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 Sunrise Police 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 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
Inception date is March 31, 2004 70% Broad LC V Core. 30% Broad SCV Core 1 Yr 48 Broad Large Cap Growth Equity 53 56 Broad Large Cap Value Equity 60 63 Broad Small Cap Value Core 67
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 50 3 Yr Inception date is December 31, 2002 58 3 Yr Inception date is March 31, 2004 65 Incept 1 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 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 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. Returns for periods exceeding one year are annualized. # of Positive Qtrs
Account Reconciliation Trailing Returns through March 31, 2008 Worst Qtr Returns are gross of fees. Incept is December 31, 1997 to March 31, 2008 Batting Average Returns are net of fees. Incept is December 31, 2002 to March 31, 2008 Batting Average Returns are net of fees. Incept is March 31, 2004 to March 31, 2008 Batting Average
Beginning Value Fund Best Qtr Account Reconciliation Trailing Returns through March 31, 2008 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2008 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2008 Worst Qtr
Net Flows Return Range Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr
Investment G/L %-tile Worst 4 Qtrs Net Flows Return Range Net Flows Return Range Net Flows Return Range
Ending Value Policy Standard Deviation Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs
3/31/2008 Return Beta Ending Value R1000G Standard Deviation Ending Value S&P500 Standard Deviation Ending Value R2000V Standard Deviation
Qtr %-tile Annualized Alpha 3/31/2008 Return Beta 3/31/2008 Return Beta 3/31/2008 Return Beta
18,911 Universe R-Squared Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
-2,501 5th %-tile Sharpe Ratio 6,375 Universe R-Squared 14,498 Universe R-Squared 4,413 Universe R-Squared
-1,305 25th %-tile Treynor Ratio -1,693 5th %-tile Sharpe Ratio -2,500 5th %-tile Sharpe Ratio -1 5th %-tile Sharpe Ratio
15,105 50th %-tile Tracking Error -541 25th %-tile Treynor Ratio -988 25th %-tile Treynor Ratio -318 25th %-tile Treynor Ratio
2,008 75th %-tile Information Ratio 4,141 50th %-tile Tracking Error 11,010 50th %-tile Tracking Error 4,095 50th %-tile Tracking Error
YTD 95th %-tile Fund 2008 75th %-tile Information Ratio 2008 75th %-tile Information Ratio 2008 75th %-tile Information Ratio
20,893 2 Qtrs 3 YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
-2,504   -15.81   1 6,597 1 Yr 2 15,784   2 Qtrs   4 5,109 2 Qtrs 3
-3,284   98 50 -1,918 3.16 0.0316 10 -2,502   -14.54 8 -1 -19.83 -0.1983 1
15,105   -12.7   -9.47 -538 17 50 -2,271   73   41.67 -1,013 100 Batting Average 25
38,077 54 5.97 4,141 -0.75 -0.0075 -8.37 11,010 -12.46 -8.13 4,095 -13.33 -0.1333 -13.6
Incept -9.88 15.44 12/31/1997 37 6.11 12/31/2002 40 6.95 3/31/2004 60 6.75
13,788 -11.53 -12.71 Incept 6.67 14.48 Incept -8.82 15.08 Incept -6.85 20.35
  -1,464 -12.52 11.32 10,999 0.85 3.16   6,658 -11.1 -10.17 2,986 -10.75 -20.24
2,781 -13.62 0.92 -14,170 -2.04 9.54 -771 -12.77 8.4 661 -12.89 Standard Deviation 14.72
15,105    15,105,000 -15.19 -4.94 7,311 -6.19 0.96 5,124     -14.68 0.88   447 -14.4 Beta 1.02  
Investment Policy 3 Qtrs 0.83 4,141    4,141,000 -12.47 0.15 11,010  11,010,000 -18.43 -1.82 -0.0182 4,095   4,095,000 -17.56 Annualized Alpha -3.34 -0.0334
Index -17.62 -1.49 Investment Policy 2 Yr 0.93 Investment Policy 3 Qtrs 0.81 Investment Policy 3 Qtrs R-Squared 0.79
S&P 500 98 -18.37 Index 3.7 0.037 0.21 Index -15.01 -0.12 Index -25.28 -0.2528 -1.66
Russell 2000 Value -13.13 4.69 Russell 1000 Growth 23 2.08 S&P 500 74 -1.14 Russell 2000 Value 100 -23.95
Total 49 -0.85 Total 3.08 0.0308 2.49 Total -10.68 3.83 Total -18.75 -0.1875 6.75
Weight -9.5 Policy Weight 29 -0.05 Weight 25 -0.69 Weight 75 -0.5
70 -12 3 100 6.01 R1000G 100 -6.36 S&P500 100 -10.46 Policy R2000V
30 -13.17 1 100 3.48 3 100 -10.71 3 100 -14.17 3
100 -14.57 50 Trailing Returns through March 31, 2008 1.85 9 Trailing Returns through March 31, 2008 -11.79 9 Trailing Returns through March 31, 2008 -16.11 1
Trailing Returns through March 31, 2008 -16.82 -8.57 Fund -0.28 50 Fund -15.15 58.33 Fund -18.82 75
Fund 1 Yr 5.08 R1000G -3.79 -10.18 S&P500 -19.31 -9.45 R2000V -21.16 -7.27
Policy   -12.71   13.65 Diff   3 Yr   6.86 Diff   1 Yr   6.7 Diff 1 Yr 2.3
Diff 1 Yr FUND 96 0.96 -8.71 1 Yr 1 Yr FUND 6.21 0.0621 17.04 1 Yr 1 Yr FUND -10.17 -0.1017 16.15 1 Yr -20.24 -0.2024 9.57
1 Yr UNIVERSE -8.71 11.19 1/3/1900 UNIVERSE 42 -0.75 ################################ UNIVERSE 78 -5.08 ################################### 100 -16.88
-12.71 POLICY 65 0.65 1 -0.75 POLICY 6.33 0.0633 9.6 -5.08 POLICY -5.08 -0.0508 8.55 -16.88 -16.88 -0.1688 12.81
-8.71 -3.01 0 3.91 40 1 -5.09 29 1 -3.36 100 1
-4 -6.65 1 2 Yr 8.96 0 2 Yr 0.6 0 2 Yr -3.52 0
2 Yr -8.04 -1.15 1/3/1900 7.23 1 1/0/1900 -5.01 1 ################################### -9.67 1
################################# -9.6 -12.9 3.08 5.71 0.22 3.03 -6.23 0.19 -4.22 -12.63 -1.64
0.85 -12.53 0 0.62 4.36 2.12 -2.35 -9.88 1.64 -3.31 -14.84 -21.07
-2.2 2 Yr Diff 3 Yr 1.76 0 3 Yr -14.85 0 3 Yr -16.07 0
3 Yr -1.35 0 6.21 4 Yr Diff 1/3/1900 2 Yr Diff 1/0/1900 2 Yr Diff
   1/2/1900 97   0   1/6/1900 5.6 0.056 -1    1/5/1900 2 Yr FUND 0.68 0.0068 1   1/4/1900 -7.53 -0.0753 0
   1/5/1900 0.85 0   ################################## 34 1    -2.64 UNIVERSE 82 -1   -3.83 100 0
  -2.98 60   -0.9   4 Yr 5.01 0.0501 0   4 Yr POLICY 3.03 0.0303 -16.66   4 Yr -4.22 -0.0422 -50
4 Yr 4.05 0.89 5.6 49 1.81 1/4/1900 41 1.32 1/3/1900 77 -6.33
1/4/1900 2.02 1.79 1/5/1900 8 -0.75 1/6/1900 7.05 0.25 1/5/1900 2.18 4.45
1/6/1900 1.06 -4 0.59 5.9 -2.56 -1.87   3.96 -1.07 -1.85 -1.3 10.78
-1.99 0.12 0.13 5 Yr 4.96 3.91 5 Yr 2.87 -5.09 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr -3.29 -3.36
5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr -1.17 -0.08 9.21 3.76 -0.06 1/11/1900 1.31 -0.15 3/31/2004 -3.87 1.91
3/31/2004 3 Yr -4.94 9.96 1.75 -0.04 1/11/1900 -1.99 -0.12 Incept -6.39 0.02
Incept 2.48 -0.17 -0.75 5 Yr 0.15 0.09 3 Yr -1.82 3.82 3 Yr -3.34
1/4/1900 3 YR FUND 99 0.99 -0.34 6 Yr 3 YR FUND 9.21 0.0921 -0.07 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr   3.21 0.0321 -0.19 5.67 0.5 0.005 -0.21
1/6/1900 UNIVERSE 5.46 -5.47 1/2/1900 UNIVERSE 63 -0.01 37621.00   90 -0.31 ################################### 99 -0.02
-1.99 POLICY 54 0.54 4.69 2.76 POLICY 9.96 0.0996 -0.04 Incept   5.85 0.0585 -2.78 Fiscal Year Returns Ending September 4.33 0.0433 -2.88
Fiscal Year Returns Ending September 9.29 2 Yr 0.1 51 2.49 9.99   48 3.83 Fund 67 6.75
Fund 6.48 5 Yr # of Negative Qtrs 7 Yr 12.54 5 Yr 5 Yr 1/10/1900 9.72 4 Yr R2000V 11.83 2 Yr
Policy 5.57 # of Positive Qtrs 1/2/1900 10.85 # of Negative Qtrs ################################ 6.74 # of Negative Qtrs Diff 6.47 # of Negative Qtrs
Diff 4.79 Batting Average 2.06 9.99 # of Positive Qtrs Fiscal Year Returns Ending September 5.77 # of Positive Qtrs 3/31/2008 4.93 # of Positive Qtrs
3/31/2008 3.37 Worst Qtr 1/0/1900 8.67 Batting Average Fund 4.7 Batting Average Qtr 3.73 Batting Average
Qtr 4 Yr Best Qtr 8 Yr 6.28 Worst Qtr S&P500 2.12 Worst Qtr -7.2 1.53 Worst Qtr
################################# 4.02 Range ################################## 6 Yr Best Qtr Diff 4 Yr Best Qtr ################################### 4 Yr Best Qtr
################################# 99 Worst 4 Qtrs ################################## 2.86 0.0286 Range 3/31/2008 4.19 0.0419 Range ################################### 3.82 0.0382 Range
1.57 6.01 Standard Deviation 1/3/1900 46 Worst 4 Qtrs Qtr 91 Worst 4 Qtrs 2008 93 Worst 4 Qtrs
2008 64 Beta 9 Yr 2.76 0.0276 Standard Deviation -6.98 6.06 0.0606 Standard Deviation YTD 5.67 0.0567 Standard Deviation
YTD 9.49 Annualized Alpha 1/1/1900 51 Beta -9.45 58 Beta ################################### 66 Beta
################################# 7.35 R-Squared ################################## 5.38 Annualized Alpha 1/2/1900 10.32 Annualized Alpha -13.33 10.34 Annualized Alpha
-12.7 6.39 Sharpe Ratio 2.82 3.63 R-Squared 2008 7.82 R-Squared -6.5 8.45 R-Squared
-3.11 5.72 Treynor Ratio 10 Yr 2.77 Sharpe Ratio YTD 6.28 Sharpe Ratio 2007 6.27 Sharpe Ratio
2007 4.77 Tracking Error 1/3/1900 1.78 Treynor Ratio ################################ 5.64 Treynor Ratio 1/12/1900 5.17 Treynor Ratio
1/13/1900 5 Yr Information Ratio 1/1/1900 -0.92 Tracking Error ################################ 3.01 Tracking Error 1/6/1900 3.38 Tracking Error
13.3 16.12 Fund 2.71 7 Yr Information Ratio -2.08 5 Yr Information Ratio 6.29 5 Yr Information Ratio
-0.13 5 YR FUND 14.16 0.1416 4 12/31/1997 5 YR FUND 2.87 0.0287 Fund Fund 2007 11.41 0.1141 Fund 2006 20.69 Fund
2006 UNIVERSE 13.2 4 Incept UNIVERSE 29 5 1/13/1900   64 6 1/9/1900 17.41 4
11.07 POLICY 12.39 0.1239   62.5 1/5/1900 POLICY 2.06 0.0206 15 16.44   11.32 0.1132 10 14 15.14 4
1/11/1900 11.7 Batting Average -9.47 1/2/1900 42 Batting Average 45 ################################   67 43.75 -4.79 14.2 37.5
-0.74 6 Yr 7.59 2.58 4.37 -8.37 2006 16.06 -8.13 2005 12.18 -13.6
6/27/1905 8.92 17.06 Fiscal Year Returns Ending September 3.07 11.55 1/11/1900 13.47 8.88 1/12/1900 6 Yr 9.61
1/11/1900 6.86 -12.71 Fund 1.86 19.92 10.79 12.09 17.01 1/17/1900 13.98 23.21
13.96 5.93 9.84 R1000G 1.05 3.16 1/1/1900 11.16 -10.17 -4.82 9.09 -20.24
-2.79 5.15 Standard Deviation 0.96 Diff -1.12 Standard Deviation 9.84 2005 9.48 8.12 2004 2003 2002 2001 2000 1999 7.88 13.53
2004 2003 2002 2001 2000 1999 4.14 Beta -2.1   3/31/2008 8 Yr Beta 0.87 1/10/1900 6 Yr 0.87   Returns in Up Markets 6.68 1.04
Returns in Up Markets 7 Yr Annualized Alpha 0.87 0.0087 Qtr -1.64 Annualized Alpha 0.54 0.0054 1/12/1900 8.3 -1.02 -0.0102 Fund 4.68 -3.02 -0.0302
Fund 8.61 R-Squared -0.6 -8.37 39 R-Squared 0.94 ################################ 6.22 0.81 R2000V 7 Yr 0.77
Policy 7.29 -6.19 -10.18 -5.05 0.63 6/26/1905 5.17 0.08 Ratio 15.24 -0.9
Ratio 6.41 3.62 1.81 80 7.1 1/16/1900 4.17 0.74 1 Yr 11.4 -11.65
1 Yr 5.65 -0.61 2008 1.91 2.77 1/13/1900 2.21 3.69 6.8 9.66 6.58
1/6/1900 4.87 Policy YTD -0.46 -0.27 1/2/1900 7 Yr -0.51 2.3 8.81 -0.5
5.1 8 Yr Policy 4 -8.29 -2.56 Policy R1000G 2003 2002 2001 2000 1999 7.98 S&P500 293.5 6.97 R2000V
117.5 8.67 4 -10.87 -4.69 5 Returns in Up Markets 6.03 5 2 Yr 8 Yr 4
2 Yr 7.07 37.5 2.58 -6.84 15 Fund 4.91 11 20.7 14.1 4
20 5.68 -8.57 2007 9 Yr 55 S&P500 3.8 56.25 16.1 12.33 62.5
19.2 3.75 7.4 19.32 1.49 -10.18 Ratio 2.23 -9.45 128.9 9.74 -7.27
104.2 2.26 15.97 19.35 35 14.31 3 Yr 8 Yr   9.23 3 Yr 7.8 9.03
3 Yr Fiscal Year Returns Ending September -8.71 -0.03 -1.33 24.49 1/12/1900 8.59 18.68 1/19/1900 5.47 16.3
1/15/1900 Fund 9.52 2006 85 -0.75 15.2 6.51   -5.08 19.9 Fiscal Year Returns Ending September -16.88
17.3 Return Standard Deviation 1 1/4/1900 5.52 Standard Deviation 11.02 79.4 4.57 8.37 99.3 Fund 11.36
88.2 %-tile 0 6.03 2.01 1 4 Yr 2.27 1 3/31/2004 QU. FUND Return #VALUE! 1
3/31/2004 Policy 1 -1.61 0.67 0 1/12/1900 -0.06 0 Incept UNIVERSE %-tile 0
Incept Return -0.39 2005 -0.49 1 16.7 Fiscal Year Returns Ending September 1 21.1 POLICY R2000V #VALUE! 1
1/16/1900 %-tile -3.74 12.97 -2.79 0.63 3/17/1900 Fund 0.3 19.8 Return -0.78
18.9 Universe 0 11.6 10 Yr 6.93 5 Yr QU. FUND Return 2.51 106.7 %-tile #VALUE! -8.81
89 5th %-tile Diff 1.37 3.99 0 1/20/1900 UNIVERSE %-tile 0 Returns in Down Markets Universe 0
Returns in Down Markets 25th %-tile 0 2004 18 Diff 21.3 POLICY S&P500 Diff Fund 5th %-tile #VALUE! Diff
Fund 50th %-tile 0 4.45 1.28 0 97.7 Return 1 R2000V 25th %-tile 0
Policy 75th %-tile   25 7.51 77   0 12/31/2002 %-tile ####### -1 Ratio 50th %-tile #VALUE! 0
Ratio 95th %-tile -0.9 -3.06 6.74 -10 Incept Universe -12.5 1 Yr 75th %-tile -25
1 Yr Qtr   0.19 2003 3.52   1.81 20.8 5th %-tile ####### 1.32 -25.3 95th %-tile #VALUE! -6.33
-17.6 -7 1.09 20.02 2.71 -2.76 21.3 25th %-tile -0.35 -18.8 Qtr 0.58
################################# 7 -4 1/25/1900 1.5 -4.57 4/6/1900 50th %-tile ####### -1.67 134.8 -7.2 -0.072 6.91
134.2 -8.57 0.32 -5.89 -0.65 3.91 Returns in Down Markets 75th %-tile -5.09 2 Yr 39 -3.36
2 Yr 46 -0.04 2002 Fiscal Year Returns Ending September -1.18 Fund 95th %-tile ####### -0.25 -29.2 -6.53 -0.0653 2.17
-18.9 -6.78 -2.1 ################################## Fund -0.13 S&P500 Qtr -0.13 -20.9 34 0.04
################################# -7.9   -0.13 ################################## Return   0.54 Ratio -6.98 -0.0698 -1.02 139.2 -3.43 -3.02
128.7 -8.75 -0.21 4.82 %-tile -0.06 3 Yr 5 -0.19 3 Yr -5.39 -0.23
3 Yr -9.5   -2.45 2001 R1000G   0 -14.9 -9.45 -0.0945 -0.22 -29.2 -7.79 -0.12
-18.9 -10.48 3.62 ################################## Return 0.17 -13.7 59 -1.77 -20.9 -10.61 -2.84
################################# QU. FUND YTD ####### 3 Yr ################################## %-tile 2.77 108.7 -7.01 3.69 139.2 -12.29 6.58
128.7 UNIVERSE -15.81 # of Negative Qtrs 12.51 Universe 10 Yr 4 Yr -8.06 Incept 5 Yr 3/31/2004 YTD 3 Yr
3/31/2004 POLICY 98 0.98 # of Positive Qtrs 2000 5th %-tile # of Negative Qtrs -12.6 -9.28 # of Negative Qtrs Incept -19.83 # of Negative Qtrs
Incept -12.7 Batting Average 26.61 25th %-tile # of Positive Qtrs -14 -9.94 # of Positive Qtrs -26 100 # of Positive Qtrs
################################# 54 Worst Qtr 1/23/1900 QU. FUND 50th %-tile Batting Average 3/30/1900 2004 FUND -12.48 -0.1248 Batting Average -19.8 -13.33 Batting Average
-12.4 -9.88 Best Qtr 3.18 UNIVERSE 75th %-tile Worst Qtr 5 Yr UNIVERSE YTD Worst Qtr 131.4 60 Worst Qtr
114.6 -11.53 Range 1999 POLICY 95th %-tile Best Qtr -12.6 POLICY -14.54 -0.1454 Best Qtr -6.85 Best Qtr
S&P500 -12.52 Worst 4 Qtrs 29.82 Qtr Range -14 73 Range -10.75 Range
Ratio -13.62   Standard Deviation 2/3/1900 -8.37 -0.0837 Worst 4 Qtrs 90.4 -12.46 Worst 4 Qtrs -12.89 Worst 4 Qtrs
3 Yr -15.19 Beta -5.03 6 Standard Deviation 12/31/2002 40 Standard Deviation -14.4 Standard Deviation
-40.5 2007   Annualized Alpha Returns in Up Markets -10.18 -0.1018 Beta Incept -8.82 Beta -17.56 Beta
-40.8 13.17 R-Squared Fund 24 Annualized Alpha -13 -11.1 Annualized Alpha 2007 Annualized Alpha
99.2 83 Sharpe Ratio R1000G -8.37 R-Squared -13.7 -12.77   R-Squared 12.37 R-Squared
5 Yr 13.3 Treynor Ratio Ratio -10.24 Sharpe Ratio 4/4/1900 -14.68 Sharpe Ratio 55 Sharpe Ratio
-31 82 Tracking Error 3 Yr -11.3 Treynor Ratio 2003 FUND -18.43 -0.1843 Treynor Ratio 6.08 Treynor Ratio
-30.9 20.14 Information Ratio 14.6 -12.47 Tracking Error UNIVERSE 2007 Tracking Error 100 Tracking Error
100.2 16.71   Fund 1/16/1900 -14.88   Information Ratio POLICY 13.45 0.1345 Information Ratio 23.98 Information Ratio
6 Yr 15.09 4 3/29/1900 YTD Fund 79 Fund 15.39 Fund
-30.8 13.63   8 5 Yr -8.29   14 16.44 6 12.62 4
-31.3 11.48 50 1/18/1900 7 26 30   14 9.91 8
98.5 2003 FUND 2006 20.06 -9.47 1/21/1900 -10.87 50 22.23   Batting Average 55 7.04 41.67
12/31/1997 UNIVERSE 11.07 7.59 3/28/1900 29 -16.95 16.72 -8.13 2006 -13.6
Incept POLICY 44 0.44 17.06 10 Yr -7.98 21.83 15.68   17.8 9.21 13.53
-30.8 11.81 -12.71 28.5 -10.64 38.78 14.01 25.93 55 27.13
-31.3 28 9.18 32.5 2004 FUND -12.66 -0.1266 -33.13 2002 FUND 10.53   -10.17 14 -20.24
4/7/1900 13.63 0.91 3/27/1900 UNIVERSE -14.04 16.96 UNIVERSE 2006 Standard Deviation 9.46 1 14.38
11.93   -2.35 12/31/1997 POLICY -16.91 -0.1691 0.78   NA 11.92   Beta 0.95 13.25 1.03
10.71 0.87 0.0087 Incept 2007 2.63 0.0263 46 Annualized Alpha 0.7 0.007 11.5 -3.62 -0.0362
8.99   -0.19 29.9 19.32 0.96 10.79   R-Squared 0.83 9.78 0.84
6.6 -1.9 2/3/1900 46 0.03 67 0.89 6.28 -0.26
2002 FUND 2005 20.05 3.47 87.9 19.35   0.55 15.12 8.82 -2.91 -3.6
UNIVERSE 11.17 -0.86 Returns in Down Markets 46 5.89 13.04 3.92 2005 5.76
POLICY 95 0.95 Policy Fund 27.74   0.46 11.69 0.02 12.93 -0.66
13.96 4 R1000G 21.53 R1000G 10.49 Policy S&P500 91 R2000V
66 8 Ratio 2003 FUND 18.79 0.1879 16   6.77   5 17.75 4
22.41 50 3 Yr UNIVERSE 15.69 24   2005 15 71 8
17.21   -8.57 -11.8 POLICY 10.15 0.1015 50   10.7   45 24.63 58.33
14.97 7.4 -14.3 2006 -21.35 78 -9.45 21.81 -7.27
13.26   15.97 82.3 4.42 26.74 12.25 15.39 20.3 13.5
11.01 -8.71 5 Yr 65 48.09 57 24.84 16.98 20.77
2001 FUND 2004 20.04 9.37 ################################## 6.03   -45.64   24.12 -5.08 11.37 -16.88
UNIVERSE 23.62 1 ################################## 49 21.25   16.47 Standard Deviation 9.1 2004 12.78
POLICY 19.76 0.1976 0 3/23/1900 11.56   1   12.65 1 33.25 1
17.24 1 10 Yr 8.5 0 10.97 0 24.88 0
15.21 0.13 -24.3 2002 FUND 5.96 0.0596 1 7.03   1 22.79 1
12.19 1.25 -32.3 UNIVERSE 3.16 -0.11 2004 0.91 19.56 0.01
2003   0 75.1 POLICY -3.37 -0.0337 -2.28 16.73   8.29 13.41 0.12
27.84 Diff 12/31/1997 2005 0 34 0 2003 0
25.03   0 Incept 12.97 Diff 13.87 Diff 36.11 Diff
23.22 0 -24.3 63 -2 53 1 29.71 0
2000 FUND 20.96 0.2096 0 -32.3 11.6   2 23.31 -1 26.15 0
UNIVERSE 18.02 -0.9 75.1 74 0 17.96 10 22.71 -16.66
POLICY 2002 20.02 0.19 26.56   4.4 14.04 1.32 14.77 -6.33
-5.31 1.09 18.97 -4.91 12.15 2.41 2002 0.03
-10.93 -4 2001 FUND 14.4 0.144 -9.31 7.18 1.09 9.49 6.36
-13.63 -0.19 UNIVERSE 11.48 12.51 2003 -5.09 2.65 -3.36
-15.7   -0.09 POLICY 7.67 0.0767 -4.29 29.51 0.36 -2.41 1.6
-18.62 -2.35 2004 -0.22 24.17 -0.05 -6.84 0.03
2001   -0.13 4.45 2.63 21.99 0.7 -14.06 -3.62
4.41 -0.32 88 -0.04 18.08 -0.17 2001 -0.16
1999 FUND -3.06 -0.0306 -3.15 7.51   0.14 13.29 -0.02 14.31 -0.27
UNIVERSE -8.63 3.47 63 2.83 2002 0.53 8.77 -3.72
POLICY -15.13 -0.1513 Incept 17.89   5.89 -3.47 3.92 3.66 5.76
-20.75 # of Negative Qtrs 11.72 Incept -12.76 Incept -5.01 Incept
2000 # of Positive Qtrs 2000 FUND 8.74 0.0874 # of Negative Qtrs -17.98 # of Negative Qtrs -19.22 # of Negative Qtrs
22.04 Batting Average UNIVERSE 6.26 # of Positive Qtrs -20.72 # of Positive Qtrs 2000 # of Positive Qtrs
15.71 Worst Qtr POLICY 2.04 0.0204 Batting Average -25.6 Batting Average 37.32 Batting Average
11.94 Best Qtr 2003 Worst Qtr 2001 Worst Qtr 26.91 Worst Qtr
7.53 Range 20.02 Best Qtr 5.47 Best Qtr 19.81 Best Qtr
2.05 Worst 4 Qtrs 63 Range -5.2 Range 14.46 Range
1998 FUND 30.71 Standard Deviation 25.91 Worst 4 Qtrs -13.29 Worst 4 Qtrs -0.83 Worst 4 Qtrs
UNIVERSE 16 Beta 19 Standard Deviation -21.78 Standard Deviation Standard Deviation
POLICY 28.58 Annualized Alpha 34.24 Beta -27.02 Beta Beta
25 R-Squared 24.4 Annualized Alpha 2000 Annualized Alpha Annualized Alpha
35.85 Sharpe Ratio 21.58 R-Squared 23.08 R-Squared R-Squared
28.5 Treynor Ratio 18.63 Sharpe Ratio 13.26 Sharpe Ratio Sharpe Ratio
25.14 Tracking Error 13.1 Treynor Ratio 9.14 Treynor Ratio Treynor Ratio
17.48 Information Ratio 2002 Tracking Error 4.26 Tracking Error Tracking Error
7.55 Fund -17.69 Information Ratio -1.81 Information Ratio Information Ratio
1997 6 19 Fund Fund Fund
36.26 10 -22.51 14 7 6
32.81 43.75 60 27 14 10
30.27 -9.47 -12.54 48.78 52.38 43.75
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 -10.17 -20.24
23.34 0.89 2001 17.2 9.4 14.41
21.69 -1.22 -33.13 0.78 0.95 0.98
18.67 0.86 24 2.76 0.49 0.0049 -1.42 -0.0142
13.52 0.05 -45.64 0.96 0.83 0.78
0.53 74 0.09 0.75 0.02
3.51 -27.62 2.09 7.41 0.28
-0.57 -33.35 5.84 3.88 6.7
Policy -38.5 0.44 -0.02 -0.28
6 -46.64 R1000G S&P500 R2000V
10 -56.07 16 6 5
56.25 2000 25 15 11
-8.57 26.61 51.22 47.62 56.25
10.43 29 -21.35 -9.45 -7.27
19 23.43 26.74 15.39 13.5
-8.71 40 48.09 24.84 20.77
9.37 47.93 -45.64 -5.08 -16.88
1 27.65 21.44 9.07 13.08
0 19.97 1 1 1
1 13.09 0 0 0
0.26 7.83 1 1 1
2.46 -0.04 0.79 0.16
0 -0.95 7.13 2.12
Diff 0 0 0
0 Diff Diff Diff
0 -2 1 1
-12.5 2 -1 -1
-0.9 -2.44 4.76 -12.5
-0.69 4.4 1.32 -6.33
0.21 -4.91 2.41 0.03
-4 -9.31 1.09 6.36
-0.4 12.51 -5.09 -3.36
-0.11 -4.24 0.33 1.33
-1.22 -0.22 -0.05 -0.02
-0.14 2.76 0.49 -1.42
-0.21 -0.04 -0.17 -0.22
-1.93 0.13 -0.04 -0.14
3.51 3.04 0.28 -1.84
3.51 5.84 3.88 6.7