SUNRISE POLICE
LOCK TOT.INTL. EQ. EXECUTIVE HERE LOCK LOCK TOTAL INTL.EQ. UNIVERSE HERE LOCK LOCK TOTAL INTL.EQ. RISK HERE LOCK LOCK AMERICAN EURO INTL. EQ. EXECUTIVE LOCK LOCK SSGA EQUITY UNIVERSE HERE LOCK LOCK SSGA EQUITY RISK HERE LOCK LOCK N/A LOCK LOCK N/A LOCK LOCK N/A LOCK
Sunrise Police Sunrise Police % Sunrise Police Sunrise Police Sunrise Police Sunrise Police % Sunrise Police Sunrise Police Sunrise Police %
International Equity International Equity International Equity American Euro Pacific Growth Class A American Euro Pacific Growth Class A American Euro Pacific Growth Class A Putnam International Growth Fund Putnam International Growth Fund Putnam International Growth Fund
Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures
35 International Equity 37 75 International Equity 79 82 International Equity 86
Inception date is December 31, 1999 36 1 Yr Inception date is December 31, 1999 77 1 Yr Inception date is December 31, 1999 84 1 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 net of fees. Incept is December 31, 1999 to December 31, 2003 Batting Average Returns are net of fees. Incept is December 31, 1999 to December 31, 2003 Batting Average Returns are net of fees. Incept is December 31, 1999 to September 30, 2003 Batting Average
Account Reconciliation Trailing Returns through December 31, 2003 Worst Qtr Account Reconciliation Trailing Returns through December 31, 2003 Worst Qtr Account Reconciliation Trailing Returns through September 30, 2003 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 EAFE Standard Deviation Ending Value EAFE Standard Deviation Ending Value EAFE Standard Deviation
12/31/2003 Return Beta 12/31/2003 Return Beta 9/30/2003 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
2,604 Universe R-Squared 1,313 Universe R-Squared 1,221 Universe R-Squared
-1,348 5th %-tile Sharpe Ratio 0 5th %-tile Sharpe Ratio 0 5th %-tile Sharpe Ratio
244 25th %-tile Treynor Ratio 186 25th %-tile Treynor Ratio 69 25th %-tile Treynor Ratio
1,499 50th %-tile Tracking Error 1,499 50th %-tile Tracking Error 1,290 50th %-tile Tracking Error
2003 75th %-tile Information Ratio 2003 75th %-tile Information Ratio 2003 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
2,278 2 Qtrs 1 1,128 2 Qtrs 1 1,150 2 Qtrs 1
-1,348 21.31   3 0 24.71 3 0 22.98 3
569 88 0 371 64 25 140 89 25
1,499 26.69   -9.22 1,499 26.69 -9.66 1,290 29.35 -8.78
12/31/1999 48 17.19 12/31/1999 48 17.98 12/31/1999 54 16.43
Incept 40.16 26.41 Incept 40.16 27.64 Incept 46.02 25.21
  3,569 31.1 29.06 1,744 31.1 32.91 1,823 37.33 21.3
-1,209 26.36 13.5 65 26.36 13.79 76 29.72 14.58
-861 23.3 0.96 -310 23.3 0.96 -609 26.15 1.01
1,499    1,499,000 20.02 -6.09 1,499    1,499,000 20.02 -3.38 1,290    1,290,000 21.22 -4.52
Investment Policy 3 Qtrs 0.98 Investment Policy 3 Qtrs 0.95 Investment Policy 3 Qtrs 0.97
Index 42.16 2.07 Index 47.13 2.31 Index 12.19 1.38
MSCI EAFE 88 29.16 MSCI EAFE 68 33.17 MSCI EAFE 90 19.88
Total 51.48 1.89 Total 51.48 2.99 Total 18.84 2.63
Weight 48 -5.35 Weight 48 -2.09 Weight 55 -2
100 73.61 EAFE 100 73.61 EAFE 100 40.34 EAFE
100 59.04 1 100 59.04 1 100 27.72 1
Trailing Returns through December 31, 2003 50.85 3 Trailing Returns through December 31, 2003 50.85 3 Trailing Returns through September 30, 2003 19.83 3
Fund 45.65 100 Fund 45.65 75 Fund 15.37 75
EAFE 39 -8.13 EAFE 39 -8.13 EAFE 10.53 -8.13
Diff 1 Yr 19.57 Diff 1 Yr 19.57 Diff 1 Yr 19.57
1 Yr 1 Yr FUND 29.06 0.2906 27.7 1 Yr 1 Yr FUND 32.91 0.3291 27.7 1 Yr 1 Yr FUND 21.3 0.213 27.7
29.06 UNIVERSE 91 39.17 2/1/1900 UNIVERSE 77 39.17 1/21/1900 UNIVERSE 79 26.55
39.17 POLICY 39.17 0.3917 14 39.17 POLICY 39.17 0.3917 14 26.55 POLICY 26.55 0.2655 14.13
-10.11 50 1 -6.26 50 1 -5.25 48 1
2 Yr 65.72 0 2 Yr 65.72 0 2 Yr 51.17 0
4.51 48.59 1 1/7/1900 48.59 1 1/0/1900 34.61 1
8.34 38.92 2.72 8.34 38.92 2.72 3.55 26.12 1.79
-3.83 33.2 38.1 -1.18 33.2 38.1 -3.11 21.8 25.33
3 Yr 27.55 0 3 Yr 27.55 0 3 Yr 17.28 0
-2.93 2 Yr Diff 1/0/1900 2 Yr Diff -9.8 2 Yr Diff
Incept ROR -2.57 4.51 0.0451 0   ################################## 7.16 0.0716 0 ############################### 0.44 0.0044 0
Fund -0.36 82 0   2.85 65 0 -1.42 84 0
Policy 4 Yr 8.34 0.0834 -100   4 Yr 8.34 0.0834 -50 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 3.55 0.0355 -50
############################### 57 -1.09 ################################## 57 -1.53 12/31/1999 62 -0.65
-5.55 27.26 -2.38 ################################## 27.26 -1.59 Incept 27.66 -3.14
-0.09 16.44 -1.29 0.96 16.44 -0.06 -9.8 14.6 -2.49
5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 9.27 -10.11 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 9.27 -6.26 -9.79 5.01 -5.25
12/31/1999 5.73 -0.5 12/31/1999 5.73 -0.21 -0.01 1.78 0.45
Incept 0.94 -0.04 Incept 0.94 -0.04 Calendar Year Returns -2.4 0.01
-5.64 3 Yr -6.09 -4.59 3 Yr -3.38 Fund 3 Yr -4.52
-5.55 3 Yr FUND -2.93 -0.0293 -0.02 -5.55 3 Yr FUND 0.28 0.0028 -0.05 EAFE 3 Yr FUND -9.8 -0.098 -0.03
-0.09 UNIVERSE 63 -0.65 1/0/1900 UNIVERSE 46 -0.41 Diff UNIVERSE 67 -0.41
Calendar Year Returns POLICY -2.57 -0.0257 -8.94 Calendar Year Returns POLICY -2.57 -0.0257 -4.93 9/30/2003 POLICY -8.38 -0.0838 -5.45
Fund 60 1.89 Fund 60 2.99 Qtr 57 2.63
EAFE 18.83 2 Yr EAFE 18.83 2 Yr 5.62 8.62 5 Yr 2 Yr
Diff 6.63 # of Negative Qtrs Diff 6.63 # of Negative Qtrs 8.18 -0.35 # of Negative Qtrs
12/31/2003 -0.72 # of Positive Qtrs 12/31/2003 -0.72 # of Positive Qtrs -2.56 -7.16 # of Positive Qtrs
Qtr -4.7 Batting Average Qtr -4.7 Batting Average 6/25/1905 -11.15 Batting Average
12.92 -8.48 Worst Qtr 14.13 -8.48 Worst Qtr YTD -15.63 Worst Qtr
1/17/1900 4 Yr Best Qtr 1/17/1900 4 Yr Best Qtr 1/12/1900 4 Yr Best Qtr
-4.19 -5.64 Range -2.98 -4.59 Range 18.84 9.62 Range
2003 58 Worst 4 Qtrs 2003 51 Worst 4 Qtrs -6.65 2.03 Worst 4 Qtrs
YTD -5.55 Standard Deviation YTD -5.55 Standard Deviation 2002 -2.72 Standard Deviation
29.06 58 Beta 2/1/1900 58 Beta ############################### -6.02 Beta
39.17 7.99 Annualized Alpha 39.17 7.99 Annualized Alpha -15.65 -9.45 Annualized Alpha
-10.11 0.9 R-Squared -6.26 0.9 R-Squared -1.38 5 Yr R-Squared
2002 5 Yr FUND -4.58 Sharpe Ratio 6/24/1905 5 Yr FUND -4.58 Sharpe Ratio 2001 5 Yr FUND 18.09 Sharpe Ratio
-15.37 NA -7.91 Treynor Ratio -13.61 NA -7.91 Treynor Ratio -19.79 NA 9.63 Treynor Ratio
###############################   -11.83 Tracking Error ##################################   -11.83 Tracking Error ###############################   4.27 Tracking Error
0.28 5 Yr Information Ratio 2.04 5 Yr Information Ratio 1.42 0.45 Information Ratio
2001 18.54   Fund 2001 18.54   Fund 2000 -2.84   Fund Fund
-16.27 9.54 3 -12.17 9.54 3 -9.02 6 Yr 3
############################### 4.52   5 -21.21 4.52   5 -13.96 8.6   5
4.94 0.41 37.5 9.04 0.41 50 4.94 2.76 Batting Average 37.5
2000 -2.77 -19.18 2000 -2.77 -17.58 1999 1998 1997 1996 1995 1994 -0.28 -20.7
############################### 6 Yr 17.19 ################################## 6 Yr 17.98 Returns in Up Markets -2.26 16.43
-13.96 13.93 36.37 ################################## 13.93 35.56 Fund -5.28 37.13
0.65 7.32 -24.37 -3.87 7.32 -23.16 EAFE 7 Yr -25.51
1999 1998 1997 1996 1995 1994 3.94 16.83 1999 1998 1997 1996 1995 1994 3.94 16.28 Ratio 10.45 Standard Deviation 16.96
Returns in Up Markets 2.02 0.94 Returns in Up Markets 2.02 0.9 1 Yr 5.19 Beta 1.01
Fund -0.49 -3.16   Fund -0.49 -0.44   33 2.28 Annualized Alpha -2.99 -0.0299
EAFE 7 Yr 0.98 EAFE 7 Yr 0.97 37.7 0.24 R-Squared 0.98
Ratio 12.35 0.19 Ratio 12.35 0.35 87.4 -3.6 -0.07
1 Yr 6.74 3.32 1 Yr 6.74 6.41 2 Yr 8 Yr -1.15
42.2 3.99 2.48 47.1 3.99 3.38 35.7 10.08 2.59
51.5 1.95 -1.54 51.5 1.95 -0.35 37 5.69 -1.2
81.9 -1.61 EAFE 91.6 -1.61 EAFE 96.5 3.12 Policy EAFE
2 Yr 8 Yr 3 2 Yr 8 Yr 3 3 Yr 1.41 3
42.7 12.56 5 46.5 12.56 5 35.7 -2.29 5
47.3 7.92 62.5 47.3 7.92 50 37 Calendar Year Returns 62.5
90.4 5.11 -19.69 98.4 5.11 -19.69 96.5 Fund -19.69
3 Yr 3.42 19.57 3 Yr 3.42 19.57 12/31/1999 Return 19.57
2/11/1900 -0.76 39.26 2/15/1900 -0.76 39.26 Incept %-tile 39.26
44.4 Calendar Year Returns -22.95 44.4 Calendar Year Returns -22.95 35.7 EAFE -22.95
95.4 Fund 17.73 103.6 Fund 17.73 37 Return Standard Deviation 16.67
12/31/1999 Return   1 12/31/1999 Return   1 96.5 %-tile   1
Incept %-tile 0 Incept %-tile 0 Returns in Down Markets Universe 0
42.4 EAFE   1 46 EAFE   1 Fund 5th %-tile   1
44.4 Return 0.39 44.4 Return 0.39 EAFE 25th %-tile 0.12
95.4 %-tile   6.95 103.6 %-tile   6.95 Ratio 50th %-tile   1.95
Returns in Down Markets Universe 0 Returns in Down Markets Universe 0 1 Yr 75th %-tile 0
Fund 5th %-tile   Diff Fund 5th %-tile   Diff -8.8 95th %-tile   Diff
EAFE 25th %-tile 0 EAFE 25th %-tile 0 -8.1 Qtr 0
Ratio 50th %-tile   0 Ratio 50th %-tile   0 108 QU. FUND 5.62 0.0562 0
1 Yr 75th %-tile -25 1 Yr 75th %-tile 0 2 Yr UNIVERSE 83 -25
-9.2 95th %-tile   0.51 -9.7 95th %-tile 2.11 -31.1 POLICY 8.18 0.0818 -1.01
-8.1 Qtr -2.38 -8.1 Qtr -1.59 -27.6 58 -3.14
113.4 QU. FUND 12.92 0.1292 -2.89 118.8 QU. FUND 14.13 0.1413 -3.7 112.6 18.61 -2.13
2 Yr UNIVERSE 91 -1.42 2 Yr UNIVERSE 82 -0.21 3 Yr 12.99 -2.56
-30 POLICY 17.11 0.1711 -0.9 ################################## POLICY 17.11 0.1711 -1.45 -32.6 8.87   0.29
-27.6 33 -0.06 -27.6 33 -0.1 -31.3 6.39 0.01
108.4 20.34   -3.16 104.1 20.34   -0.44 104.3 3.84   -2.99
3 Yr 17.66 -0.02 3 Yr 17.66 -0.03 12/31/1999 YTD -0.02
-33.8 16.17   -0.2 ################################## 16.17   -0.04 Incept 12.19   -0.19
-34.3 14.6 -3.63 -34.3 14.6 -0.54 -26.4 90 -3.1
98.7 11.43   2.48 90.9 11.43   3.38 -26.8 18.84   2.59
12/31/1999 YTD   3 Yr 12/31/1999 YTD 3 Yr 98.7 55 3 Yr
Incept 29.06   # of Negative Qtrs Incept 32.91   # of Negative Qtrs 40.9 40.34   # of Negative Qtrs
-26.3 91 # of Positive Qtrs -26.1 77 # of Positive Qtrs 88.8 27.72 # of Positive Qtrs
-26.8 39.17   Batting Average -26.8 39.17   Batting Average 7 Yr 19.83   Batting Average
98.1 50 Worst Qtr 97.4 50 Worst Qtr 33.6 15.37 Worst Qtr
65.72   Best Qtr 65.72   Best Qtr 37 10.53   Best Qtr
48.59 Range 48.59 Range 90.6 2002 Range
38.92   Worst 4 Qtrs 38.92   Worst 4 Qtrs 9/30/1995 2002 FUND -17.03 -0.1703 Worst 4 Qtrs
33.2 Standard Deviation 33.2 Standard Deviation Incept UNIVERSE 69 Standard Deviation
27.55   Beta 27.55   Beta 32.2 POLICY -15.65 -0.1565 Beta
2002 Annualized Alpha 2002 Annualized Alpha 34.9 60 Annualized Alpha
2002 FUND -15.37 -0.1537 R-Squared 2002 FUND -13.61 -0.1361 R-Squared 92.3 1.13 R-Squared
UNIVERSE 58 Sharpe Ratio UNIVERSE 47 Sharpe Ratio Returns in Down Markets -8.2 Sharpe Ratio
POLICY -15.65 -0.1565 Treynor Ratio POLICY -15.65 -0.1565 Treynor Ratio Fund -14.26   Treynor Ratio
60 Tracking Error 60 Tracking Error Policy -17.82 Tracking Error
1.13   Information Ratio 1.13   Information Ratio Ratio -22.25   Information Ratio
-8.2   Fund -8.2 Fund 3 Yr 2001 Fund
-14.26   5 -14.26   5 -29.4 2001 FUND -19.79 -0.1979 6
-17.82   7 -17.82 7 -34.5 UNIVERSE 59 6
-22.25     58.33 -22.25   58.33 85 POLICY -21.21 -0.2121 50
2001 -19.18 2001 -17.58 5 Yr 66 -20.7
2001 FUND -16.27 -0.1627 17.19 2001 FUND -12.17 -0.1217 17.98 -26.5 3.58 16.43
UNIVERSE 44 36.37 UNIVERSE 30 35.56 -31.3 -10.16 37.13
POLICY -21.21 -0.2121 -24.37 POLICY -21.21 -0.2121 -23.16 84.6 -18.13   -27.24
66   16.61 66 16.22 7 Yr -22.9 16.92
3.58     0.92 3.58   0.89 -26.5 -29.05   0.98
-10.16   -0.66   -10.16 2.51   -31.3 2000 -1.69
-18.13     0.98 -18.13   0.95 84.6 2000 FUND -9.02 -0.0902 0.97
-22.9 -0.31   -22.9 -0.12 -0.0012 9/30/1995 UNIVERSE 30 -0.74
-29.05   -5.66 -29.05   -2.25 Incept POLICY -13.96 -0.1396 -12.79
2000 2.87 2000 4.09 -26.5 44 2.89
2000 FUND -13.31 -0.1331 -0.13 2000 FUND -17.83 -0.1783 0.7 -31.3 2.88 -0.49
UNIVERSE 41   EAFE UNIVERSE 61 EAFE 84.6 -8.21 EAFE
POLICY -13.96 -0.1396 6 POLICY -13.96 -0.1396 6 -15.61 7
44 6 44 6 -24.08 5
2.88 41.67 2.88 41.67 -34 50
-8.21 -19.69 -8.21 -19.69 1999 -19.69
-15.61   19.57 -15.61   19.57 1999 FUND 116.89   19.57
-24.08 39.26 -24.08 39.26  NA 67.58 39.26
-34   -22.95 -34   -22.95   47.85   -28.27
1999   17.83 1999 17.83 28.32 17.01
1999 FUND 116.89 1 1999 FUND 116.89 1 16.51 1
 NA 67.58 0  NA 67.58 0 1998 0
  47.85 1   47.85 1 27.64 1
28.32 -0.27 28.32 -0.27 17.86 -0.65
16.51 -4.85 16.51 -4.85 11.79 -11.11
1998 0 1998 0 2.35 0
1998 FUND 27.64   Diff 27.64   Diff 1998 FUND -29.32   Diff
NA 17.86 -1 17.86 -1 NA 1997 -1
  11.79   1 11.79   1   22.94   1
2.35 16.66 2.35 16.66 11.7 0
-29.32 0.51 1998 FUND -29.32 2.11 5.22 -1.01
1997 -2.38 NA 1997 -1.59 -2.28 -3.14
22.94 -2.89   22.94 -3.7 -30.46 -2.13
11.7 -1.42 11.7 -0.21 1996 1.03
5.22 -1.22 5.22 -1.61 28.9 -0.09
-2.28 -0.08 -2.28 -0.11 20.05 -0.02
-30.46   -0.66 -30.46   2.51 14.65   -1.69
1996 -0.02 1996 -0.05 9.94 -0.03
28.9   -0.04 28.9   0.15 0.97   -0.09
20.05 -0.81 20.05 2.6 1995 -1.68
14.65 2.87 14.65 4.09 21.87 2.89
9.94 Incept Incept 9.94 Incept Incept 13.07 Incept
0.97 # of Negative Qtrs 0.97 # of Negative Qtrs 9.83 # of Negative Qtrs
1995 # of Positive Qtrs 1995 # of Positive Qtrs 3.73 # of Positive Qtrs
21.87 Batting Average 21.87 Batting Average -8.25 Batting Average
13.07 Worst Qtr 13.07 Worst Qtr 19 Worst Qtr
9.83   Best Qtr 9.83   Best Qtr 35.39   Best Qtr
3.73 Range 3.73 Range 28.17 Range
-8.25   Worst 4 Qtrs -8.25   Worst 4 Qtrs 23.31   Worst 4 Qtrs
Standard Deviation Standard Deviation 14.65 Standard Deviation
Beta Beta 6.14 Beta
Annualized Alpha Annualized Alpha 1997 Annualized Alpha
R-Squared R-Squared 32.62 R-Squared
Sharpe Ratio Sharpe Ratio 23 Sharpe Ratio
Treynor Ratio Treynor Ratio 33.36 Treynor Ratio
Tracking Error Tracking Error 14 Tracking Error
Information Ratio Information Ratio 35.83 Information Ratio
Fund Fund Fund Fund 32.4 Fund
8 8 29.2 8
8 8 26.22 7
Batting Average 50 Batting Average 50 19.15 46.67
-19.18 -17.58 1996 -20.7
17.19 17.98 22.92 16.43
36.37 35.56 27 37.13
-27.32 -28.02 22.96 -27.24
Standard Deviation 17.13 Standard Deviation 16.41 26 18.18
Beta 0.96 Beta 0.92 27.28 1.04
Annualized Alpha -0.2 -0.002 Annualized Alpha 0.58 23.01 0.61
R-Squared 0.9 R-Squared 0.89 21.51 0.87
-0.52 -0.47 18.9 -0.72
-9.2 -8.46 15.28 -12.63
5.5 5.74 1995 6.46
-0.02 0.17 38.57 0
Policy EAFE Policy EAFE 36.55 EAFE
10 10 33.47 10
6 6 30.16 5
50 50 24.43 53.33
-19.69 -19.69 -19.69
19.57 19.57 19.57
39.26 39.26 39.26
-28.27 -28.27 -28.27
Standard Deviation 16.83 Standard Deviation 16.83 16.41
1 1 1
0 0 0
1 1 1
-0.52 -0.52 -0.8
-8.74 -8.74 -13.13
0 0 0
Diff Diff Diff
-2 -2 -2
2 2 2
0 0 -6.66
0.51 2.11 -1.01
-2.38 -1.59 -3.14
-2.89 -3.7 -2.13
0.95 0.25 1.03
0.3 -0.42 1.77
-0.04 -0.08 0.04
-0.2 0.58 0.61
-0.1 -0.11 -0.13
0 0.05 0.08
-0.46 0.28 0.5
5.5 5.74 6.46