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 Buckhead (Small Cap Equity + Cash) 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 (R1000G) DHJ Large Cap Growth Equity (R1000G) DHJ Large Cap Growth Equity (R1000G) Buckhead + C &S (incl. cash) (C&S incept. 7/1/08) Buckhead + C &S (incl. cash) (C&S incept. 7/1/08) Buckhead + C &S (incl. cash) (C&S incept. 7/1/08) Buckhead (Small Cap Equity + Cash) Universe Comparisons 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 Broad Small Cap Value Core Risk Measures
Inception date is March 31, 2004 70% Broad LC V Core. 30% Broad SCV Core 1 Yr 49 Broad Large Cap Growth Equity 54 57 Broad Large Cap Value Core Equity 61 64 66 68
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 51 3 Yr Inception date is December 31, 2002 59 3 Yr Inception date is March 31, 2004 Returns are in percent. "%-tile" is the percentile ranking within the universe. Incept 2 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 for periods exceeding one year are annualized. # of Negative Qtrs
Returns are net of fees. Incept is March 31, 2004 to March 31, 2008 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. Incept is March 31, 2004 to June 30, 2008 # of Positive Qtrs
Account Reconciliation Trailing Returns through March 31, 2008 Worst Qtr Returns are gross of fees. Incept is December 31, 1997 to June 30, 2008 Batting Average Returns are net of fees. Incept is December 31, 2002 to June 30, 2008 Batting Average Returns are net of fees. Trailing Returns through June 30, 2008 Batting Average
Beginning Value Fund Best Qtr Account Reconciliation Trailing Returns through June 30, 2008 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2008 Worst Qtr Account Reconciliation Fund Worst Qtr
Net Flows Return Range Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr Beginning Value Return Best Qtr
Investment G/L %-tile Worst 4 Qtrs Net Flows Return Range Net Flows Return Range Net Flows %-tile Range
Ending Value Policy Standard Deviation Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs Investment G/L R2000V Worst 4 Qtrs
3/31/2008 Return Beta Ending Value R1000G Standard Deviation Ending Value R1000V Standard Deviation Ending Value Return Standard Deviation
Qtr %-tile Annualized Alpha 6/30/2008 Return Beta 6/30/2008 Return Beta 6/30/2008 %-tile Beta
18,911 Universe R-Squared Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr Universe Annualized Alpha
-2,501 5th %-tile Sharpe Ratio 4,141 Universe R-Squared 11,010 Universe R-Squared 4,095 5th %-tile R-Squared
-1,305 25th %-tile Treynor Ratio -12 5th %-tile Sharpe Ratio -18 5th %-tile Sharpe Ratio -1 25th %-tile Sharpe Ratio
15,105 50th %-tile Tracking Error 25 25th %-tile Treynor Ratio -499 25th %-tile Treynor Ratio 106 50th %-tile Treynor Ratio
2,008 75th %-tile Information Ratio 4,154 50th %-tile Tracking Error 10,493 50th %-tile Tracking Error 4,200 75th %-tile Tracking Error
YTD 95th %-tile Fund 2008 75th %-tile Information Ratio 2008 75th %-tile Information Ratio 2008 95th %-tile Information Ratio
20,893 2 Qtrs 3 YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 2 Qtrs Fund
-2,504   -15.81   1 6,597 1 Yr 2 15,784   2 Qtrs   5 5,109 -4.8 3
-3,284   98 50 -1,930 -2.22 -0.0222 10 -2,520   -11.21 7 -2 1 0.01 5
15,105   -12.7   -9.47 -513 20 50 -2,770   29   33.33 -907 -9.84 Batting Average 50
38,077 54 5.97 4,154 -5.96 -0.0596 -8.37 10,493 -13.57 -8.13 4,200 50 0.5 -13.6
Incept -9.88 15.44 12/31/1997 42 6.11 12/31/2002 67 6.95 3/31/2004 -6.19 9.61
13,788 -11.53 -12.71 Incept 2.17 14.48 Incept -9.59 15.08 Incept -6.87 23.21
  -1,464 -12.52 11.32 10,999 -3.56 -2.22   6,658 -10.95 -18.88 2,986 -9.87 -23.35
2,781 -13.62 0.92 -14,181 -7.03 10.09 -790 -12.27 10.02 661 -15.52 Standard Deviation 15.24
15,105    15,105,000 -15.19 -4.94 7,336 -11.06 0.92 4,625     -14.04 0.89   554 -19.79 Beta 1.01  
Investment Policy 3 Qtrs 0.83 4,154    4,154,000 -16.5 0.47 10,493  10,493,000 -16.76 -1.8 -0.018 4,200   4,200,000 3 Qtrs Annualized Alpha 1.19 0.0119
Index -17.62 -1.49 Investment Policy 2 Yr 0.95 Investment Policy 3 Qtrs 0.87 Investment Policy -17.75 R-Squared 0.78
S&P 500 98 -18.37 Index 6.06 0.0606 0.18 Index -18.43 -0.28 Index 66 0.66 -0.52
Russell 2000 Value -13.13 4.69 Russell 1000 Growth 28 1.97 Russell 1000 Value 77 -3.2 Russell 2000 Value -16.4 -7.92
Total 49 -0.85 Total 5.8 0.058 2.47 Total -18.58 3.78 Total 61 0.61 7.16
Weight -9.5 Policy Weight 30 0 Weight 79 -0.6 Weight -11.17 0.11
70 -12 3 100 10.21 R1000G 100 -12.09 R1000V 100 -14.07 Policy R2000V
30 -13.17 1 100 6.39 3 100 -14.53 4 100 -16.13 4
100 -14.57 50 Trailing Returns through June 30, 2008 4.41 9 Trailing Returns through June 30, 2008 -16.22 8 Trailing Returns through June 30, 2008 -21.35 4
Trailing Returns through March 31, 2008 -16.82 -8.57 Fund 2.38 50 Fund -18.26 66.67 Fund -26.65 50
Fund 1 Yr 5.08 R1000G -0.72 -10.18 R1000V -23.07 -8.72 R2000V 1 Yr -7.27
Policy   -12.71   13.65 Diff   3 Yr   6.86 Diff   1 Yr   8 Diff -23.35 -0.2335 9.03
Diff 1 Yr FUND 96 0.96 -8.71 1 Yr 1 Yr FUND 5.92 0.0592 17.04 1 Yr 1 Yr FUND -18.88 -0.1888 16.72 1 Yr 71 0.71 16.3
1 Yr UNIVERSE -8.71 11.19 ################################## UNIVERSE 41 -5.96 ################################ UNIVERSE 79 -18.78 ################################### -21.63 -0.2163 -21.63
-12.71 POLICY 65 0.65 1 -5.96 POLICY 5.91 0.0591 10.7 -18.78 POLICY -18.78 -0.1878 10.58 -21.63 64 0.64 13.28
-8.71 -3.01 0 3.74 41 1 -0.1 78 1 -1.72 -16.43 1
-4 -6.65 1 2 Yr 9.66 0 2 Yr -10.49 0 2 Yr -19.15 0
2 Yr -8.04 -1.15 1/6/1900 7.02 1 ################################ -13.52 1 ################################### -20.45 1
################################# -9.6 -12.9 5.8 5.49 0.17 -0.51 -15.64 -0.05 -4.63 -26.79 -0.66
0.85 -12.53 0 0.26 4.07 1.8 -0.91 -18.41 -0.58 0.82 -32.05 -8.82
-2.2 2 Yr Diff 3 Yr 1.41 0 3 Yr -25.31 0 3 Yr 2 Yr 0
3 Yr -1.35 0 5.92 4 Yr Diff 1/1/1900 2 Yr Diff 1/1/1900 -3.81 = Diff
   1/2/1900 97   0   1/5/1900 5.41 0.0541 -1    1/3/1900 2 Yr FUND -1.42 -0.0142 1   1/1/1900 60 0.6 -1
   1/5/1900 0.85 0   1/0/1900 49 1    -2.27 UNIVERSE 83 -1   -0.22 -4.63 1
  -2.98 60   -0.9   4 Yr 4.84 0.0484 0   4 Yr POLICY -0.51 -0.0051 -33.34   4 Yr 71 0.71 0
4 Yr 4.05 0.89 5.41 61 1.81 1/3/1900 75 0.59 1/2/1900 -0.24 -6.33
1/4/1900 2.02 1.79 1/4/1900 8.62 -0.75 1/6/1900 4.22 -1.05 1/4/1900 -2.54 0.58
1/6/1900 1.06 -4 0.57 6.43 -2.56 -2.87   2.27 -1.64 -2.08 -3.17 6.91
-1.99 0.12 0.13 5 Yr 5.35 3.74 5 Yr 0.96 -0.1 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr -6.79 -1.72
5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr -1.17 -0.08 6.97 3.95 -0.61 1/6/1900 -0.58 -0.56 3/31/2004 -9.7 1.96
3/31/2004 3 Yr -4.94 7.32 1.7 -0.08 1/8/1900 -4.92 -0.11 Incept 3 Yr 0.01
Incept 2.48 -0.17 -0.35 5 Yr 0.47 -2.1 3 Yr -1.8 4.22 1.17 0.0117 1.19
1/4/1900 3 YR FUND 99 0.99 -0.34 6 Yr 3 YR FUND 6.97 0.0697 -0.05 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr   1.26 0.0126 -0.13 4.43 71 0.71 -0.22
1/6/1900 UNIVERSE 5.46 -5.47 1/5/1900 UNIVERSE 64 0.01 37621.00   89 -0.23 ################################### 1.39 0.0139 0.14
-1.99 POLICY 54 0.54 4.69 6.58 POLICY 7.32 0.0732 0.17 Incept   3.53 0.0353 -2.62 Fiscal Year Returns Ending September 64 0.64 0.9
Fiscal Year Returns Ending September 9.29 2 Yr -1.08 57 2.47 8.59   61 3.78 Fund 4.72 7.16
Fund 6.48 5 Yr # of Negative Qtrs 7 Yr 10.43 5 Yr 5 Yr 1/10/1900 7.44 4 Yr R2000V 2.52 3 Yr
Policy 5.57 # of Positive Qtrs 1/1/1900 8.58 # of Negative Qtrs ################################ 5.24 # of Negative Qtrs Diff 1.58 # of Negative Qtrs
Diff 4.79 Batting Average 1.07 7.71 # of Positive Qtrs Fiscal Year Returns Ending September 4.08 # of Positive Qtrs 6/30/2008 0.31 # of Positive Qtrs
3/31/2008 3.37 Worst Qtr 1/0/1900 6.26 Batting Average Fund 2.75 Batting Average Qtr -5.88 Batting Average
Qtr 4 Yr Best Qtr 8 Yr 3.99 Worst Qtr R1000V -0.94 Worst Qtr 2.59 4 Yr Worst Qtr
################################# 4.02 Range ################################## 6 Yr Best Qtr Diff 4 Yr Best Qtr ################################### 2.42 0.0242 Best Qtr
################################# 99 Worst 4 Qtrs ################################## 5.5 0.055 Range 6/30/2008 3.19 0.0319 Range 1/6/1900 78 0.78 Range
1.57 6.01 Standard Deviation 1/3/1900 69 Worst 4 Qtrs Qtr 88 Worst 4 Qtrs 2008 4.5 0.045 Worst 4 Qtrs
2008 64 Beta 9 Yr 6.58 0.0658 Standard Deviation -4.55 6.06 0.0606 Standard Deviation YTD 54 0.54 Standard Deviation
YTD 9.49 Annualized Alpha 1/0/1900 37 Beta -5.31 32 Beta ################################### 7.11 Beta
################################# 7.35 R-Squared ################################## 9.08 Annualized Alpha 1/0/1900 8.62 Annualized Alpha -16.4 5.51 Annualized Alpha
-12.7 6.39 Sharpe Ratio 2.57 7.04 R-Squared 2008 6.59 R-Squared -1.35 4.59 R-Squared
-3.11 5.72 Treynor Ratio 10 Yr 6.1 Sharpe Ratio YTD 5.01 Sharpe Ratio 2007 3.51 Sharpe Ratio
2007 4.77 Tracking Error 1/3/1900 5.06 Treynor Ratio ################################ 4.06 Treynor Ratio 1/12/1900 -0.21 Treynor Ratio
1/13/1900 5 Yr Information Ratio 1/0/1900 3.63 Tracking Error ################################ 0.83 Tracking Error 1/6/1900 5 Yr Tracking Error
13.3 16.12 Fund 2.33 7 Yr Information Ratio 0.15 5 Yr Information Ratio 6.29 12.93 Information Ratio
-0.13 5 YR FUND 14.16 0.1416 4 12/31/1997 5 YR FUND 1.9 0.019 Fund Fund 2007 6.82 0.0682 Fund 2006 11.23 Fund
2006 UNIVERSE 13.2 4 Incept UNIVERSE 48 5 1/13/1900   76 6 1/9/1900 10.34 4
11.07 POLICY 12.39 0.1239   62.5 1/5/1900 POLICY 1.07 0.0107 15 14.45   8.92 0.0892 10 14 8.22 8
1/11/1900 11.7 Batting Average -9.47 1/2/1900 65 Batting Average 45 ################################   30 31.25 -4.79 5.43 50
-0.74 6 Yr 7.59 2.45 4.43 -8.37 2006 11.09 -8.13 2005 6 Yr -13.6
6/27/1905 8.92 17.06 Fiscal Year Returns Ending September 2.9 10.86 1/11/1900 9.17 8.88 1/12/1900 13.75 13.53
1/11/1900 6.86 -12.71 Fund 1.73 19.23 14.62 7.75 17.01 1/17/1900 9.09 27.13
13.96 5.93 9.84 R1000G 0.67 -2.22 ################################ 6.86 -18.88 -4.82 7.5 -23.35
-2.79 5.15 Standard Deviation 0.96 Diff -1.23 Standard Deviation 8.91 2005 4.82 9.44 2004 2003 2002 2001 2000 1999 6.09 14.79
2004 2003 2002 2001 2000 1999 4.14 Beta -2.1   6/30/2008 8 Yr Beta 0.89 1/10/1900 6 Yr 0.88   Returns in Up Markets 4.92 1.01
Returns in Up Markets 7 Yr Annualized Alpha 0.87 0.0087 Qtr -1.33 Annualized Alpha 0.4 0.004 1/16/1900 9.31 -2.02 -0.0202 Fund 7 Yr -0.02 -0.0002
Fund 8.61 R-Squared -0.6 0.58 55 R-Squared 0.93 ################################ 7.43 0.86 R2000V 11.75 0.81
Policy 7.29 -6.19 1.25 -4.57 0.44 6/26/1905 6.36 -0.04 Ratio 9.73 -0.2
Ratio 6.41 3.62 -0.67 87 4.39 1/16/1900 5.66 -0.45 2 Yr 6.89 -2.91
1 Yr 5.65 -0.61 2008 2.85 2.53 1/20/1900 3.71 3.68 20.7 6.09 6.39
1/6/1900 4.87 Policy YTD 0.81 -0.14 ################################ 7 Yr -0.78 16.1 3.27 -0.03
5.1 8 Yr Policy 4 -7.77 -0.86 Policy R1000G 2003 2002 2001 2000 1999 6.92 R1000V 128.9 8 Yr R2000V
117.5 8.67 4 -9.75 -3.15 5 Returns in Up Markets 4.83 4 3 Yr 14.73 5
2 Yr 7.07 37.5 1.98 -6.12 15 Fund 3.69 12 22.4 11.61 7
20 5.68 -8.57 2007 9 Yr 55 R1000V 2.33 68.75 19.6 9.4 50
19.2 3.75 7.4 19.32 0.96 -10.18 Ratio 0.94 -8.72 114.6 6.59 -7.27
104.2 2.26 15.97 19.35 48 10.41 3 Yr 8 Yr   10.38 4 Yr 4.11 13.5
3 Yr Fiscal Year Returns Ending September -8.71 -0.03 -1.61 20.59 1/13/1900 8.26 19.1 1/19/1900 Fiscal Year Returns Ending September 20.77
1/15/1900 Fund 9.52 2006 85 -5.96 16.9 6.41   -18.78 21.5 Fund -21.63
17.3 Return Standard Deviation 1 1/4/1900 5.26 Standard Deviation 9.62 77.8 4.27 9.98 90.8 Return 13.23
88.2 %-tile 0 6.03 2.22 1 4 Yr 1.26 1 3/31/2004 QU. FUND %-tile #VALUE! 1
3/31/2004 Policy 1 -1.61 0.86 0 1/11/1900 -0.46 0 Incept UNIVERSE R2000V 0
Incept Return -0.39 2005 -0.57 1 15.9 Fiscal Year Returns Ending September 1 21.1 POLICY Return #VALUE! 1
1/16/1900 %-tile -3.74 12.97 -4.46 0.44 3/14/1900 Fund 0.25 19.8 %-tile -0.21
18.9 Universe 0 11.6 10 Yr 4.26 5 Yr QU. FUND Return 2.47 106.7 Universe #VALUE! -2.72
89 5th %-tile Diff 1.37 3.29 0 1/14/1900 UNIVERSE %-tile 0 Returns in Down Markets 5th %-tile 0
Returns in Down Markets 25th %-tile 0 2004 40 Diff 17.2 POLICY R1000V Diff Fund 25th %-tile #VALUE! Diff
Fund 50th %-tile 0 4.45 0.96 0 83.8 Return 2 R2000V 50th %-tile -1
Policy 75th %-tile   25 7.51 86   0 12/31/2002 %-tile ####### -2 Ratio 75th %-tile #VALUE! 1
Ratio 95th %-tile -0.9 -3.06 7.25 -10 Incept Universe -37.5 2 Yr 95th %-tile 0
1 Yr Qtr   0.19 2003 4.15   1.81 18 5th %-tile ####### 0.59 -23.3 Qtr #VALUE! -6.33
-17.6 -7 1.09 20.02 2.88 0.45 20.6 25th %-tile -1.5 -21.6 2.59 0.0259 0.03
################################# 7 -4 1/25/1900 1.84 -1.36 3/27/1900 50th %-tile ####### -2.09 108 4 0.04 6.36
134.2 -8.57 0.32 -5.89 -0.28 3.74 Returns in Down Markets 75th %-tile -0.1 3 Yr -3.55 -0.0355 -1.72
2 Yr 46 -0.04 2002 Fiscal Year Returns Ending September -0.71 Fund 95th %-tile ####### -0.54 -22.5 59 0.59 1.56
-18.9 -6.78 -2.1 ################################## Fund -0.11 R1000V Qtr -0.12 -19.5 2.35 0.01
################################# -7.9   -0.13 ################################## Return   0.4 Ratio -4.55 -0.0455 -2.02 115.5 -1.6 -0.02
128.7 -8.75 -0.21 4.82 %-tile -0.07 3 Yr 70 -0.14 4 Yr -2.06 -0.19
3 Yr -9.5   -2.45 2001 R1000G   0 -18.9 -5.31 -0.0531 -0.29 -20.9 -5.86 0.01
-18.9 -10.48 3.62 ################################## Return 0.13 -18.8 79 -2.92 -18.8 -9.87 -0.19
################################# QU. FUND YTD ####### 3 Yr ################################## %-tile 2.53 100.5 -1.14 3.68 111.1 YTD 6.39
128.7 UNIVERSE -15.81 # of Negative Qtrs 12.51 Universe 10 Yr 4 Yr -2.72 Incept 5 Yr 3/31/2004 -17.75 4 Yr
3/31/2004 POLICY 98 0.98 # of Positive Qtrs 2000 5th %-tile # of Negative Qtrs -18.9 -2.86 # of Negative Qtrs Incept 66 # of Negative Qtrs
Incept -12.7 Batting Average 26.61 25th %-tile # of Positive Qtrs -18.8 -5 # of Positive Qtrs -20.9 -16.4 # of Positive Qtrs
################################# 54 Worst Qtr 1/23/1900 QU. FUND 50th %-tile Batting Average 4/9/1900 2004 FUND -6.53 -0.0653 Batting Average -18.8 61 Batting Average
-12.4 -9.88 Best Qtr 3.18 UNIVERSE 75th %-tile Worst Qtr 5 Yr UNIVERSE YTD Worst Qtr 111.1 -11.17 Worst Qtr
114.6 -11.53 Range 1999 POLICY 95th %-tile Best Qtr -18.9 POLICY -18.43 -0.1843 Best Qtr -14.07 Best Qtr
S&P500 -12.52 Worst 4 Qtrs 29.82 Qtr Range -18.8 77 Range -16.13 Range
Ratio -13.62   Standard Deviation 2/3/1900 0.58 0.0058 Worst 4 Qtrs 100.5 -18.58 Worst 4 Qtrs -21.35 Worst 4 Qtrs
3 Yr -15.19 Beta -5.03 54 Standard Deviation 12/31/2002 79 Standard Deviation -26.65 Standard Deviation
-40.5 2007   Annualized Alpha Returns in Up Markets 1.25 0.0125 Beta Incept -12.09 Beta 2007 Beta
-40.8 13.17 R-Squared Fund 46 Annualized Alpha -18.1 -14.53 Annualized Alpha 12.37 Annualized Alpha
99.2 83 Sharpe Ratio R1000G 5.8 R-Squared -18.6 -16.22   R-Squared 55 R-Squared
5 Yr 13.3 Treynor Ratio Ratio 2.64 Sharpe Ratio 4/6/1900 -18.26 Sharpe Ratio 6.08 Sharpe Ratio
-31 82 Tracking Error 3 Yr 0.89 Treynor Ratio 2003 FUND -23.07 -0.2307 Treynor Ratio 100 Treynor Ratio
-30.9 20.14 Information Ratio 14.2 -1.1 Tracking Error UNIVERSE 2007 Tracking Error 23.98 Tracking Error
100.2 16.71   Fund 1/15/1900 -4.63   Information Ratio POLICY 13.45 0.1345 Information Ratio 15.39 Information Ratio
6 Yr 15.09 4 3/30/1900 YTD Fund 80 Fund 12.62 Fund
-30.8 13.63   8 5 Yr -7.77   14 14.45 7 9.91 6
-31.3 11.48 50 1/15/1900 18 26 71   13 7.04 10
98.5 2003 FUND 2006 20.06 -9.47 1/17/1900 -9.75 47.5 20.58   Batting Average 40 2006 43.75
12/31/1997 UNIVERSE 11.07 7.59 3/28/1900 34 -16.95 16.52 -8.13 9.21 -13.6
Incept POLICY 44 0.44 17.06 10 Yr -4.98 21.83 15.76   14.81 55 13.53
-30.8 11.81 -12.71 27.1 -8.73 38.78 13.91 22.94 14 27.13
-31.3 28 9.18 31.8 2004 FUND -11.46 -0.1146 -33.13 2002 FUND 10.41   -18.88 1 -23.35
4/7/1900 13.63 0.91 3/25/1900 UNIVERSE -13.83 16.84 UNIVERSE 2006 Standard Deviation 9.55 13.25 15.02
11.93   -2.35 12/31/1997 POLICY -18.67 -0.1867 0.78   NA 11.92   Beta 0.89 11.5 1
10.71 0.87 0.0087 Incept 2007 2.18 0.0218 54 Annualized Alpha -1.02 -0.0102 9.78 -1.78 -0.0178
8.99   -0.19 28.7 19.32 0.96 14.62   R-Squared 0.84 6.28 0.82
6.6 -1.9 2/1/1900 46 -0.01 15 0.39 -2.91 -0.08
2002 FUND 2005 20.05 3.47 87.6 19.35   -0.23 15.94 4.22 2005 -1.17
UNIVERSE 11.17 -0.86 Returns in Down Markets 46 5.84 13.87 3.92 12.93 6.36
POLICY 95 0.95 Policy Fund 27.74   0.4 12.19 -0.54 91 -0.33
13.96 4 R1000G 21.53 R1000G 10.63 Policy R1000V 17.75 R2000V
66 8 Ratio 2003 FUND 18.79 0.1879 16   8.06   4 71 6
22.41 50 3 Yr UNIVERSE 15.69 24   2005 16 24.63 10
17.21   -8.57 -11.8 POLICY 10.15 0.1015 52.5   10.7   60 21.81 56.25
14.97 7.4 -14.3 2006 -21.35 86 -8.72 20.3 -7.27
13.26   15.97 82.3 4.42 26.74 16.69 14.19 16.98 13.5
11.01 -8.71 5 Yr 65 48.09 27 22.91 11.37 20.77
2001 FUND 2004 20.04 9.37 ################################## 6.03   -45.64   19.68 -18.78 2004 -21.63
UNIVERSE 23.62 1 ################################## 49 21.22   16.88 Standard Deviation 9.81 33.25 13.68
POLICY 19.76 0.1976 0 3/23/1900 11.56   1   13.52 1 24.88 1
17.24 1 10 Yr 8.5 0 11.95 0 22.79 0
15.21 0.13 -24.3 2002 FUND 5.96 0.0596 1 8.75   1 19.56 1
12.19 1.25 -32.3 UNIVERSE 3.16 -0.12 2004 0.6 13.41 0.07
2003   0 75.1 POLICY -3.37 -0.0337 -2.51 16.73   5.86 2003 0.91
27.84 Diff 12/31/1997 2005 0 52 0 36.11 0
25.03   0 Incept 12.97 Diff 20.52 Diff 29.71 Diff
23.22 0 -24.3 63 -2 11 3 26.15 0
2000 FUND 20.96 0.2096 0 -32.3 11.6   2 22.11 -3 22.71 0
UNIVERSE 18.02 -0.9 75.1 74 -5 19.07 -20 14.77 -12.5
POLICY 2002 20.02 0.19 26.56   4.4 16.91 0.59 2002 -6.33
-5.31 1.09 18.97 -4.91 14.24 0.62 9.49 0.03
-10.93 -4 2001 FUND 14.4 0.144 -9.31 13.09 0.03 2.65 6.36
-13.63 -0.19 UNIVERSE 11.48 12.51 2003 -0.1 -2.41 -1.72
-15.7   -0.09 POLICY 7.67 0.0767 -4.38 30.96 -0.26 -6.84 1.34
-18.62 -2.35 2004 -0.22 24.87 -0.11 -14.06 0
2001   -0.13 4.45 2.18 23.88 -1.02 2001 -1.78
4.41 -0.32 88 -0.04 20.99 -0.16 14.31 -0.18
1999 FUND -3.06 -0.0306 -3.15 7.51   0.11 16.35 -0.21 8.77 -0.15
UNIVERSE -8.63 3.47 63 2.28 2002 -1.64 3.66 -2.08
POLICY -15.13 -0.1513 Incept 17.89   5.84 -8.29 3.92 -5.01 6.36
-20.75 # of Negative Qtrs 11.72 Incept -14.16 Incept -19.22 Incept
2000 # of Positive Qtrs 2000 FUND 8.74 0.0874 # of Negative Qtrs -16.99 # of Negative Qtrs 2000 # of Negative Qtrs
22.04 Batting Average UNIVERSE 6.26 # of Positive Qtrs -20.58 # of Positive Qtrs 37.32 # of Positive Qtrs
15.71 Worst Qtr POLICY 2.04 0.0204 Batting Average -22.74 Batting Average 26.91 Batting Average
11.94 Best Qtr 2003 Worst Qtr 2001 Worst Qtr 19.81 Worst Qtr
7.53 Range 20.02 Best Qtr 12.55 Best Qtr 14.46 Best Qtr
2.05 Worst 4 Qtrs 63 Range -0.17 Range -0.83 Range
1998 FUND 30.71 Standard Deviation 25.91 Worst 4 Qtrs -9.44 Worst 4 Qtrs -0.83 Worst 4 Qtrs
UNIVERSE 16 Beta 19 Standard Deviation -20.21 Standard Deviation Standard Deviation
POLICY 28.58 Annualized Alpha 34.24 Beta -26.91 Beta Beta
25 R-Squared 24.4 Annualized Alpha 2000 Annualized Alpha Annualized Alpha
35.85 Sharpe Ratio 21.58 R-Squared 26.23 R-Squared R-Squared
28.5 Treynor Ratio 18.63 Sharpe Ratio 16.2 Sharpe Ratio Sharpe Ratio
25.14 Tracking Error 13.1 Treynor Ratio 12.71 Treynor Ratio Treynor Ratio
17.48 Information Ratio 2002 Tracking Error 7.77 Tracking Error Tracking Error
7.55 Fund -17.69 Information Ratio 1.45 Information Ratio Information Ratio
1997 6 19 Fund Fund Fund
36.26 10 -22.51 14 8 6
32.81 43.75 60 28 14 11
30.27 -9.47 -12.54 47.62 45.45 47.06
25.81 9.74 -18.67 -16.95 -8.13 -13.6
15.95 19.21 -21.5 21.83 17.8 13.53
1996 -12.71 -24.59 38.78 25.93 27.13
28.82 8.97 -30.7 -33.13 -18.88 -23.35
23.34 0.89 2001 17 10.14 14.83
21.69 -1.22 -33.13 0.78 0.9 0.95
18.67 0.86 24 2.65 -0.56 -0.0056 0.19 0.0019
13.52 0.05 -45.64 0.96 0.87 0.78
0.53 74 0.09 0.56 0.05
3.51 -27.62 2.06 6.34 0.83
-0.57 -33.35 5.78 3.83 6.98
Policy -38.5 0.42 -0.43 -0.03
6 -46.64 R1000G R1000V R2000V
10 -56.07 16 5 6
56.25 2000 26 17 11
-8.57 26.61 52.38 54.55 52.94
10.43 29 -21.35 -8.72 -7.27
19 23.43 26.74 17.27 13.5
-8.71 40 48.09 25.99 20.77
9.37 47.93 -45.64 -18.78 -21.63
1 27.65 21.19 10.45 13.74
0 19.97 1 1 1
1 13.09 0 0 0
0.26 7.83 1 1 1
2.46 -0.04 0.71 0.07
0 -0.84 7.37 1
Diff 0 0 0
0 Diff Diff Diff
0 -2 3 0
-12.5 2 -3 0
-0.9 -4.76 -9.1 -5.88
-0.69 4.4 0.59 -6.33
0.21 -4.91 0.53 0.03
-4 -9.31 -0.06 6.36
-0.4 12.51 -0.1 -1.72
-0.11 -4.19 -0.31 1.09
-1.22 -0.22 -0.1 -0.05
-0.14 2.65 -0.56 0.19
-0.21 -0.04 -0.13 -0.22
-1.93 0.13 -0.15 -0.02
3.51 2.9 -1.03 -0.17
3.51 5.78 3.83 6.98