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 gross of fees. Incept is March 31, 2004 to December 31, 2005 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 December 31, 2005 Returns are gross of fees. Incept is December 31, 1997 to June 30, 2006 Batting Average Returns are gross of fees. Incept is December 31, 2002 to June 30, 2006 Batting Average Returns are gross of fees. Incept is March 31, 2004 to June 30, 2006 Batting Average
Beginning Value Fund Account Reconciliation Trailing Returns through June 30, 2006 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2006 Worst Qtr Account Reconciliation Trailing Returns through June 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
12/31/2005 Return Ending Value S&P500 Standard Deviation Ending Value S&P500 Standard Deviation Ending Value R2000V Standard Deviation
Qtr %-tile 6/30/2006 Return Beta 6/30/2006 Return Beta 6/30/2006 Return Beta
17,522 Universe Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
-34 5th %-tile 12,281 Universe R-Squared 14,770 Universe R-Squared 4,281 Universe R-Squared
465 25th %-tile -277 5th %-tile Sharpe Ratio -1,022 5th %-tile Sharpe Ratio 479 5th %-tile Sharpe Ratio
17,953 50th %-tile -466 25th %-tile Treynor Ratio -36 25th %-tile Treynor Ratio -215 25th %-tile Treynor Ratio
2,006 75th %-tile 11,538 50th %-tile Tracking Error 13,712 50th %-tile Tracking Error 4,545 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
-34   3.57   4 12,007 2 Qtrs 4 13,801   2 Qtrs   1 3,721 2 Qtrs 1
465   95 8 -734 -1.16 8 -1,062   3.95 3 470 8.15 0.0815 3
17,953   5.18   58.33 266 74 33.33 973   35   75 354 32 Batting Average 50
38,077 68 -17.77 11,538 2.71 -4.9 13,712 2.71 -0.3 4,545 10.43 0.1043 -4.74
Incept 8.78 14.61 12/31/1997 14 10.86 12/31/2002 60 4.26 3/31/2004 9 13.53
13,788 6.88 32.38 Incept 4.63 15.76 Incept 7 4.56 Incept 11.08 18.27
  1,871 5.85 -25.33 10,999 1.97 3.79   6,658 4.84 7.4 2,986 8.51 13
2,293 4.82 20.64 -5,680 0.16 9.11 2,051 2.97 6.49 592 6.73 Standard Deviation 13.27
17,953     3.5 0.99 6,219     -1.32 1.05 5,003     2.5 0.84   967 5.41 Beta 1.01  
Investment Policy #VALUE! 3 Qtrs 0.67 11,538  11,538,000 -4.16 -3.79 13,712  13,712,000 1.14 0.23 0.0023 4,545   4,545,000 1.55 Annualized Alpha -1.47 -0.0147
Index 4.74 1 Investment Policy 3 Qtrs 0.89 Investment Policy 3 Qtrs 0.75 Investment Policy 3 Qtrs R-Squared 0.89
S&P 500 97 -0.03 Index 2.17 0.58 Index 7.01 0.53 Index 9.88 0.0988 0.68
Russell 2000 Value 7.81 -0.6 S&P 500 60 5.03 S&P 500 20 4.11 Russell 2000 Value 30 8.96
Total 54 1.29 Total 4.85 3.1 Total 4.85 3.43 Total 11.17 0.1117 4.33
Weight 11.42 0.52 Weight 25 -1.17 Weight 50 -0.36 Weight 20 -0.37
70 9.15 S&P500 100 6.99 S&P500 100 9.32 S&P500 100 14.19 Policy R2000V
30 7.95 4 100 4.82 3 100 6.74 1 100 10.38 1
100 6.82 8 Trailing Returns through June 30, 2006 3.12 9 Trailing Returns through June 30, 2006 4.82 3 Trailing Returns through June 30, 2006 7.88 3
Trailing Returns through December 31, 2005 5.11 41.67 Fund 0.52 66.67 Fund 4.38 25 Fund 6.76 50
Fund 1 Yr -17.28 S&P500 -2.01 -2.15 S&P500 1.98 -1.44 R2000V 2.64 -2.7
Policy   4.49   15.39 Diff   1 Yr   12.18 Diff   1 Yr   4.21 Diff 1 Yr 13.5
Diff 1 Yr FUND 80 0.8 32.67 1 Yr 1 Yr FUND 5.64 0.0564 14.33 1 Yr 1 Yr FUND 7.4 0.074 5.65 1 Yr 13 0.13 16.2
1 Yr UNIVERSE 4.9 -24.76 1/5/1900 UNIVERSE 66 4.91 1/7/1900 UNIVERSE 83 8.63 1/13/1900 54 14.6
4.49 POLICY 74 0.74 20.91 8.63 POLICY 8.63 0.0863 8.19 8.63 POLICY 8.63 0.0863 6.71 14.6 14.6 0.146 12.42
4.9 11.16 1 -2.99 35 1 -1.23 50 1 -1.6 36 1
-0.41 7.81 0 2 Yr 13.35 0 2 Yr 14.78 0 2 Yr 24.35 0
2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 6.21 1 1/4/1900 10.14 1 1/8/1900 10.78 1 1/10/1900 15.85 1
3/31/2004 4.8 -0.06 7.47 6.53 1.09 7.47 8.58 0.7 14.5 13.41 0.86
Incept 2.76 -1.26 -2.7 4.64 8.91 1.14 7.95 4.68 -4.36 10.67 10.65
8.11 2 Yr 0 3 Yr 1.23 0 3 Yr 5.17 0 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 5.76 0
1/8/1900 14.4 Diff 7.59 2 Yr Diff 1/13/1900 2 Yr Diff 3/31/2004 2 Yr Diff
   -0.79 11.48   0   1/11/1900 4.77   1    1/11/1900 2 Yr FUND 8.61 0.0861 0   Incept 10.14 0.1014 0
   Fiscal Year Returns Ending September 9.99 0   ################################## 58 -1    2.03 UNIVERSE 44 0   12.92 82 0
  Fund 8.71   16.66   4 Yr 7.47   -33.34   4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr POLICY 7.47 0.0747 50   13.21 14.5 0.145 0
Policy 7.01 -0.49 5.22 32 -2.75 12/31/2002 59 1.14 -0.29 27 -2.04
Diff 3 Yr -0.78 1/8/1900 11.8 -1.32 Incept 14.19 0.05 Fiscal Year Returns Ending September 18.67 0.03
12/31/2005 21.02 -0.29 -3.15 8.02 1.43 15.25   10.41 -1.09 Fund 14.72 2.07
Qtr 18.29 -0.57 5 Yr 5.98 -1.12 13.08 7.98 -1.23 R2000V 12.68 -1.6
2.66 16.87 -0.27 0.29 3.29 0.92 2.17 7.03 -0.22 Diff 10.83 0.85
1/1/1900 15.71 -0.01 2.49 0.5 0.05 Fiscal Year Returns Ending September 4.91 -0.16 6/30/2006 7.16 0.01
1 14.12 0.67 -2.2 3 Yr -3.79 Fund 3 Yr 0.23 Qtr 3 Yr -1.47
6/28/1905 3 YR FUND 4 Yr ####### 0 6 Yr 3 YR FUND 7.59 0.0759 -0.11 S&P500   13.25 0.1325 -0.25 -4.74 24.43 -0.11
YTD UNIVERSE 11.11 0.03 ################################## UNIVERSE 66 -0.51 Diff   29 -0.17 ################################### 21.12 -0.18
2.66 POLICY 8.51 0.0851 0.66 -0.62 POLICY 11.22 0.1122 -3.88 6/30/2006   11.22 0.1122 -0.57 -2.04 19.49 -1.69
1.66 7.01 1.29 -3.05 24 3.1 Qtr   53 3.43 2006 17.23 4.33
1/1/1900 5.81 5 Yr 5 Yr 7 Yr 14.35 5 Yr 5 Yr ################################ 17.45 2 Yr YTD 14.81 2 Yr
6/27/1905 4.34 # of Negative Qtrs ################################## 11.02 # of Negative Qtrs ################################ 13.5 # of Negative Qtrs 9.88 4 Yr # of Negative Qtrs
11.87 5 Yr # of Positive Qtrs 0.47 8.97 # of Positive Qtrs 1.14 11.3 # of Positive Qtrs 11.17 19.04 # of Positive Qtrs
13.96 9.97 Batting Average ################################## 6.69 Batting Average 2006 10.65 Batting Average -1.29 14.75 Batting Average
-2.09 6.67 Worst Qtr 8 Yr 4.64 Worst Qtr YTD 8.26 Worst Qtr 2005 13.1 Worst Qtr
2004 2003 2002 2001 2000 1999 1998 1997 5.09 Best Qtr 1/2/1900 4 Yr Best Qtr 1/7/1900 4 Yr Best Qtr 1/14/1900 12.17 Best Qtr
Returns in Up Markets 3.68 Range 1/3/1900 5.22 Range 1/4/1900 12 Range 1/17/1900 8.59 Range
Fund 2.03 Worst 4 Qtrs ################################## 69 Worst 4 Qtrs 2.16 9.64 Worst 4 Qtrs -3.69 5 Yr Worst 4 Qtrs
Policy 6 Yr Standard Deviation 9 Yr 10 Yr 8.37 Standard Deviation 2005 8.17 Standard Deviation 2004 2003 2002 2001 2000 1999 1998 1997 17.6 Standard Deviation
Ratio 11.33 Beta 12/31/1997 26 Beta 11.29 7.6 Beta Returns in Up Markets 13.03 Beta
1 Yr 7.53 Annualized Alpha Incept 11.03 Annualized Alpha 1/12/1900 5.97 Annualized Alpha Fund 11.15 Annualized Alpha
4.7 5.22 R-Squared 4.96 8.43 R-Squared -0.96 5 Yr R-Squared R2000V 9.55 R-Squared
7.8 3.32 Sharpe Ratio 4.83 6.16 Sharpe Ratio 2004 7.87 Sharpe Ratio Ratio 5.48 Sharpe Ratio
60.7 1.41 Treynor Ratio 1/0/1900 4.76 Treynor Ratio 1/17/1900 5.29 Treynor Ratio 1 Yr 6 Yr Treynor Ratio
3/31/2004 7 Yr Tracking Error Fiscal Year Returns Ending September 2.86 Tracking Error 1/13/1900 3.07 Tracking Error 1/18/1900 19.54 Tracking Error
Incept 10.71 Information Ratio Fund 5 Yr Information Ratio 3.49 2.09 Information Ratio 17.8 15.72 Information Ratio
13.1 5 YR FUND 7.61 0.0761 Fund S&P500 5 YR FUND 0.29 0.0029 Fund Fund 2003 2002 2001 2000 1999 1998 1997 0.74   Fund 104.7 12.2 Fund
16.3 UNIVERSE 6.06 8 Diff UNIVERSE 58 8 Returns in Up Markets   6 Yr 2 2 Yr 9.69 3
80.2 POLICY 4.78 0.0478   12 6/30/2006 POLICY 2.49 0.0249 12 Fund   11.35   6 19.8 4.78 5
Returns in Down Markets 3.28 Batting Average 55 Qtr 29 Batting Average 35 S&P500   5.98 62.5 25.3 7 Yr 50
Fund 8 Yr -17.77 -3.84 4.31 -15.29 Ratio 1.3 -0.95 78.1 17.58 -4.74
Policy 10.09 14.61 -1.44 2.72 11.55 1 Yr -0.86 9.02 3/31/2004 14.04 13.53
Ratio 7.7 32.38 ################################## 0.79 26.84 7.7 -1.89 9.97 Incept 11.97 18.27
1 Yr 6.59 -25.89 6/28/1905 -0.76 -23.77 1/10/1900 7 Yr 5.09 22.2 10.24 2.34
-0.2 5.62 Standard Deviation 18.42 YTD -2.14 Standard Deviation 15.62 75.5 8.31 6.79 21.9 7.26 14.55
-2.7 4.47 Beta 0.94   2.17 6 Yr Beta 0.92 2 Yr 4.09 0.82   101.2 8 Yr 1
8.5 Fiscal Year Returns Ending September Annualized Alpha -0.72 -0.0072 4.85 -3.67 Annualized Alpha -2.02 -0.0202 1/14/1900 1.82 2.35 0.0235 Returns in Down Markets 14.57 -3.72 -0.0372
3/31/2004 Fund R-Squared 0.97 -2.68 64 R-Squared 0.96 1/17/1900 0.25 0.82 Fund 11.78 0.87
Incept Return -0.28 2005 -0.62 -0.12 3/25/1900 -0.75 0.83 R2000V 9.51 0.49
-1.7 %-tile -5.48 12.97 30 -2.03 3 Yr 8 Yr 6.85 Ratio 7.86 7.15
-3.9 Policy 3.6 12.25 3.66 3.36 1/18/1900 8.18 3.14 1 Yr 5.66 5.28
2/12/1900 Return -0.17 0.72 -0.11 -0.65 1/18/1900 5.24 0.36 -4.7 Fiscal Year Returns Ending September -0.83
2000 %-tile Policy S&P500 2004 -2.92 Policy S&P500 101.9 3.39 S&P500 -2.7 Fund R2000V
-5.58 Universe 9 4.45 -5.1 7 12/31/2002 2.76 3 175.6 Return 2
-9.11 5th %-tile 11 13.87 -7.06 13 Incept 1.35 5 2 Yr %-tile 6
3.53 25th %-tile 45 -9.42 7 Yr 65 24.3 Fiscal Year Returns Ending September 37.5 -7.5 R2000V 50
1999 50th %-tile -17.28 2003 -0.45 -17.28 23 Fund -2.15 -6.6 Return -3.98
8.77 75th %-tile 15.39 20.02 51 15.39 105.9 Return   9.23 113.9 %-tile 13.5
1/21/1900 95th %-tile 32.67 24.4 0.47 32.67 Returns in Down Markets %-tile 11.38 3/31/2004 Universe 17.48
-12.27 Qtr -26.62 -4.38 39 -24.76 Fund S&P500   4.91 Incept 5th %-tile 4.71
1998 2.66 Standard Deviation 19.2 6/24/1905 7.88 Standard Deviation 16.73 S&P500 Return 7.47 -7.5 25th %-tile 13.56
30.71 14 1 -17.69 1.42 1 Ratio %-tile 1 -6.6 QU. FUND 50th %-tile #VALUE! 1
28.58 1.66 0 -20.49 -0.44 0 1 Yr Universe 0 113.9 UNIVERSE 75th %-tile 0
2.13 54 1 2.8 -2.11 1 -0.3 5th %-tile 1 POLICY 95th %-tile #VALUE! 1
1997 1996 1995 3.23 -0.24 2001 -3.33 0.02 ################################ 25th %-tile 0.6 Qtr 0.85
Returns in Up Markets 2.26 -4.52 -33.13 8 Yr 0.33 20.8 QU. FUND 50th %-tile 4.48 -4.74 -0.0474 11.51
Fund 1.73 0 -26.62 2.61 0 2 Yr UNIVERSE 75th %-tile 0 65 0
S&P500 1.19 Diff -6.51 42 Diff -0.8 POLICY 95th %-tile Diff -2.7 -0.027 Diff
Ratio 0.35 -1 2000 3.02 1 -5.4 Qtr -1 27 1
3 Yr YTD   1 26.61 35   -1 14.2 -0.3 -0.003 1 -1.08 -1
32.2 2.66 10 13.28 7.03 -30 3 Yr 32 25 -2.63 0
31.2 14   -0.49 13.33 3.4   1.99 -0.8 -1.44 -0.0144 1.2 -3.92 -0.76
103 1.66 -0.78 1999 2.18 -3.84 -5.4 58 -0.21 -5.3 0.03
5 Yr 54 -0.29 1/29/1900 0.66 -5.83 1/14/1900 1.73 -1.41 -7.27 0.79
31 3.23 0.73 27.81 -0.61 0.99 12/31/2002 -0.06 0.18 YTD -2.37
32.4 2.26 -0.78 2.01 Fiscal Year Returns Ending September -1.11 Incept -1.29 -0.68 9.88 0.99
95.6 1.73 -0.06 1998 1997 Fund -0.08 -4.7 -1.6 -0.18 30 0
6 Yr 1.19   -0.72 Returns in Up Markets Return   -2.02 -8.3 -3.2   2.35 11.17 -3.72
32.7 0.35 -0.03 Fund %-tile -0.04 56.2 YTD -0.18 20 -0.13
34.9 2005   -0.04 S&P500 S&P500   -0.14 7.01   0.23 14.19 -0.36
93.7 11.87 -0.96 Ratio Return -2.36 20 2.37 10.38 -4.36
12/31/1997 QU. FUND 91 0.91 3.6 3 Yr %-tile 3.36 4.85 3.14 7.88 5.28
Incept UNIVERSE 13.96 6 Yr 16.2 Universe 8 Yr 50 Incept 3 Yr 6.76 Incept
34.8 POLICY 66 0.66 # of Negative Qtrs 18.1 5th %-tile # of Negative Qtrs 9.32 # of Negative Qtrs 2.64 # of Negative Qtrs
36.9 22.41 # of Positive Qtrs 89.4 25th %-tile # of Positive Qtrs 6.74 # of Positive Qtrs 2005 # of Positive Qtrs
4/3/1900 17.21 Batting Average 5 Yr QU. FUND 50th %-tile Batting Average 2004 FUND 4.82 0.0482 Batting Average 14.06 Batting Average
Returns in Down Markets 14.97 Worst Qtr 21.3 UNIVERSE 75th %-tile Worst Qtr UNIVERSE 4.38 Worst Qtr 88 Worst Qtr
Fund 13.26 Best Qtr 24.1 POLICY 95th %-tile Best Qtr POLICY 1.98 0.0198 Best Qtr 17.75 Best Qtr
S&P500 11.01 Range 88.1 Qtr Range 2005 Range 71 Range
Ratio 2004   Worst 4 Qtrs 8 Yr -3.84 -0.0384 Worst 4 Qtrs 11.29 Worst 4 Qtrs 24.63 Worst 4 Qtrs
3 Yr 23.62 Standard Deviation 30.2 55 Standard Deviation 73 Standard Deviation 21.81 Standard Deviation
-40.5 19.76   Beta 1/29/1900 -1.44 -0.0144 Beta 12.25 Beta 20.3 Beta
-40.8 17.24 Annualized Alpha 102 9 Annualized Alpha 57 Annualized Alpha 16.98 Annualized Alpha
99.2 15.21 R-Squared 12/31/1997 -1.11 R-Squared 24.1   R-Squared 11.37 R-Squared
5 Yr 12.19 Sharpe Ratio Incept -2.37 Sharpe Ratio 16.12 Sharpe Ratio 2004 Sharpe Ratio
-31 2003 Treynor Ratio 32 -3.66 Treynor Ratio 2003 FUND 12.74 0.1274 Treynor Ratio 33.25 Treynor Ratio
-30.9 27.84 Tracking Error 30.4 -4.57 Tracking Error UNIVERSE 11.06 Tracking Error 24.88 Tracking Error
100.2 25.03   Information Ratio 4/14/1900 -6.53   Information Ratio POLICY 7.98 0.0798 Information Ratio 22.79 Information Ratio
6 Yr 23.22 Fund Returns in Down Markets YTD Fund 2004 Fund 19.56 Fund
-30.8 20.96   9 Fund 2.17   13 17.36 3 13.41 3
-31.3 18.02 15 S&P500 60 19 30   9 2003 6
98.5 2003 FUND 2002 20.02 54.17 Ratio 4.85 50 13.87   Batting Average 66.67 36.11 55.56
12/31/1997 UNIVERSE -5.31 -17.77 3 Yr 25 -16.95 57 -0.95 29.71 -4.74
Incept POLICY -10.93 -0.1093 19.75 -11.1 6.99 21.83 23.92   14.95 26.15 13.53
-30.8 -13.63 37.52 -5.4 4.82 38.78 18.34 15.9 22.71 18.27
-31.3 -15.7 -25.89 207.5 2004 FUND 3.12 0.0312 -33.13 2002 FUND 14.42   5.09 14.77 2.34
4/7/1900 -18.62 18.99 5 Yr UNIVERSE 0.52 18.33 UNIVERSE 13.02 Standard Deviation 7.78 2002 14.1
2001   0.93 -29.5 POLICY -2.01 -0.0201 1   NA 8.08   Beta 0.91 9.49 0.91
4.41 -0.59 -0.0059 -28.2 2005 -0.27 -0.0027 2003 Annualized Alpha 2.91 0.0291 2.65 1.02 0.0102
-3.06   0.97 104.8 12.97 0.93 27.67   R-Squared 0.79 -2.41 0.78
-8.63 -0.13 8 Yr 60 -0.04 23.98 1.41 -6.84 0.72
2002 FUND -15.13 -0.1513 -2.59 -27.5 12.25   -0.68 21.95 12.02 -14.06 11.16
UNIVERSE -20.75 3.58 ################################## 66 4.84 19.27 3.64 2001 6.73
POLICY 2000 20 -0.19 104.5 25.06   -0.08 15.84 0.56 14.31 -0.04
22.04 S&P500 12/31/1997 17.68 S&P500 2002 Policy S&P500 8.77 R2000V
15.71 10 Incept 2003 FUND 13.67 0.1367 13   -6.38   3 3.66 2
11.94 14 -27.5 UNIVERSE 10.23 19   -15.42 9 -5.01 7
7.53   45.83 -26.3 POLICY 6.73 0.0673 50   -18.95   33.33 -19.22 44.44
2.05 -17.28 104.5 2004 -17.28 -20.72 -2.15 2000 -3.98
1999   21.3 4.45 21.3 -24.03 12.18 37.32 13.5
23.94 38.58 93 38.58 2001 14.33 26.91 17.48
2001 FUND 18.65 0.1865 -26.62 13.87   -26.62   5.47 4.91 19.81 4.71
UNIVERSE 14.96 20.04 18 17.73   -5.14 Standard Deviation 7.64 14.46 13.71
POLICY 11.42 0.1142 1 18.36   1   -13.19 1 -0.83 1
6.56 0 12.29 0 -23.01 0 1999 0
1998 1 2002 FUND 10.02 0.1002 1 -27   1 25.16 1
2.88 -0.09 UNIVERSE 7.03 -0.02 2000 1.17 19.69 0.76
-0.47   -1.74 POLICY 3.61 0.0361 -0.27 22.25   8.91 10.99 10.45
-3.2 0 2003 0 13.38 0 7.81 0
-5.81   Diff 20.02 Diff 8.39 Diff 2.47 Diff
-9.68 -1 62 0 3.08 0 1998 1
2000 FUND -5.58 -0.0558 1 24.4   0 -3.5 0 -4.72 -1
UNIVERSE 45 8.34 18 0 1999 33.34 -11.02 11.12
POLICY -9.11 -0.0911 -0.49 26.39   0.33 28.08 1.2 -15.76 -0.76
65 -1.55 23.7 0.53 20.54 2.77 -19.37 0.03
15.56 -1.06 2001 FUND 21.45 0.2145 0.2 15.47 1.57 -28.19 0.79
0.06 0.73 UNIVERSE 17.27 -6.51 11.7 0.18 -2.37
-6.88   -1.05 POLICY 11.31 0.1131 0.6 4.46 0.14 0.39
-9.62 -0.07 2002 0 1998 -0.09 -0.09
-15.34   -0.59 -17.69 -0.27 9.83 2.91 1.02
1999 -0.03 33 -0.07 6.07 -0.21 -0.22
1999 FUND 8.77 0.0877 -0.04 -20.49   -0.02 1.83 0.24 -0.04
UNIVERSE 89 -0.85 57 -0.41 -0.8 3.11 0.71
POLICY 21.04 0.2104 3.58 -9.79   4.84 -5.82 3.64 6.73
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 21 10
30.27 56 33.35 52.94 64.29
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 5.09
23.34 19.32 1999 18.43 9.01
21.69 0.94 29.82 1 0.95
18.67 -0.44 25 0.25 2.63 0.0263
13.52 0.97 27.81 0.93 0.84
-0.02 41 0.08 1.46
-0.4 38.73 1.55 13.8
3.51 29.66 4.92 3.64
-0.19 25.66 0.03 0.6
S&P500 20.21 S&P500 S&P500
10 17.15 13 4
15 1998 21 10
44 19.21 47.06 35.71
-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 17.75 8.7
1 1 1
0 0 0
1 1 1
0.01 0.08 1.26
0.27 1.42 10.94
0 0 0
Diff Diff Diff
-1 0 0
1 0 0
12 5.88 28.58
-0.49 0.33 -0.81
-1.55 0.53 2.41
-1.06 0.2 3.22
0.73 -6.51 0.18
-0.96 0.68 0.31
-0.06 0 -0.05
-0.44 0.25 2.63
-0.03 -0.07 -0.16
-0.03 0 0.2
-0.67 0.13 2.86
3.51 4.92 3.64