diff   1 Yr   16.07 Diff 1 Yr #VALUE! 4.96
Diff 1 Yr FUND 0 -8.71 1 Yr 1 Yr FUND -9.58 -0.0958 29.65 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 1 Yr FUND -36.29 -0.3629 27.44 1 Yr -33.11 -0.3311 29.85
1 Yr UNIVERSE 11.19 ################################## UNIVERSE 11 -38.44 6/30/2008 UNIVERSE ################################# 1 ################################### 10 0.1 -38.89
-12.71 POLICY 0 1 -34.28 POLICY -11.28 -0.1128 17.8 Incept POLICY -38.32 -0.3832 0 -38.89 -38.89 -0.3889 25.21
-8.71 0 3.01 31 1 -37.19 -39.35 1 5.78 74 1
-4 1 2 Yr -8.86 0 -39.18 -42.02 -1.45 2 Yr -29.61 0
2 Yr -1.15 ################################## -11.07 1 1/1/1900 2 Yr -39.91 ################################### -34.3 1
################################# -12.9 -19.24 -12.14 -0.83 Fiscal Year Returns Ending September -22.06 0 -28.73 -36.14 -1.24
0.85 0 3.44 -13.54 -14.7 Fund -23.42 Diff 1.77 -39.23 -31.38
-2.2 Diff 3 Yr -15.47 0 R1000V -24.12 0 3 Yr -40.42 0
3 Yr 0 -9.58 4 Yr Diff Diff -25.74 0 ################################### 2 Yr = Diff
   1/2/1900   0   ################################## -4.74 -0.0474 -1    3/31/2009 2 Yr FUND ################################# -0.2825 33.34   ################################### -26.96 -0.2696 -1
   1/5/1900 0   1/1/1900 21 1    Qtr UNIVERSE 3 Yr 0.25   0.55 66 1
  -2.98   -0.9   4 Yr -5.72 -0.0572 16.66   -13.99 POLICY -11.1 -0.111 -0.35   4 Yr -28.73 -0.2873 -25
4 Yr 0.89 -4.74 38 -0.32 ################################ -12.78 -0.6 ################################### 95 -2.22
1/4/1900 2.02 1.79 ################################## -2.74 -0.75 1/2/1900 -13.38 -2.49 ################################### -20.95 1.79
1/6/1900 1.06 -4 0.98 -5.29 -0.43 2009   -14.4 -0.1 -0.49 -23.51 4.01
-1.99 0.12 0.13 5 Yr -6.15 1.99 YTD -16.6 -2.46 5 Yr -25.33 5.78
5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr -1.17 -0.08 -3.09 -7.33 -1.02 ################################ 4 Yr -0.01 ################################### -27.65 -0.64
3/31/2004 3 Yr -4.94 -4.38 -8.64 -0.07 ################################ -5.3 -0.07 ################################### -28.74 -0.07
Incept 2.48 -0.17 1.29 5 Yr 0.99 2.36 -7.02 -2.22 0.38 3 Yr #VALUE! 0.16
1/4/1900 3 YR FUND 99 0.99 -0.34 6 Yr 3 YR FUND -3.09 -0.0309 -0.03 2008 2007 2006 2005 2004 2003 2002 2001 2000   -7.63 -0.0763 4.01 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr -16.99 -0.1699 -0.09
1/6/1900 UNIVERSE 5.46 -5.47 1/1/1900 UNIVERSE 26 0.06 Returns in Up Markets   -8.41 -0.14 3/31/2004 75 0.75 0.03
-1.99 POLICY 54 0.54 4.69 0.92 POLICY -4.38 -0.0438 0.72 Fund   -10.84 -0.1084 -1.83 Incept -17.54 -0.1754 -0.46
Fiscal Year Returns Ending September 9.29 2 Yr 0.18 51 2.93 R1000V   5 Yr 3.34 -4.92 93 7.43
Fund 6.48 5 Yr # of Negative Qtrs 7 Yr -1.69 5 Yr 5 Yr Ratio -1.95 4 Yr -5.3 -10.74 3 Yr
Policy 5.57 # of Positive Qtrs ################################## -3.08 # of Negative Qtrs 6/30/2008 ################################# # of Negative Qtrs 0.38 -14.24 # of Negative Qtrs
Diff 4.79 Batting Average -3.6 -4.36 # of Positive Qtrs Incept -4.78 # of Positive Qtrs Fiscal Year Returns Ending September -15.85 # of Positive Qtrs
3/31/2008 3.37 Worst Qtr 1/0/1900 -5.32 Batting Average Returns in Down Markets -5.33 Batting Average Fund -17.11 Batting Average
Qtr 4 Yr Best Qtr 8 Yr -6.76 Worst Qtr Fund -6.93 Worst Qtr R2000V -17.71 Worst Qtr
################################# 4.02 Range ################################## 6 Yr Best Qtr R1000V 6 Yr Best Qtr Diff 4 Yr #VALUE! Best Qtr
################################# 99 Worst 4 Qtrs ################################## 1.1 0.011 Range Ratio 4.31 0.0431 Range 3/31/2009 -9.22 -0.0922 Range
1.57 6.01 Standard Deviation 1/1/1900 49 Worst 4 Qtrs 6/30/2008 1/2/1900 Worst 4 Qtrs Qtr 81 0.81 Worst 4 Qtrs
2008 64 Beta 9 Yr 0.92 0.0092 Standard Deviation Incept 0.97 0.0097 Standard Deviation -12.65 -8.73 -0.0873 Standard Deviation
YTD 9.49 Annualized Alpha ################################## 54 Beta -37.2 0.5 Beta ################################### 74 Beta
################################# 7.35 R-Squared ################################## 3.51 Annualized Alpha ################################ -0.73 Annualized Alpha 6.99 -3.22 Annualized Alpha
-12.7 6.39 Sharpe Ratio 3.37 1.99 R-Squared 94.9 7 Yr R-Squared 2009 -6.16 R-Squared
-3.11 5.72 Treynor Ratio 10 Yr 1.05 Sharpe Ratio YTD -0.06 Sharpe Ratio YTD -6.99 Sharpe Ratio
2007 4.77 Tracking Error ################################## -0.1 Treynor Ratio ################################ -1.83 Treynor Ratio ################################### -9.2 Treynor Ratio
1/13/1900 5 Yr Information Ratio ################################## -1.07 Tracking Error ################################ -2.86 Tracking Error ################################### -9.68 Tracking Error
13.3 16.12 Fund 2.87 7 Yr Information Ratio -0.14 -3.49 Information Ratio 3.31 5 Yr Information Ratio
-0.13 5 YR FUND 14.16 0.1416 4 12/31/1997 5 YR FUND -2.9 -0.029 Fund Fund 2007 -4.47 -0.0447 Fund 2008 -4.92 -0.0492 Fund
2006 UNIVERSE 13.2 4 Incept UNIVERSE 40 7 1/13/1900   8 Yr 6 ################################### 74 6
11.07 POLICY 12.39 0.1239   62.5 1/1/1900 POLICY -3.6 -0.036 13 14.45   1.12 0.0112 10 -12.25 -5.3 -0.053 6
1/11/1900 11.7 Batting Average -9.47 ################################## 62 Batting Average 55 ################################   -0.92 31.25 -3.53 75 41.67
-0.74 6 Yr 7.59 2.66 -1.09 -23.11 2006 -2.12 -8.13 2007 0.43 -27.11
6/27/1905 8.92 17.06 Fiscal Year Returns Ending September -2.46 10.86 1/11/1900 -3.04 8.88 1/12/1900 -3.27 9.61
1/11/1900 6.86 -12.71 Fund -3.16 33.97 14.62 -3.77 17.01 1/6/1900 -3.32 36.72
13.96 5.93 9.84 R1000G -4.32 -36.45 ################################ Fiscal Year Returns Ending September -23.7 6.29 -5.37 -33.11
-2.79 5.15 Standard Deviation 0.96 Diff -5.37 Standard Deviation 14.43 2005 Fund 9.88 2006 -5.84 21.54
2004 2003 2002 2001 2000 1999 4.14 Beta -2.1   3/31/2009 8 Yr Beta 0.94 1/10/1900 Return 0.87   1/9/1900 6 Yr 0.94
Returns in Up Markets 7 Yr Annualized Alpha 0.87 0.0087 Qtr -2.19 Annualized Alpha 1.06 0.0106 1/16/1900 %-tile -1.68 -0.0168 1/14/1900 7.94 -0.48 -0.0048
Fund 8.61 R-Squared -0.6 -0.91 29 R-Squared 0.97 ################################ R1000V 0.89 ################################### 5.4 0.89
Policy 7.29 -6.19 -4.12 -3.4 -0.43 6/26/1905 Return -0.19 2005 4.47 -0.95
Ratio 6.41 3.62 3.21 56 -6.54 1/16/1900 %-tile ####### -2.14 1/12/1900 4 -21.71
1 Yr 5.65 -0.61 2009 -0.46 2.57 1/20/1900 Universe 3.58 17.75 3.29 7.13
1/6/1900 4.87 Policy YTD -2.13 0.5 ################################ 5th %-tile ####### -0.63 -4.82 7 Yr 0.08
5.1 8 Yr Policy 4 -23.81 -3.15 Policy R1000G 2003 2002 2001 2000 1999 25th %-tile R1000V 2004 2003 2002 2001 2000 4.11 R2000V
117.5 8.67 4 -25.97 -4.25 8 Returns in Up Markets 50th %-tile ####### 5 Returns in Up Markets 1.02 7
2 Yr 7.07 37.5 2.16 -5.14 12 Fund 75th %-tile 11 Fund 0.62 5
20 5.68 -8.57 2008 9 Yr 45 R1000V 95th %-tile ####### 68.75 R2000V 0.14 58.33
19.2 3.75 7.4 -17.28 -5.48 -22.79 Ratio Qtr -8.72 Ratio -1.97 -24.89
104.2 2.26 15.97 -20.88 35 9.17 3 Yr -13.99 -0.1399 10.38 2 Yr 8 Yr 9.03
3 Yr Fiscal Year Returns Ending September -8.71 3.6 -8.85 31.96 1/15/1900 88 19.1 1/9/1900 6.63 33.92
1/15/1900 Fund 9.52 2007 85 -38.44 16.9 -16.77 -0.1677 -23.56 7.4 4.07 -38.89
17.3 Return Standard Deviation 1 1/19/1900 -1.75 Standard Deviation 15.07 88.4 100 10.67 126 3.64 21.78
88.2 %-tile 0 19.35 -4.95 1 4 Yr -9.33 1 3 Yr QU. FUND 3.12 0.0312 1
3/31/2004 Policy 1 -0.03 -6.59 0 1/13/1900 -10.98 0 1/18/1900 UNIVERSE 1.24 0
Incept Return -0.39 2006 -8.1 1 16.8 -11.18 1 17.1 POLICY Fiscal Year Returns Ending September #VALUE! 1
1/16/1900 %-tile -3.74 4.42 -10.38 -0.49 3/19/1900 -12.46 0.04 108 Fund -0.96
18.9 Universe 0 6.03 10 Yr -7.44 5 Yr QU. FUND -15.39 0.39 4 Yr Return #VALUE! -20.96
89 5th %-tile Diff -1.61 -2.39 0 1/14/1900 UNIVERSE YTD 0 1/18/1900 %-tile 0
Returns in Down Markets 25th %-tile 0 2005 35 Diff 17.8 POLICY -32.86 Diff 20 R2000V #VALUE! Diff
Fund 50th %-tile 0 12.97 -5.26 -1 80.2 86 1 92.8 Return -1
Policy 75th %-tile   25 11.6 86   1 12/31/2002 -35.22 -0.3522 -1 3/31/2004 %-tile #VALUE! 1
Ratio 95th %-tile -0.9 1.37 0.53 10 Incept 100 -37.5 Incept Universe -16.66
1 Yr Qtr   0.19 2004 -1.91   -0.32 18 -29 -0.29 0.59 20.1 5th %-tile #VALUE! -2.22
-17.6 -7 1.09 4.45 -3.03 1.69 20.6 -30.5 -1.5 19.9 25th %-tile #VALUE! 0.58
################################# 7 -4 1/7/1900 -4.36 2.01 3/27/1900 -30.66 -0.3066 -2.09 101.1 50th %-tile #VALUE! 2.8
134.2 -8.57 0.32 -3.06 -7.22 1.99 Returns in Down Markets -31.77 -0.14 Returns in Down Markets 75th %-tile #VALUE! 5.78
2 Yr 46 -0.04 2003 Fiscal Year Returns Ending September -0.64 Fund -34 -0.34 -0.79 Fund 95th %-tile #VALUE! -0.24
-18.9 -6.78 -2.1 1/20/1900 Fund -0.06 R1000V 2008 -0.13 R2000V Qtr -0.06
################################# -7.9   -0.13 1/25/1900 Return   1.06 Ratio -19.27 -0.1927 -1.68 Ratio -12.65 -0.1265 -0.48
128.7 -8.75 -0.21 -5.89 %-tile -0.03 3 Yr -20.95 -0.11 2 Yr 19 -0.11
3 Yr -9.5   -2.45 2002 R1000G   0.06 -19.8 -22.24 -0.2224 -0.23 -38 -19.64 -0.1964 0.01
-18.9 -10.48 3.62 ################################## Return 0.9 -19.5 -23.9 -2.53 -39.3 97 -0.75
################################# QU. FUND YTD ####### 3 Yr ################################## %-tile 2.57 101.6 -26.89 3.58 96.7 -5.07 7.13
128.7 UNIVERSE -15.81 # of Negative Qtrs 4.82 Universe 10 Yr 4 Yr 2007 Incept 5 Yr 3 Yr -12.92 4 Yr
3/31/2004 POLICY 98 0.98 # of Positive Qtrs 2001 5th %-tile # of Negative Qtrs -19.8 20.22 # of Negative Qtrs -35.6 -13.98 # of Negative Qtrs
Incept -12.7 Batting Average -33.13 25th %-tile # of Positive Qtrs -19.5 16.41 # of Positive Qtrs -35.8 -15.81 # of Positive Qtrs
################################# 54 Worst Qtr ################################## QU. FUND 50th %-tile Batting Average 4/10/1900 2004 FUND 15.87 0.1587 Batting Average 99.4 -19.3 Batting Average
-12.4 -9.88 Best Qtr 12.51 UNIVERSE 75th %-tile Worst Qtr 5 Yr UNIVERSE 14.3 Worst Qtr 4 Yr YTD Worst Qtr
114.6 -11.53 Range 2000 POLICY 95th %-tile Best Qtr -19.8 POLICY 9.99 0.0999 Best Qtr -35.6 -36.33 Best Qtr
S&P500 -12.52 Worst 4 Qtrs 26.61 Qtr Range -19.5 2006 Range -35.8 63 Range
Ratio -13.62   Standard Deviation 1/23/1900 -0.91 -0.0091 Worst 4 Qtrs 101.6 16.37 Worst 4 Qtrs 99.4 -39.64 Worst 4 Qtrs
3 Yr -15.19 Beta 3.18 16 Standard Deviation 12/31/2002 13.4 Standard Deviation 3/31/2004 97 Standard Deviation
-40.5 2007   Annualized Alpha Returns in Up Markets -4.12 -0.0412 Beta Incept 11.69 Beta Incept -30.34 Beta
-40.8 13.17 R-Squared Fund 36 Annualized Alpha -19 10.54 Annualized Alpha -33 -34.36 Annualized Alpha
99.2 83 Sharpe Ratio R1000G 1.06 R-Squared -19.3 9.02   R-Squared -33.5 -36.09 R-Squared
5 Yr 13.3 Treynor Ratio Ratio -3.28 Sharpe Ratio 4/7/1900 2005 Sharpe Ratio 98.6 -36.89 Sharpe Ratio
-31 82 Tracking Error 3 Yr -5.12 Treynor Ratio 2003 FUND 20.46 0.2046 Treynor Ratio -39.04 Treynor Ratio
-30.9 20.14 Information Ratio 14.6 -7.93 Tracking Error UNIVERSE 16.44 Tracking Error 2008 Tracking Error
100.2 16.71   Fund 1/16/1900 -10.36   Information Ratio POLICY 13.52 0.1352 Information Ratio -15.78 Information Ratio
6 Yr 15.09 4 3/28/1900 YTD Fund 11.94 Fund 80 Fund
-30.8 13.63   8 5 Yr -23.81   16 8.08 8 -12.25 6
-31.3 11.48 50 1/15/1900 15 24 2004   12 29 10
98.5 2003 FUND 2006 20.06 -9.47 1/16/1900 -25.97 50 22.43   Batting Average 35 -8.19 43.75
12/31/1997 UNIVERSE 11.07 7.59 4/1/1900 35 -23.11 18.97 -8.13 -11.35 -27.11
Incept POLICY 44 0.44 17.06 10 Yr -21.33 18.83 16.46   14.81 -14.45 13.53
-30.8 11.81 -12.71 24.1 -25.12 41.94 13.68 22.94 -14.96 40.64
-31.3 28 9.18 28 2004 FUND -27.33 -0.2733 -36.45 2002 FUND 12.94   -23.7 -17.49 -33.11
4/7/1900 13.63 0.91 3/26/1900 UNIVERSE -29.33 17.29 UNIVERSE 2003 Standard Deviation 9.85 2007 20.52
11.93   -2.35 12/31/1997 POLICY -31.82 -0.3182 0.81   NA 30.35   Beta 0.88 12.37 0.94
10.71 0.87 0.0087 Incept 2008 1.65 0.0165 24.38 Annualized Alpha -1.57 -0.0157 55 -0.97 -0.0097
8.99   -0.19 28.7 -17.28 0.95 23.68   R-Squared 0.87 6.08 0.9
6.6 -1.9 2/1/1900 10 -0.32 20.82 0.15 100 -0.62
2002 FUND 2005 20.05 3.47 87.6 -20.88   -6.89 16.84 1.72 23.98 -13.46
UNIVERSE 11.17 -0.86 Returns in Down Markets 32 5.6 2002 3.72 15.39 6.46
POLICY 95 0.95 Policy Fund -15.25   0.51 -8.42 -0.68 12.62 -0.08
13.96 4 R1000G -20.07 R1000G -14.52 Policy R1000V 9.91 R2000V
66 8 Ratio 2003 FUND -22.53 -0.2253 18   -17.87   5 7.04 7
22.41 50 3 Yr UNIVERSE -25.72 22   -20.64 15 2006 9
17.21   -8.57 -28.7 POLICY -29.44 -0.2944 50   -22.25   65 9.21 56.25
14.97 7.4 -32.4 2007 -22.79 2001 -8.72 55 -24.89
13.26   15.97 88.5 19.32 25.14 13.27 14.19 14 13.5
11.01 -8.71 5 Yr 46 47.93 -2.26 22.91 1 38.39
2001 FUND 2004 20.04 9.37 ################################## 19.35   -45.64   -10.64 -23.56 13.25 -38.89
UNIVERSE 23.62 1 ################################## 46 20.87   -26.62 Standard Deviation 10.43 11.5 20.69
POLICY 19.76 0.1976 0 3/27/1900 27.74   1   -26.99 1 9.78 1
17.24 1 10 Yr 21.53 0 11.74 0 6.28 0
15.21 0.13 -27.2 2002 FUND 18.79 0.1879 1 8.75   1 -2.91 1
12.19 1.25 -34.4 UNIVERSE 15.69 -0.4 2004 0.39 2005 -0.59
2003   0 79.1 POLICY 10.15 0.1015 -8.45 16.73   4.03 12.93 -12.16
27.84 Diff 12/31/1997 2006 0 43 0 91 0
25.03   0 Incept 4.42 Diff 20.52 Diff 17.75 Diff
23.22 0 -27 65 -2 10 3 71 -1
2000 FUND 20.96 0.2096 0 -34.3 6.03   2 22.45 -3 24.63 1
UNIVERSE 18.02 -0.9 78.7 49 0 18.97 -30 21.81 -12.5
POLICY 2002 20.02 0.19 11.56   -0.32 16.22 0.59 20.3 -2.22
-5.31 1.09 8.5 -6.31 13.84 0.62 16.98 0.03
-10.93 -4 2001 FUND 5.96 0.0596 -5.99 13.19 0.03 11.37 2.25
-13.63 -0.19 UNIVERSE 3.16 9.19 2003 -0.14 2004 5.78
-15.7   -0.09 POLICY -3.37 -0.0337 -3.58 29.45 -0.58 33.25 -0.17
-18.62 -2.35 2005 -0.19 24.5 -0.12 24.88 -0.06
2001   -0.13 12.97 1.65 23.64 -1.57 22.79 -0.97
4.41 -0.32 63 -0.05 20.59 -0.13 19.56 -0.1
1999 FUND -3.06 -0.0306 -3.15 11.6   0.08 16.24 -0.24 13.41 -0.03
UNIVERSE -8.63 3.47 74 1.56 2002 -2.31 2003 -1.3
POLICY -15.13 -0.1513 Incept 26.56   5.6 -8.3 3.72 36.11 6.46
-20.75 # of Negative Qtrs 18.97 Incept -14.37 Incept 29.71 Incept
2000 # of Positive Qtrs 2000 FUND 14.4 0.144 # of Negative Qtrs -17.9 # of Negative Qtrs 26.15 # of Negative Qtrs
22.04 Batting Average UNIVERSE 11.48 # of Positive Qtrs -20.69 # of Positive Qtrs 22.71 # of Positive Qtrs
15.71 Worst Qtr POLICY 7.67 0.0767 Batting Average -22.62 Batting Average 14.77 Batting Average
11.94 Best Qtr 2004 Worst Qtr 2001 Worst Qtr 2002 Worst Qtr
7.53 Range 4.45 Best Qtr 7.8 Best Qtr 9.49 Best Qtr
2.05 Worst 4 Qtrs 88 Range -2.53 Range 2.65 Range
1998 FUND 30.71 Standard Deviation 7.51 Worst 4 Qtrs -10.48 Worst 4 Qtrs -2.41 Worst 4 Qtrs
UNIVERSE 16 Beta 63 Standard Deviation -26.59 Standard Deviation -6.84 Standard Deviation
POLICY 28.58 Annualized Alpha 17.89 Beta -27.09 Beta -14.06 Beta
25 R-Squared 11.72 Annualized Alpha 2000 Annualized Alpha 2001 Annualized Alpha
35.85 Sharpe Ratio 8.74 R-Squared 26.23 R-Squared 14.31 R-Squared
28.5 Treynor Ratio 6.26 Sharpe Ratio 16.75 Sharpe Ratio 8.77 Sharpe Ratio
25.14 Tracking Error 2.04 Treynor Ratio 12.87 Treynor Ratio 3.66 Treynor Ratio
17.48 Information Ratio 2003 Tracking Error 7.17 Tracking Error -5.01 Tracking Error
7.55 Fund 20.02 Information Ratio 1.36 Information Ratio -19.22 Information Ratio
1997 6 63 Fund Fund Fund
36.26 10 25.91 17 9 8
32.81 43.75 19 28 14 12
30.27 -9.47 34.24 48.89 43.48 45
25.81 9.74 24.4 -23.11 -8.13 -27.11
15.95 19.21 21.58 21.83 17.8 13.53
1996 -12.71 18.63 44.94 25.93 40.64
28.82 8.97 13.1 -36.45 -23.7 -33.11
23.34 0.89 2002 18.28 10.39 19.58
21.69 -1.22 -17.69 0.81 0.9 0.93
18.67 0.86 19 2.12 -0.71 -0.0071 0.15 0.0015
13.52 0.05 -22.51 0.96 0.88 0.88
0.53 60 -0.11 0.4 -0.41
3.51 -12.54 -2.54 4.58 -8.58
-0.57 -18.67 5.67 3.78 7
Policy -21.5 0.47 -0.43 0.05
6 -24.59 R1000G R1000V R2000V
10 -30.7 19 6 8
56.25 2001 26 17 12
-8.57 -33.13 51.11 56.52 55
10.43 24 -22.79 -8.72 -24.89
19 -45.64 26.74 17.27 13.5
-8.71 74 49.53 25.99 38.39
9.37 -27.62 -45.64 -23.56 -38.89
1 -33.35 22.04 10.79 19.62
0 -38.5 1 1 1
1 -46.64 0 0 0
0.26 -56.07 1 1 1
2.46 -0.21 0.53 -0.43
0 -4.72 5.76 -8.36
Diff 0 0 0
0 Diff Diff Diff
0 -2 3 0
-12.5 2 -3 0
-0.9 -2.22 -13.04 -10
-0.69 -0.32 0.59 -2.22
0.21 -4.91 0.53 0.03
-4 -4.59 -0.06 2.25
-0.4 9.19 -0.14 5.78
-0.11 -3.76 -0.4 -0.04
-1.22 -0.19 -0.1 -0.07
-0.14 2.12 -0.71 0.15
-0.21 -0.04 -0.12 -0.12
-1.93 0.1 -0.13 0.02
3.51 2.18 -1.18 -0.22
3.51 5.67 3.78 7