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 % SDG DID NOT SEND 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) 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 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 37 Broad Large Cap Growth Conservative Equity 41 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. 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
Returns for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. 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 September 30, 2006 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 September 30, 2006 Returns are gross of fees. Incept is December 31, 1997 to September 30, 2006 Batting Average Returns are net of fees. Incept is December 31, 2002 to September 30, 2006 Batting Average Returns are net of fees. Incept is March 31, 2004 to September 30, 2006 Batting Average
Beginning Value Fund Account Reconciliation Trailing Returns through September 30, 2006 Worst Qtr Account Reconciliation Trailing Returns through September 30, 2006 Worst Qtr Account Reconciliation Trailing Returns through September 30, 2006 Worst Qtr
Net Flows Return Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr
Investment G/L %-tile Net Flows Return Range Net Flows Return Range Net Flows Return Range
Ending Value Policy Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs
9/30/2006 Return Ending Value S&P500 Standard Deviation Ending Value S&P500 Standard Deviation Ending Value R2000V Standard Deviation
Qtr %-tile 9/30/2006 Return Beta 9/30/2006 Return Beta 9/30/2006 Return Beta
18,257 Universe Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
-3 5th %-tile 11,538 Universe R-Squared 13,712 Universe R-Squared 4,545 Universe R-Squared
692 25th %-tile -326 5th %-tile Sharpe Ratio -2 5th %-tile Sharpe Ratio -1 5th %-tile Sharpe Ratio
18,946 50th %-tile 244 25th %-tile Treynor Ratio 687 25th %-tile Treynor Ratio 5 25th %-tile Treynor Ratio
2,006 75th %-tile 11,457 50th %-tile Tracking Error 14,397 50th %-tile Tracking Error 4,549 50th %-tile Tracking Error
YTD 95th %-tile 2006 75th %-tile Information Ratio 2006 75th %-tile Information Ratio 2006 75th %-tile Information Ratio
17,522 2 Qtrs YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
-508   2.14   4 12,007 2 Qtrs 4 13,801   2 Qtrs   1 3,721 2 Qtrs 1
1,932   49 8 -1,060 -1.72 8 -1,007   4.56 3 499 -5.08 -0.0508 3
18,946   2.83   58.33 510 71 25 1,602   51   50 329 58 Batting Average 50
38,077 34 -17.77 11,457 4.14 -4.9 14,397 4.14 -0.43 4,549 -0.22 -0.0022 -5.18
Incept 4.67 14.61 12/31/1997 9 10.86 12/31/2002 60 5.01 3/31/2004 12 13.53
13,788 3.2 32.38 Incept 6.15 15.76 Incept 7.6 5.44 Incept 1.6 18.71
  1,543 2.07 -25.33 10,999 2.62 3.79   6,658 5.91 11.92 2,986 -1.39 9.21
3,614 0.85 20.64 -6,006 -0.25 8.79 2,232 4.59 5.44 666 -2.82 Standard Deviation 13.67
18,946     -0.72 0.99 6,463     -2.73 1.08 5,507     3.8 0.8   897 -6.57 Beta 1.08  
Investment Policy #VALUE! 3 Qtrs 0.67 11,457  11,457,000 -7.14 -5.41 14,397  14,397,000 1.39 3.16 0.0316 4,549   4,549,000 -11.38 Annualized Alpha -5.05 -0.0505
Index 8.37 1 Investment Policy 3 Qtrs 0.88 Investment Policy 3 Qtrs 0.84 Investment Policy 3 Qtrs R-Squared 0.81
S&P 500 61 -0.03 Index 1.02 0.52 Index 8.87 1.38 Index 7.76 0.0776 0.35
Russell 2000 Value 9.98 -0.6 S&P 500 81 4.21 S&P 500 58 9.39 Russell 2000 Value 54 4.44
Total 31 1.29 Total 8.53 3.14 Total 8.53 2.51 Total 13.25 0.1325 6
Weight 11.85 0.52 Weight 10 -1.62 Weight 64 0.45 Weight 1 -0.8
70 10.34 S&P500 100 10.73 S&P500 100 12.98 S&P500 100 12.18 Policy R2000V
30 8.94 4 100 6.73 3 100 11.18 1 100 10.08 1
100 7.42 8 Trailing Returns through September 30, 2006 3.4 9 Trailing Returns through September 30, 2006 9.65 3 Trailing Returns through September 30, 2006 8.45 3
Trailing Returns through September 30, 2006 5.23 41.67 Fund 1.68 75 Fund 8.31 50 Fund 5.19 50
Fund 1 Yr -17.28 S&P500 -3.16 -2.15 S&P500 4.95 -1.44 R2000V -2.04 -2.7
Policy   11.07   15.39 Diff   1 Yr   12.18 Diff   1 Yr   5.67 Diff 1 Yr 13.5
Diff 1 Yr FUND 44 0.44 32.67 1 Yr 1 Yr FUND 4.42 0.0442 14.33 1 Yr 1 Yr FUND 11.92 0.1192 7.11 1 Yr 9.21 0.0921 16.2
1 Yr UNIVERSE 11.81 -24.76 1/4/1900 UNIVERSE 76 4.91 1/11/1900 UNIVERSE 42 10.79 1/9/1900 55 14
11.07 POLICY 28 0.28 20.91 10.79 POLICY 10.79 0.1079 7.62 10.79 POLICY 10.79 0.1079 6.27 14 14 0.14 11.39
11.81 13.63 1 -6.37 16 1 1.13 60 1 -4.79 1 1
-0.74 11.93 0 2 Yr 12.28 0 2 Yr 15.53 0 2 Yr 13.25 0
2 Yr 10.71 1 1/8/1900 10.11 1 1/11/1900 13.04 1 1/11/1900 11.5 1
1/11/1900 8.99 -0.06 11.52 6.63 1.27 11.52 11.24 1.02 15.86 9.78 0.84
12.88 6.6 -1.26 -2.91 4.5 9.65 -0.21 10.32 6.38 -4.81 6.28 9.59
-1.76 2 Yr 0 3 Yr 0.01 0 3 Yr 7.31 0 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr -2.91 0
3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11.12 Diff 7.2 2 Yr Diff 1/13/1900 2 Yr Diff 3/31/2004 2 Yr Diff
   3/31/2004 90   0   1/12/1900 8.61   1    1/12/1900 2 Yr FUND 11.31 0.1131 0   Incept 11.05 0.1105 0
   Incept 12.88 0   ################################## 68 -1    0.79 UNIVERSE 78 0   10.71 85 0
  8.59 56   16.66   4 Yr 11.52   -50   4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr POLICY 11.52 0.1152 0   12.95 15.86 0.1586 0
10.27 15.99 -0.49 10.27 24 -2.75 12/31/2002 70 1.01 -2.24 30 -2.48
-1.68 14.22 -0.78 1/15/1900 13.28 -1.32 Incept 16.65 -0.66 Fiscal Year Returns Ending September 16.95 0.03
Fiscal Year Returns Ending September 13.12 -0.29 -4.94 11.49 1.43 15.21   14.13 -1.67 Fund 16.01 2.51
Fund 11.94 -0.57 5 Yr 9.55 -1.12 13.81 12.54 1.13 R2000V 14.62 -4.79
Policy 10.5 -0.27 4.01 8.43 1.17 1.4 11.38 -0.83 Diff 11.73 2.28
Diff 3 Yr -0.01 6.97 5.31 0.08 Fiscal Year Returns Ending September 8.89 -0.2 9/30/2006 10.02 0.08
9/30/2006 17.77 0.67 -2.96 3 Yr -5.41 Fund 3 Yr 3.16 Qtr 3 Yr -5.05
Qtr 3 YR FUND 15.99 0.1599 0 6 Yr 3 YR FUND 7.2 0.072 -0.12 S&P500   13.09 0.1309 -0.16 0.1 21.06 -0.19
1/3/1900 UNIVERSE 15.01 0.03 ################################## UNIVERSE 82 -0.75 Diff   61 0.36 1/2/1900 18.4 -0.49
4.73 POLICY 13.79 0.1379 0.66 0.46 POLICY 12.3 0.123 -5.44 9/30/2006   12.3 0.123 3.01 -2.45 17.52 -5.15
-0.94 12.49 1.29 -3.83 11 3.14 Qtr   71 2.51 2006 16.1 6
6/28/1905 4 Yr 5 Yr 5 Yr 7 Yr 14.18 5 Yr 5 Yr 1/5/1900 18.04 2 Yr YTD 13.86 2 Yr
YTD 19.51 # of Negative Qtrs 1/0/1900 11.24 # of Negative Qtrs 1/5/1900 15.21 # of Negative Qtrs 9.21 4 Yr # of Negative Qtrs
11.07 18.11 # of Positive Qtrs 2.2 9.2 # of Positive Qtrs -0.66 14.01 # of Positive Qtrs 14 24.64 # of Positive Qtrs
11.81 17.27 Batting Average ################################## 8.04 Batting Average 2006 12.23 Batting Average -4.79 21.41 Batting Average
-0.74 16.41 Worst Qtr 8 Yr 5.62 Worst Qtr YTD 10.53 Worst Qtr 2005 20.12 Worst Qtr
6/27/1905 15.24 Best Qtr 1/3/1900 4 Yr Best Qtr 1/11/1900 4 Yr Best Qtr 1/12/1900 19.08 Best Qtr
1/11/1900 5 Yr Range 1/5/1900 10.27 Range 1/10/1900 18.91 Range 1/17/1900 16.59 Range
13.96 13.14 Worst 4 Qtrs ################################## 78 Worst 4 Qtrs 1.13 17.04 Worst 4 Qtrs -4.82 5 Yr Worst 4 Qtrs
-2.79 11.7 Standard Deviation 9 Yr 10 Yr 15.21 Standard Deviation 2005 15.9 Standard Deviation 2004 2003 2002 2001 2000 1999 1998 1997 21.63 Standard Deviation
2004 2003 2002 2001 2000 1999 1998 1997 10.62 Beta 12/31/1997 10 Beta 10.7 14.99 Beta Returns in Up Markets 17.6 Beta
Returns in Up Markets 9.58 Annualized Alpha Incept 15.82 Annualized Alpha 1/12/1900 13.2 Annualized Alpha Fund 16.1 Annualized Alpha
Fund 8.34 R-Squared 5.07 13.41 R-Squared -1.55 5 Yr R-Squared R2000V 14.6 R-Squared
Policy 6 Yr Sharpe Ratio 5.35 11.74 Sharpe Ratio 2004 11.46 Sharpe Ratio Ratio 11.81 Sharpe Ratio
Ratio 10.23 Treynor Ratio ################################## 10.43 Treynor Ratio 1/16/1900 9.63 Treynor Ratio 1 Yr 6 Yr Treynor Ratio
1 Yr 8.54 Tracking Error Fiscal Year Returns Ending September 8.13 Tracking Error 1/13/1900 8.17 Tracking Error 1/15/1900 16.77 Tracking Error
12.9 7.07 Information Ratio Fund 5 Yr Information Ratio 2.86 6.88 Information Ratio 17.2 14.84 Information Ratio
13.9 5 YR FUND 5.37 0.0537 Fund S&P500 5 YR FUND 4.01 0.0401 Fund Fund 2003 2002 2001 2000 1999 1998 1997 5.53   Fund 88.4 13.43 Fund
92.7 UNIVERSE 3.61 8 Diff UNIVERSE 68 7 Returns in Up Markets   6 Yr 1 2 Yr 11.33 2
2 Yr POLICY 7 Yr #######   12 9/30/2006 POLICY 6.97 0.0697 13 Fund   8.77   7 21.7 5.97 6
1/16/1900 11.09 Batting Average 55 Qtr 18 Batting Average 35 S&P500   6.52 37.5 27.3 7 Yr 37.5
21.2 9.65 -17.77 2.2 7.92 -15.29 Ratio 4.38 -0.43 79.4 21.5 -5.18
3/18/1900 8.61 14.61 5.67 6.08 11.55 1 Yr 2.17 8.88 3/31/2004 16.62 13.53
3/31/2004 6.9 32.38 ################################## 5.07 26.84 12.4 0.34 9.31 Incept 15.45 18.71
Incept 5.92 -25.89 6/28/1905 3.47 -23.77 1/12/1900 7 Yr 4.52 18.5 14.64 1.31
14.9 8 Yr Standard Deviation 18.42 YTD 1.66 Standard Deviation 13.99 100 8.74 6.41 20.5 14.13 14.81
18.9 14.46 Beta 0.94   4.42 6 Yr Beta 0.9 2 Yr 6.87 0.81   90.3 8 Yr 1.05
78.8 10.43 Annualized Alpha -0.72 -0.0072 10.79 -3.37 Annualized Alpha -2.18 -0.0218 1/15/1900 5.29 1.93 0.0193 Returns in Down Markets 30.36 -4.75 -0.0475
Returns in Down Markets 9.41 R-Squared 0.97 -6.37 52 R-Squared 0.95 1/18/1900 2.86 0.8 Fund 17.08 0.85
Fund 8.41 -0.28 2005 0.46 0.13 3/23/1900 1.95 1.22 R2000V 14.51 0.51
Policy 7.63 -5.48 12.97 15 1.99 3 Yr 8 Yr 9.69 Ratio 14.18 7.23
Ratio Fiscal Year Returns Ending September 3.6 12.25 1.52 3.58 1/18/1900 10.1 3.19 1 Yr 13.85 5.8
1 Yr Fund -0.17 0.72 -1.09 -0.83 1/19/1900 8.03 -0.07 -5.2 Fiscal Year Returns Ending September -0.83
-1.6 Return Policy S&P500 2004 -3.24 Policy S&P500 93.9 6.6 S&P500 -2.7 Fund R2000V
-1.8 %-tile 9 4.45 -5.81 6 12/31/2002 5.27 2 191.9 Return 2
87.4 Policy 11 13.87 -11.54 14 Incept 4.48 6 2 Yr %-tile 6
2 Yr Return 45 -9.42 7 Yr 65 23.6 Fiscal Year Returns Ending September 62.5 -8.1 R2000V 62.5
-2 %-tile -17.28 2003 0.43 -17.28 23.1 Fund -2.15 -6.6 Return -3.98
-4.5 Universe 15.39 20.02 45 15.39 102 Return   9.23 123.9 %-tile 13.5
2/13/1900 5th %-tile 32.67 24.4 2.2 32.67 Returns in Down Markets %-tile 11.38 3/31/2004 Universe 17.48
3/31/2004 25th %-tile -26.62 -4.38 27 -24.76 Fund S&P500   4.91 Incept 5th %-tile 4.71
Incept 50th %-tile Standard Deviation 19.2 6/24/1905 3.77 Standard Deviation 15.21 S&P500 Return 7.09 -8.1 25th %-tile 12.96
-3.6 75th %-tile 1 -17.69 2.44 1 Ratio %-tile 1 -6.6 QU. FUND 50th %-tile #VALUE! 1
-5.7 95th %-tile 0 -20.49 0.25 0 1 Yr Universe 0 123.9 UNIVERSE 75th %-tile 0
63.3 Qtr 1 2.8 -0.45 1 -0.4 5th %-tile 1 POLICY 95th %-tile #VALUE! 1
1997 1996 1995 3.79 -0.24 2001 -1.22 0.31 ################################ 25th %-tile 1.14 Qtr 0.96
Returns in Up Markets 45 -4.52 -33.13 8 Yr 4.75 29.9 QU. FUND 50th %-tile 8.06 0.1 0.001 12.4
Fund 4.73 0 -26.62 3.7 0 2 Yr UNIVERSE 75th %-tile 0 50 0
S&P500 15 Diff -6.51 52 Diff -0.1 POLICY 95th %-tile Diff 2.55 0.0255 Diff
Ratio 5.21 -1 2000 5.1 1 -3.6 Qtr -1 14 0
3 Yr 4.36   1 26.61 30   -1 2 5.01 0.0501 1 3.37 0
32.2 3.54 10 13.28 6.48 -30 3 Yr 69 -25 1.51 -25
31.2 2.73   -0.49 13.33 5.34   1.99 -1.2 5.67 0.0567 1.72 0.05 -1.2
103 1.29 -0.78 1999 3.74 -3.84 -5.4 34 -0.35 -2.2 0.03
5 Yr YTD -0.29 1/29/1900 3.03 -5.83 1/21/1900 7 -2.07 -5.24 1.23
31 11.07 0.73 27.81 2.25 0.99 12/31/2002 5.88 -0.39 YTD -3.4
32.4 44 -0.78 2.01 Fiscal Year Returns Ending September -1.22 Incept 5.57 -0.68 9.21 1.85
95.6 11.81 -0.06 1998 1997 Fund -0.1 -5.1 4.81 -0.19 55 0.05
6 Yr 28   -0.72 Returns in Up Markets Return   -2.18 -8.3 2.17   1.93 14 -4.75
32.7 13.63 -0.03 Fund %-tile -0.05 60.8 YTD -0.2 1 -0.15
34.9 11.93   -0.04 S&P500 S&P500   -0.18 11.92   0.08 13.25 -0.45
93.7 10.71 -0.96 Ratio Return -2.76 42 1.63 11.5 -5.17
12/31/1997 QU. FUND 8.99 0.0899 3.6 3 Yr %-tile 3.58 10.79 3.19 9.78 5.8
Incept UNIVERSE 6.6 6 Yr 15.6 Universe 8 Yr 60 Incept 3 Yr 6.28 Incept
34.8 POLICY 2005 20.05 # of Negative Qtrs 19.6 5th %-tile # of Negative Qtrs 15.53 # of Negative Qtrs -2.91 # of Negative Qtrs
36.9 11.17 # of Positive Qtrs 79.6 25th %-tile # of Positive Qtrs 13.04 # of Positive Qtrs 2005 # of Positive Qtrs
4/3/1900 95 Batting Average 5 Yr QU. FUND 50th %-tile Batting Average 2004 FUND 11.24 0.1124 Batting Average 12.93 Batting Average
Returns in Down Markets 13.96 Worst Qtr 20.4 UNIVERSE 75th %-tile Worst Qtr UNIVERSE 10.32 Worst Qtr 91 Worst Qtr
Fund 66 Best Qtr 24.2 POLICY 95th %-tile Best Qtr POLICY 7.31 0.0731 Best Qtr 17.75 Best Qtr
S&P500 22.41 Range 84.2 Qtr Range 2005 Range 71 Range
Ratio 17.21   Worst 4 Qtrs 8 Yr 2.2 0.022 Worst 4 Qtrs 10.7 Worst 4 Qtrs 24.63 Worst 4 Qtrs
3 Yr 14.97 Standard Deviation 29 73 Standard Deviation 79 Standard Deviation 21.81 Standard Deviation
-40.5 13.26   Beta 1/29/1900 5.67 0.0567 Beta 12.25 Beta 20.3 Beta
-40.8 11.01 Annualized Alpha 98.9 12 Annualized Alpha 57 Annualized Alpha 16.98 Annualized Alpha
99.2 2004 R-Squared 12/31/1997 6.37 R-Squared 24.1   R-Squared 11.37 R-Squared
5 Yr 23.62 Sharpe Ratio Incept 5.1 Sharpe Ratio 16.12 Sharpe Ratio 2004 Sharpe Ratio
-31 19.76 Treynor Ratio 30.8 3.27 Treynor Ratio 2003 FUND 12.74 0.1274 Treynor Ratio 33.25 Treynor Ratio
-30.9 17.24 Tracking Error 30.1 2.08 Tracking Error UNIVERSE 11.06 Tracking Error 24.88 Tracking Error
100.2 15.21   Information Ratio 4/11/1900 -1.05   Information Ratio POLICY 7.98 0.0798 Information Ratio 22.79 Information Ratio
6 Yr 12.19 Fund Returns in Down Markets YTD Fund 2004 Fund 19.56 Fund
-30.8 2003   9 Fund 4.42   12 16.73 3 13.41 3
-31.3 27.84 15 S&P500 76 20 36   9 2003 7
98.5 2003 FUND 25.03 0.2503 54.17 Ratio 10.79 46.88 13.87   Batting Average 50 36.11 40
12/31/1997 UNIVERSE 23.22 -17.77 3 Yr 16 -16.95 57 -1.09 29.71 -5.18
Incept POLICY 20.96 0.2096 19.75 -11.1 12.28 21.83 23.92   14.81 26.15 13.53
-30.8 18.02 37.52 -5.4 10.11 38.78 18.34 15.9 22.71 18.71
-31.3 2002 -25.89 207.5 2004 FUND 6.63 0.0663 -33.13 2002 FUND 14.42   4.52 14.77 1.31
4/7/1900 -5.31 18.99 5 Yr UNIVERSE 4.5 18.15 UNIVERSE 13.02 Standard Deviation 7.44 2002 14.25
-10.93   0.93 -26 POLICY 0.01 0.0001 1.01   NA 8.08   Beta 0.88 9.49 0.94
-13.63 -0.59 -0.0059 -24.5 2005 -1.26 -0.0126 2003 Annualized Alpha 2.2 0.022 2.65 -1.13 -0.0113
-15.7   0.97 106.4 12.97 0.93 27.67   R-Squared 0.8 -2.41 0.76
-18.62 -0.13 8 Yr 60 0.02 23.98 1.4 -6.84 0.54
2002 FUND 2001 20.01 -2.59 -27.9 12.25   0.41 21.95 11.86 -14.06 8.21
UNIVERSE 4.41 3.58 ################################## 66 4.77 19.27 3.43 2001 7.04
POLICY -3.06 -0.0306 -0.19 109 25.06   -0.29 15.84 0.23 14.31 -0.32
-8.63 S&P500 12/31/1997 17.68 S&P500 2002 Policy S&P500 8.77 R2000V
-15.13 10 Incept 2003 FUND 13.67 0.1367 12   -6.38   3 3.66 2
-20.75 14 -27.5 UNIVERSE 10.23 20   -15.42 9 -5.01 8
2000   45.83 -26.3 POLICY 6.73 0.0673 53.12   -18.95   50 -19.22 60
22.04 -17.28 104.5 2004 -17.28 -20.72 -2.15 2000 -3.98
15.71   21.3 123.8 4.45 21.3 -24.03 12.18 37.32 13.5
11.94 38.58 93 38.58 2001 14.33 26.91 17.48
2001 FUND 7.53 0.0753 -26.62 13.87   -26.62   5.47 4.91 19.81 4.71
UNIVERSE 2.05 20.04 18 17.34   -5.14 Standard Deviation 7.62 14.46 13.16
POLICY 1999 19.99 1 18.36   1   -13.19 1 -0.83 1
23.94 0 12.29 0 -23.01 0 1999 0
18.65 1 2002 FUND 10.02 0.1002 1 -27   1 25.16 1
14.96 -0.09 UNIVERSE 7.03 0.1 2000 1.27 19.69 0.76
11.42   -1.74 POLICY 3.61 0.0361 1.81 22.25   9.65 10.99 9.96
6.56 0 2003 0 13.38 0 7.81 0
1998   Diff 20.02 Diff 8.39 Diff 2.47 Diff
2.88 -1 62 0 3.08 0 1998 1
2000 FUND -0.47 -0.0047 1 24.4   0 -3.5 0 -4.72 -1
UNIVERSE -3.2 8.34 18 -6.24 1999 0 -11.02 -20
POLICY -5.81 -0.0581 -0.49 26.39   0.33 28.08 1.06 -15.76 -1.2
-9.68 -1.55 23.7 0.53 20.54 2.63 -19.37 0.03
15.56 -1.06 2001 FUND 21.45 0.2145 0.2 15.47 1.57 -28.19 1.23
0.06 0.73 UNIVERSE 17.27 -6.51 11.7 -0.39 -3.4
-6.88   -1.05 POLICY 11.31 0.1131 0.81 4.46 -0.18 1.09
-9.62 -0.07 2002 0.01 1998 -0.12 -0.06
-15.34   -0.59 -17.69 -1.26 9.83 2.2 -1.13
1999 -0.03 33 -0.07 6.07 -0.2 -0.24
1999 FUND 8.77 0.0877 -0.04 -20.49   -0.08 1.83 0.13 -0.22
UNIVERSE 89 -0.85 57 -1.4 -0.8 2.21 -1.75
POLICY 21.04 0.2104 3.58 -9.79   4.77 -5.82 3.43 7.04
41 Incept -16.66 Incept Incept
40.15 # of Negative Qtrs 2000 FUND -19.49 -0.1949 # of Negative Qtrs # of Negative Qtrs
24.24 # of Positive Qtrs UNIVERSE -22.37 # of Positive Qtrs # of Positive Qtrs
20.43 Batting Average POLICY -28.93 -0.2893 Batting Average Batting Average
15.61 Worst Qtr 2001 Worst Qtr Worst Qtr
5.6 Best Qtr -33.13 Best Qtr Best Qtr
1998 Range 73 Range Range
1998 FUND 30.71 Worst 4 Qtrs -26.62 Worst 4 Qtrs Worst 4 Qtrs
UNIVERSE 16 Standard Deviation 9 Standard Deviation Standard Deviation
POLICY 28.58 Beta -25.35 Beta Beta
25 Annualized Alpha -28.09 Annualized Alpha Annualized Alpha
35.85 R-Squared -31.08 R-Squared R-Squared
28.5 Sharpe Ratio -33.4 Sharpe Ratio Sharpe Ratio
25.14 Treynor Ratio -36.39 Treynor Ratio Treynor Ratio
17.48 Tracking Error 2000 Tracking Error Tracking Error
7.55 Information Ratio 26.61 Information Ratio Information Ratio
1997 Fund 9 Fund Fund
36.26 9 13.28 13 4
32.81 16 38 22 11
30.27 56 33.35 51.43 53.33
25.81 -17.77 16.1 -16.95 -3.96
15.95 19.75 12.97 21.83 17.8
1996 37.52 12.4 38.78 21.76
28.82 -25.89 6.57 -33.13 4.52
23.34 19.32 1999 18.17 8.8
21.69 0.94 29.82 1 0.95
18.67 -0.44 25 -0.12 1.94 0.0194
13.52 0.97 27.81 0.92 0.84
-0.02 41 0.09 1.46
-0.4 38.73 1.62 13.55
3.51 29.66 4.99 3.57
-0.19 25.66 -0.06 0.39
S&P500 20.21 S&P500 S&P500
10 17.15 13 4
15 1998 22 11
44 19.21 48.57 46.67
-17.28 10.55 -17.28 -3.15
21.3 6.09 21.3 15.39
38.58 3.51 38.58 18.54
-26.62 0.04 -26.62 4.91
20.28 17.54 8.47
1 1 1
0 0 0
1 1 1
0.01 0.11 1.35
0.27 1.9 11.47
0 0 0
Diff Diff Diff
-1 0 0
1 0 0
12 2.86 6.66
-0.49 0.33 -0.81
-1.55 0.53 2.41
-1.06 0.2 3.22
0.73 -6.51 -0.39
-0.96 0.63 0.33
-0.06 0 -0.05
-0.44 -0.12 1.94
-0.03 -0.08 -0.16
-0.03 -0.02 0.11
-0.67 -0.28 2.08
3.51 4.99 3.57