SUNRISE POLICE
LOCK TOTAL FUND EXECUTIVE HERE LOCK LOCK TOTAL FUND UNIVERSE HERE LOCK LOCK TOTAL FUND RISK MEASURES LOCK LOCK TOTAL EQUITY EXECUTIVE HERE LOCK LOCK TOTAL EQUITY UNIVERSE HERE LOCK LOCK TOTAL EQUITY RISK HERE LOCK LOCK TOTAL FIXED EXECUTIVE HERE LOCK LOCK TOTAL FIXED UNIVERSE HERE LOCK LOCK TOTAL FIXED RISK HERE LOCK LOCK DHJ TOTAL FUND EXECUTIVE HERE LOCK LOCK DHJ TOTAL FUND UNIVERSE HERE LOCK LOCK DHJ TOTAL FUND RISK MEASURES LOCK
START @B3 Sunrise Police START @E3 Sunrise Police % START @H3 Sunrise Police % START @K3 Sunrise Police START @N3 Sunrise Police % Sunrise Police Sunrise Police Sunrise Police Sunrise Police START @B3  Sunrise Police START @E3 Sunrise Police % START @H3 Sunrise Police %
Total Fund Total Account Total Fund Total Account Total Fund Total Account Total Equity Total Equity Total Equity Total Equity Total Equity Total Fixed Income Total Fixed Income Total Fixed Income Total Fund DHJ Total (Equity + Fixed Income + Cash) Total Fund DHJ Total (Equity + Fixed Income + Cash) Total Fund DHJ Total (Equity + Fixed Income + Cash)
Executive Summary Universe Universe Comparisons Risk Measures Risk Measures Executive Summary Universe Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Universe Comparisons Risk Measures Risk Measures
2 50% BLC Core Eq., 10% BSCV Core, 40% BFI 17 20 83.3% Brd. LC Core Equity, 16.7% BSCV Core 22 25 Broad Fixed Income 27 37 55% Broad Large Cap Core Equity, 45% Broad FI 41
Inception date is December 31, 1997 4 3 Yr Inception date is December 31, 1997 21 3 Yr Inception date is December 31, 1997 26 3 Yr Inception date is December 31, 1997 39 3 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 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 for periods exceeding one year are annualized. Returns for periods exceeding one year are annualized. # of Positive Qtrs
Returns are gross of fees. Incept is December 31, 1997 to June 30, 2004 Batting Average Returns are gross of fees. Incept is December 31, 1997 to June 30, 2004 Batting Average Returns are gross of fees. Incept is December 31, 1997 to June 30, 2004 Batting Average Returns are gross of fees. Incept is December 31, 1997 to June 30, 2004 Batting Average
Account Reconciliation Trailing Returns through June 30, 2004 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2004 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2004 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2004 Worst Qtr
Beginning Value Fund Best 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 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 Investment G/L %-tile Worst 4 Qtrs
Ending Value Policy Standard Deviation Ending Value Policy Standard Deviation Ending Value LBAB Standard Deviation Ending Value Policy Standard Deviation
6/30/2004 Return Beta 6/30/2004 Return Beta 6/30/2004 Return Beta 6/30/2004 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
40,176 Universe R-Squared 24,492 Universe R-Squared 14,362 Universe R-Squared 19,378 Universe R-Squared
1 5th %-tile Sharpe Ratio -49 5th %-tile Sharpe Ratio -193 5th %-tile Sharpe Ratio -315 5th %-tile Sharpe Ratio
3 25th %-tile Treynor Ratio 324 25th %-tile Treynor Ratio -323 25th %-tile Treynor Ratio -26 25th %-tile Treynor Ratio
40,181 50th %-tile Tracking Error 24,767 50th %-tile Tracking Error 13,845 50th %-tile Tracking Error 19,038 50th %-tile Tracking Error
2004 75th %-tile Information Ratio 2004 75th %-tile Information Ratio 2004 75th %-tile Information Ratio 2004 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
39,487 2 Qtrs 5 21,268   2 Qtrs   4 15,094   2 Qtrs   3 19,572 2 Qtrs 5
-133 2.08   7 2,736   3.5   8 -1,306   0.24 9 -634 0.52   7
826 61 50 764   59   33.33 57   40   50 99 75 41.67
40,181 2.32   -7.44 24,767 3.77   -17.97 13,845 0.15 -2.27 19,038 1.85   -5.61
12/31/1997 47 8.62 12/31/1997 50 14.93 12/31/1997 45 5.39 12/31/1997 26 6.85
Incept 4.22 16.06 Incept 6.63 32.9 Incept 1.85 7.66 Incept 3.45 12.46
15,998 2.82 -9.47 10,999 4.61 -25.12 4,811 0.54 0.09 15,998 1.93 -7.44
12,984 2.27 9.59 9,036 3.76 20.29 2,793 0.06 4.49 -5,517 1.23 8.16
11,198 1.69 0.82 4,732    2.83 0.98 6,241    -0.24 0.96 8,556 0.49 0.84
40,181  40,181,000 0.62 0.36 24,767   24,767,000 1.25 -0.25 13,845   13,845,000 -0.7 0.33 19,038  19,038,000 -0.72 -1.29
Investment Policy 3 Qtrs 1 Investment Policy 3 Qtrs 1 Investment Policy 3 Qtrs 0.99 Investment Policy 3 Qtrs 0.97
Index 8.88 0.14 Index 16.12 -0.08 Index 0.38 1.14 Index 5.45 0.05
S&P 500 83 1.63 S&P 500 63 -1.68 Lehman Aggregate Bond 54 5.35 S&P 500 85 0.46
Lehman Aggregate Bond 10.32 2.2 Russell 2000 Value 17.25 1.29 Total 0.47 0.45 Lehman Gov/Credit-Intermediate 8.6 2.09
Russell 2000 Value 53 -0.04 Total 44 -0.18 Weight 50 0.18 Total 20 -0.91
Total 13.97 Policy Weight 21.4 Policy 100 8 LBAB Weight 10.29 Policy
Weight 11.69 5 83.3 18.21 4 100 1.49 4 55 8.3 6
50 10.41 7 16.7 16.96 8 Trailing Returns through June 30, 2004 0.46 8 45 7.17 6
40 9.35 50 100 15.04 66.67 Fund -0.14 50 100 5.97 58.33
10 7.8 -9.11 Trailing Returns through June 30, 2004 12.41 -17.68 LBAB -1 -2.44 Trailing Returns through June 30, 2004 4.61 -6.08
100 1 Yr 10.54 Fund   1 Yr   16.08 Diff   1 Yr   5.88 Fund 1 Yr 9.59
Trailing Returns through June 30, 2004 1 Yr FUND 11.12 0.1112 19.65 Policy 1 Yr FUND 20.82 0.2082 33.76 1 Yr 1 Yr FUND 0.09 0.0009 8.32 Policy 1 Yr FUND 7.14 0.0714 15.67
Fund UNIVERSE 85 -11.04 Diff UNIVERSE 58 -24.41 0.09 UNIVERSE 64 0.33 Diff UNIVERSE 82 -6.91
Policy POLICY 12.65 0.1265 11.69 1 Yr POLICY 21.43 0.2143 20.69 0.33 POLICY 0.33 0.0033 4.66 1 Yr POLICY 10.22 0.1022 9.55
Diff 61 1 20.82 50 1 -0.24 56 1 7.14 25 1
1 Yr 18.85 0 21.43 28.8 0 2 Yr 10.95 0 10.22 14.31 0
11.12 15.17 1 -0.61 23.7 1 5.66 2.07 1 -3.08 10.21 1
12.65 13.18 0.12 2 Yr 21.37 -0.07 5.91 0.49 1.09 2 Yr 9.16 0.24
-1.53 11.88 1.42 8.92 19.58 -1.42 -0.25 -0.38 5.06 5.87 7.58 2.29
2 Yr 9.84 0 9.75 15.52 0 3 Yr -1.81 0 8.82 5.87 0
7.36 2 Yr Diff -0.83 2 Yr Diff 1/6/1900 2 Yr Diff -2.95 2 Yr Diff
8.33 7.36   0 3 Yr 8.92     0 6.67 5.66   -1 3 Yr 5.87   -1
-0.97 54 0 -0.04 62   0 0.08 30 1 2 74 1
3 Yr 8.33   0 0.19 9.75     -33.34 4 Yr 5.91   0 3.9 8.82   -16.66
2.95 32 1.67 ################################## 44 -0.29 1/7/1900 29 0.17 -1.9 17 0.47
3.03 11.97 -1.92 4 Yr 13.72 -1.15 7.76 14.75 -0.49 4 Yr 10.63 -2.74
############################## 8.79 -3.59 -4.05 11.02 -0.86 0.11 6.49 -0.66 ################################ 8.33 -3.21
4 Yr 7.55 1.57 -4.2 9.41 -0.71 5 Yr 4.59 -0.24 2.33 6.93 -0.53
1.09 6.4 -2.1 0.15 7.85 -0.4 7.14 3.22 -0.17 -2.61 5.84 -1.39
0.76 4.85 -0.18 5 Yr 5.57 -0.02 1/7/1900 1.67 -0.04 5 Yr 4.4 -0.16
0.33 3 Yr 0.36 -3.06 3 Yr -0.25 0.07 3 Yr 0.33 2.25 3 Yr -1.29
5 Yr 3 YR FUND 2.95 0.0295 0 -2.12 3 YR FUND -0.04 -0.0004 0 6 Yr 3 YR FUND 6.75 0.0675 -0.01 3.35 3 YR FUND 2 0.02 -0.03
1.61 UNIVERSE 31 0.02 -0.94 UNIVERSE 57 -0.01 1/6/1900 UNIVERSE 21 0.05 -1.1 UNIVERSE 47 -0.19
1.77 POLICY 3.03 0.0303 0.21 6 Yr POLICY 0.19 0.0019 -0.26 1/6/1900 POLICY 6.67 0.0667 0.29 6 Yr POLICY 3.9 0.039 -1.83
-0.16 29 2.2 1/0/1900 53 1.29 0.19 22 0.45 1/4/1900 14 2.09
6 Yr 5.53 5 Yr 5 Yr 1.64 5.28 5 Yr 5 Yr 7 Yr 8 Yr 9 Yr 10 Yr 9.29 5 Yr 5 Yr 1/4/1900 5 5 Yr 5 Yr
1/3/1900 3.36 # of Negative Qtrs -1.12 1.91 # of Negative Qtrs 12/31/1997 6.38 # of Negative Qtrs 1/0/1900 3.1 # of Negative Qtrs
3.86 2.24 # of Positive Qtrs 7 Yr 8 Yr 9 Yr 10 Yr 0.29 # of Positive Qtrs Incept 5.34 # of Positive Qtrs 7 Yr 8 Yr 9 Yr 10 Yr 1.8 # of Positive Qtrs
-0.18 1.38 Batting Average 12/31/1997 -1.02 Batting Average 6.67 4.3 Batting Average 12/31/1997 0.5 Batting Average
7 Yr 8 Yr 9 Yr 10 Yr -0.24 Worst Qtr Incept -3.6 Worst Qtr 6.51 2.6 Worst Qtr Incept -1.25 Worst Qtr
12/31/1997 4 Yr Best Qtr 1/3/1900 4 Yr Best Qtr 1/0/1900 4 Yr Best Qtr 1/7/1900 4 Yr Best Qtr
Incept 1.09 Range 4.09 -4.05 Range Calendar Year Returns 7.87 Range 5.2 -0.28 Range
1/5/1900 35 Worst 4 Qtrs -0.9 60 Worst 4 Qtrs Fund 11 Worst 4 Qtrs 1/1/1900 42 Worst 4 Qtrs
5.42 0.76 Standard Deviation Calendar Year Returns -4.2 Standard Deviation LBAB 7.76 Standard Deviation Calendar Year Returns 2.33 Standard Deviation
0.06 39 Beta Fund 62 Beta Diff 13 Beta Fund 10 Beta
Calendar Year Returns 4.91 Annualized Alpha Policy 4.47 Annualized Alpha 6/30/2004 8.71 Annualized Alpha Policy 2.82 Annualized Alpha
Fund 1.85 R-Squared Diff -1.15 R-Squared Qtr 7.19 R-Squared Diff 0.65 R-Squared
Policy 0.36 Sharpe Ratio 6/30/2004 -3.54 Sharpe Ratio -2.27 6.33 Sharpe Ratio 6/30/2004 -0.71 Sharpe Ratio
Diff -0.87 Treynor Ratio Qtr -5.22 Treynor Ratio -2.44 5.16 Treynor Ratio Qtr -2.03 Treynor Ratio
6/30/2004 -2.86 Tracking Error 1/1/1900 -8.99 Tracking Error 1/0/1900 3.23 Tracking Error ################################ -5.06 Tracking Error
Qtr 5 Yr Information Ratio 1.59 5 Yr Information Ratio 6/26/1905 5 Yr Information Ratio -0.2 5 Yr Information Ratio
############################## 5 YR FUND 1.61 0.0161 Fund ################################## 5 YR FUND -3.06 -0.0306 Fund YTD 5 YR FUND 7.14 0.0714 Fund 1/0/1900 5 YR FUND 2.25 0.0225 Fund
-0.03 UNIVERSE 47 9 2004 UNIVERSE 80 9 0.24 UNIVERSE 11 4 2004 UNIVERSE 40 9
1/0/1900 POLICY 1.77 0.0177 11 YTD POLICY -2.12 -0.0212 11 0.15 POLICY 7.07 0.0707 16 YTD POLICY 3.35 0.0335 11
2004 43 Batting Average 60 1/3/1900 62 Batting Average 40 0.09 12 Batting Average 55 0.52 24 Batting Average 50
YTD 5.47 -7.44 3.77 5.48 -17.97 2003 7.77 -2.27 1.85 6.43 -7.29
2.08 2.51 8.62 -0.27 0.43 14.93 1/4/1900 6.49 5.39 -1.33 3.29 10.46
2.32 1.47 16.06 2003 -1.49 32.9 4.11 5.77 7.66 2003 1.62 17.75
-0.24 0.52 -9.99 29.32 -2.81 -26 0.02 4.85 0.09 13.64 0.22 -13.1
2003 -0.97 Standard Deviation 8.97 30.42 -5.25 Standard Deviation 18.03   6/24/1905 3.16 Standard Deviation 3.91 17.65 -2.09 Standard Deviation 9.25
16.85 6 Yr Beta 0.84 ################################## 6 Yr Beta 0.94   10.98 6 Yr Beta 0.94   -4.01 6 Yr Beta 1.02
19.45 3.68 Annualized Alpha 0.07 0.0007 2002 0.52 Annualized Alpha -1.11 -0.0111 10.95 6.52 Annualized Alpha 0.51 0.0051 2002 4.96 Annualized Alpha -1.08 -0.0108
############################## 37 R-Squared 0.98 -21.11 77 R-Squared 0.96 0.03 8 R-Squared 0.98 ################################ 17 R-Squared 0.88
2002 3.86 -0.17 ################################## 1.64 -0.34 2001 6.33 1.03 -6.27 4.26 -0.1
-7.7 33 -1.81 ################################## 53 -6.59 1/8/1900 10 4.27 -0.13 24 -0.86
-9.09 6.38 2.2 2001 7 3.64 8.43 6.68 0.6 2001 6.54 3.18
1/1/1900 4.18 -0.07 -12.36 3.27 -0.26 0.36 5.78 0.12 ################################ 4.11 -0.35
2001 3.19 Policy Policy -13.47 1.72 Policy Policy 2000 5.24 Policy LBAB -1.65 2.94 Policy Policy
-3.37 2.44 10 1.11 0.63 9 11.24 4.57 5 -2.81 1.8 10
-4.78 0.91 10 2000 -1.71 11 1/11/1900 2.41 15 2000 -0.68 10
1.41 7 Yr 40 -6.79 7 Yr 60 -0.71 7 Yr 45 1.47 7 Yr 50
2000 8.31 -9.11 -9.85 9.64 -17.68 1999 7.35 -2.44 1.22 7.9 -6.08
0.7 6.53 10.54 3.06 6.05 16.08 -1.19 6.36 5.88 0.25 5.55 9.59
-1.52 5.59 19.65 1999 5.11 33.76 -2.05 5.74 8.32 1999 4.49 15.67
2.22 4.83 -12.48 8.77 3.93 -26.85 0.86 4.99 0.33 15.52 3.49 -8.19
1999 3.22 Standard Deviation 10.59 21.04 1.22 Standard Deviation 18.88 1998 3.62 Standard Deviation 4.14 7.59 1.36 Standard Deviation 8.53
6.98 8 Yr 1 -12.27 8 Yr 1 9.83 8 Yr 1 7.93 8 Yr 1
11.44 9.46 0 1998 11.55 0 9.53 7.46 0 1998 8.5 0
-4.46 7.98 1 30.71 8.91 1 0.3 6.56 1 29.92 6.42 1
1998 7.32 -0.13 28.58 7.78 -0.28 1997 1996 1995 5.98 0.95 15.57 5.56 0.03
23.44 6.39 -1.36 2.13 6.27 -5.25 Returns in Up Markets 5.3 3.94 14.35 4.71 0.22
21.37 4.57 0 1997 1996 1995 3.83 0 Fund 4.32 0 1997 1996 1995 2.87 0
2.07 Calendar Year Returns Diff Returns in Up Markets Calendar Year Returns Diff LBAB Calendar Year Returns Diff Returns in Up Markets Calendar Year Returns Diff
1997 1996 1995 Fund -1 Fund Fund 0 Ratio Fund -1 Fund Fund -1
Returns in Up Markets Return   1 Policy Return   0 3 Yr Return   1 Policy Return   1
Fund %-tile 20 Ratio %-tile -20 11.9 %-tile 10 Ratio %-tile 0
Policy Policy   1.67 3 Yr Policy   -0.29 12 LBAB   0.17 3 Yr Policy   -1.21
Ratio Return -1.92 29.3 Return -1.15 98.9 Return -0.49 16 Return 0.87
3 Yr %-tile -3.59 29.7 %-tile -0.86 5 Yr %-tile -0.66 21.6 %-tile 2.08
17.8 Universe 2.49 98.7 Universe 0.85 10.5 Universe -0.24 74.1 Universe -4.91
21.2 5th %-tile -1.62 5 Yr 5th %-tile -0.85 10.6 5th %-tile -0.23 5 Yr 5th %-tile 0.72
83.9 25th %-tile -0.16 28.5 25th %-tile -0.06 98.9 25th %-tile -0.06 18.5 25th %-tile 0.02
5 Yr 50th %-tile   0.07 30.2 50th %-tile   -1.11 6 Yr 50th %-tile   0.51 1/18/1900 50th %-tile   -1.08
17.9 75th %-tile -0.02 94.5 75th %-tile -0.04 10.6 75th %-tile -0.02 99 75th %-tile -0.12
20.7 95th %-tile   -0.04 6 Yr 95th %-tile   -0.06 10.6 95th %-tile   0.08 6 Yr 95th %-tile   -0.13
86.5 Qtr -0.45 31.6 Qtr -1.34 99.9 Qtr 0.33 18.8 Qtr -1.08
6 Yr QU. FUND -0.01 -0.0001 2.2 34.4 QU. FUND 1.35 0.0135 3.64 12/31/1997 QU. FUND -2.27 -0.0227 0.6 1/15/1900 QU. FUND -0.12 -0.0012 3.18
19.8 UNIVERSE 52 6 Yr 91.9 UNIVERSE 47 6 Yr Incept UNIVERSE 60 6 Yr 119 UNIVERSE 24 6 Yr
22.2 POLICY -0.03 -0.0003 # of Negative Qtrs 12/31/1997 POLICY 1.59 0.0159 # of Negative Qtrs 10.3 POLICY -2.44 -0.0244 # of Negative Qtrs 12/31/1997 POLICY -0.2 -0.002 # of Negative Qtrs
89.3 54 # of Positive Qtrs Incept 34 # of Positive Qtrs 10.4 70 # of Positive Qtrs Incept 30 # of Positive Qtrs
12/31/1997 1.2 Batting Average 2/1/1900 2.73 Batting Average 4/8/1900 0.2 Batting Average 20.8 0.7 Batting Average
Incept 0.49 Worst Qtr 34.9 1.73 Worst Qtr Returns in Down Markets -0.91 Worst Qtr 16 -0.13 Worst Qtr
1/21/1900 0.02 Best Qtr 94 1.24 Best Qtr Fund -1.89 Best Qtr 5/9/1900 -0.52 Best Qtr
22.7 -0.38 Range Returns in Down Markets 0.56 Range LBAB -2.51 Range Returns in Down Markets -1.07 Range
92.9 -1.16   Worst 4 Qtrs Fund -0.36   Worst 4 Qtrs Ratio -3.47   Worst 4 Qtrs Fund -2.09   Worst 4 Qtrs
Returns in Down Markets YTD Standard Deviation Policy YTD Standard Deviation 3 Yr YTD Standard Deviation Policy YTD Standard Deviation
Fund 2.08   Beta Ratio 3.5   Beta -2.8 0.24   Beta Ratio 0.52   Beta
Policy 61 Annualized Alpha 3 Yr 59 Annualized Alpha -3.2 40 Annualized Alpha 3 Yr 75 Annualized Alpha
Ratio 2.32 R-Squared -40.3 3.77 R-Squared 86.4 0.15 R-Squared -10.3 1.85 R-Squared
3 Yr 47 Sharpe Ratio -40.3 50 Sharpe Ratio 5 Yr 45 Sharpe Ratio -11.2 26 Sharpe Ratio
-14.7 4.22 Treynor Ratio 100.1 6.63 Treynor Ratio -2.3 1.85 Treynor Ratio 91.9 3.45 Treynor Ratio
-17.9 2.82 Tracking Error 5 Yr 4.61 Tracking Error -2.9 0.54 Tracking Error 5 Yr 1.93 Tracking Error
82.1 2.27   Information Ratio -31.3 3.76   Information Ratio 79.4 0.06   Information Ratio -11.8 1.23   Information Ratio
5 Yr 1.69 Fund -30.9 2.83 Fund 6 Yr -0.24 Fund ################################ 0.49 Fund
-12.5 0.62   10 101.3 1.25   10 -2.7 -0.7   6 117.8 -0.72   10
-14.2 2003 14 6 Yr 2003 14 -3.3 2003 18 6 Yr 2003 14
87.6 2003 FUND 16.85 0.1685 58.33 -31.1 2003 FUND 29.32 0.2932 37.5 81.4 2003 FUND 4.13 0.0413 54.17 -11.8 2003 FUND 13.64 0.1364 54.17
6 Yr UNIVERSE 93 -7.44 -31.3 UNIVERSE 58 -17.97 12/31/1997 UNIVERSE 43 -2.27 ################################ UNIVERSE 93 -7.29
-12.6 POLICY 19.45 0.1945 12.53 99.5 POLICY 30.42 0.3042 19.75 Incept POLICY 4.11 0.0411 5.39 117.8 POLICY 17.65 0.1765 14.62
-14.3 59 19.97 12/31/1997 47 37.72 -2.7 43 7.66 12/31/1997 45 21.91
88.3 29.44 -9.99 Incept 36.63 -26 -3.3 26.58 -1.19 Incept 22.92 -13.1
12/31/1997 22.23 9.77 ################################## 32.49 18.85 3/21/1900 6.42 4.22 -11.8 19.04 10.31
Incept 20.1   0.87 ################################## 29.98   0.93 3.67   0.96 -10 17.21   1.13
############################## 18.48 0.24 0.0024 99.5 28 -1.05   2.09 0.41 0.0041 4/26/1900 15.64 0.27 0.0027
############################## 16.33   0.98 24.6   0.97 1.11   0.98 13.07   0.79
88.3 2002 0.03 2002 -0.15 2002 0.74 2002 0.15
2002 FUND -7.7 -0.077 0.32 2002 FUND -21.11 -0.2111 -3.1 2002 FUND 10.98 0.1098 3.25 2002 FUND -6.4 -0.064 1.38
UNIVERSE 24 2.07 UNIVERSE 59 3.58 UNIVERSE 9 0.61 UNIVERSE 22 4.87
POLICY -9.09 -0.0909 -0.09 POLICY -21 -0.21 -0.31 POLICY 10.95 0.1095 0.31 POLICY -6.27 -0.0627 0.14
45 Policy 58 Policy 9 LBAB 21 Policy
-5.27 11 -13.46 10 11.72 7 -3.48 10
-7.85 13 -18.6 14 9.31 17 -6.97 14
-9.47   41.67 -20.47   62.5 7.69   45.83 -9.18   45.83
-11.04 -9.11 -22.21 -17.68 4.45 -2.44 -11.63 -6.08
-14.21   12.55 -24.68   21.3 -2.07   5.88 -15.29   9.59
2001 21.66 2001 38.98 2001 8.32 2001 15.67
2001 FUND -3.37 -0.0337 -12.48 2001 FUND -12.36 -0.1236 -26.85 2001 FUND 8.79 0.0879 -2.05 2001 FUND -4.46 -0.0446 -8.19
UNIVERSE 30 11.04 UNIVERSE 47 19.96 UNIVERSE 13 4.34 UNIVERSE 33 8.08
POLICY -4.78 -0.0478 1 POLICY -13.47 -0.1347 1 POLICY 8.43 0.0843 1 POLICY -1.65 -0.0165 1
51 0 61 0 19 0 9 0
1.72 1 -2.61 1 9.68 1 -1.24 1
-3.05 0.04 -9.97 -0.09 8.13 0.68 -3.71 0.11
-4.72   0.46 -12.65   -1.76 7.33   2.93 -5.91   0.86
-6.26 0 -14.66 0 6.21 0 -8.09 0
-9.64   Diff -18.62   Diff 0.36   Diff -11.75   Diff
2000 -1 2000 0 2000 -1 2000 0
2000 FUND 0.7 0.007 1 2000 FUND -6.79 -0.0679 0 2000 FUND 11.24 0.1124 1 2000 FUND 1.47 0.0147 0
UNIVERSE 34 16.66 UNIVERSE 41 -25 UNIVERSE 22 8.34 UNIVERSE 30 8.34
POLICY -1.52 -0.0152 1.67 POLICY -9.85 -0.0985 -0.29 POLICY 11.95 0.1195 0.17 POLICY 1.22 0.0122 -1.21
54 -0.02 63 -1.55 13 -0.49 33 5.03
11.12 -1.69 10.04 -1.26 13.05 -0.66 11 6.24
2.44 2.49 -2.44 0.85 11.01 0.86 2.04 -4.91
-1.28   -1.27 -8.4   -1.11 9.44   -0.12 -1.5   2.23
-3.43 -0.13 -11.46 -0.07 7.02 -0.04 -4.63 0.13
-8.86   0.24 -15.82   -1.05 -8.83   0.41 -10.66   0.27
1999 -0.02 1999 -0.03 1999 -0.02 1999 -0.21
1999 FUND 6.98 0.0698 -0.01 1999 FUND 8.77 0.0877 -0.06 1999 FUND -1.19 -0.0119 0.06 1999 FUND 15.52 0.1552 0.04
UNIVERSE 88 -0.14 UNIVERSE 95 -1.34 UNIVERSE 72 0.32 UNIVERSE 53 0.52
POLICY 11.44 0.1144 2.07 POLICY 21.04 0.2104 3.58 POLICY -2.05 -0.0205 0.61 POLICY 7.59 0.0759 4.87
62 Incept 40 Incept 82 Incept 97 Incept
23.59 # of Negative Qtrs 37.08 # of Negative Qtrs 7 # of Negative Qtrs 29.27 # of Negative Qtrs
15.52 # of Positive Qtrs 23.51 # of Positive Qtrs 2.72 # of Positive Qtrs 19.68 # of Positive Qtrs
12.35 Batting Average 20.4 Batting Average 0.33 Batting Average 15.83 Batting Average
9.78 Worst Qtr 15.36 Worst Qtr -1.4 Worst Qtr 12.28 Worst Qtr
5.07 Best Qtr 8.36 Best Qtr -3.93 Best Qtr 8.27 Best Qtr
1998 Range 1998 Range 1998 Range 1998 Range
23.44 Worst 4 Qtrs 30.71 Worst 4 Qtrs 9.83 Worst 4 Qtrs 29.92 Worst 4 Qtrs
6 Standard Deviation 11 Standard Deviation 6 Standard Deviation 1 Standard Deviation
21.37 Beta 28.58 Beta 9.53 Beta 15.57 Beta
14 Annualized Alpha 22 Annualized Alpha 8 Annualized Alpha 36 Annualized Alpha
23.78 R-Squared 34.7 R-Squared 9.93 R-Squared 20.95 R-Squared
19.99 Sharpe Ratio 28.33 Sharpe Ratio 8.09 Sharpe Ratio 16.71 Sharpe Ratio
17.37 Treynor Ratio 24.69 Treynor Ratio 6.94 Treynor Ratio 14.21 Treynor Ratio
12.75 Tracking Error 16.23 Tracking Error 5.76 Tracking Error 11.58 Tracking Error
5.92 Information Ratio 4.98 Information Ratio -0.13 Information Ratio 6.4 Information Ratio
1997 Fund 1997 Fund 1997 Fund 1997 Fund
27.7 10 36.06 10 14.34 6 22.19 10
23.16 16 32.7 16 9.77 20 16.06 16
21.01 61.54 28.77   42.31 8.72 53.85 14.07 57.69
17.82 -7.44 23.82 -17.97 7.12 -2.27 11.7 -7.29
9.87 12.53 12.38   19.75 5.89 5.39 7.6 14.62
1996 19.97 1996 37.72 1996 7.66 1996 21.91
20.89 -9.99 27.7 -26 13.49 -1.19 18.94 -13.1
16.09 10.03 22.86 18.87 5.37 4.07 10.65 10.56
14.24 0.9 20.66   0.94 3.97 0.96 8.86 1.18
11.36 0.57 16.78 -0.67 2.83 0.41 6.9 1.02
4.47 0.97 3.87   0.97 1.19 0.98 3.58 0.79
0.19 -0.02 0.77 0.33
2.17   -0.36 3.27 2.97
2.04 3.48 0.6 5.09
0.03   -0.26 0.27 0.36
Policy Policy LBAB Policy
11   10 7 10
15 16 19 16
  38.46 57.69 46.15   42.31
-9.11 -17.68 -2.44 -6.08
12.55 21.3 5.88 9.59
21.66 38.98 8.32 15.67
-12.48 -26.85 -2.05 -8.19
11.05 19.84 4.19 7.94
1 1 1 1
0 0 0 0
1 1 1 1
0.17 0.03 0.71 0.21
1.89 0.56 2.98 1.67
0 0 0 0
Diff Diff Diff Diff
-1 0 -1 0
1 0 1 0
23.08 -15.38 7.7 15.38
1.67 -0.29 0.17 -1.21
-0.02 -1.55 -0.49 5.03
-1.69 -1.26 -0.66 6.24
2.49 0.85 0.86 -4.91
-1.02 -0.97 -0.12 2.62
-0.1 -0.06 -0.04 0.18
0.57 -0.67 0.41 1.02
-0.03 -0.03 -0.02 -0.21
0.02 -0.05 0.06 0.12
0.28 -0.92 0.29 1.3
2.04 3.48 0.6 5.09