SUNRISE POLICE
LOCK DHJ FIXED EXECUTIVE HERE LOCK LOCK DHJ FIXED UNIVERSE HERE LOCK LOCK DHJ FIXED RISK HERE LOCK LOCK INVESCO FIXED EXECUTIVE HERE LOCK LOCK INVESCO FIXED UNIVERSE HERE LOCK LOCK INVESCO FIXED RISK HERE LOCK LOCK N/A LOCK LOCK N/A LOCK N/A LOCK
Sunrise Police Sunrise Police % Sunrise Police Sunrise Police Sunrise Police Sunrise Police % Clair T.Singerman Retirement System Clair T.Singerman Retirement System Clair T.Singerman Retirement System %
DHJ Fixed Income DHJ Fixed Income DHJ Fixed Income Invesco (Fixed Income + Cash) Invesco (Fixed Income + Cash) Invesco (Fixed Income + Cash) Weiss,Peck & Greer - Equity Weiss,Peck & Greer - Equity Weiss,Peck & Greer - Equity
Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures
44 Intermediate Fixed Income 48 30 Broad Fixed Income 34 31 Broad Large Cap Core 37
Inception date is December 31, 1997 46 3 Yr Inception date is March 31, 1998 32 3 Yr Inception date is September 30, 1995 34 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
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 December 31, 2004 Batting Average Returns are gross of fees. Incept is March 31, 1998 to December 31, 2004 Batting Average Returns are gross of fees. Incept is September 30, 1995 to June 30, 2003 Batting Average
Account Reconciliation Trailing Returns through December 31, 2004 Worst Qtr Account Reconciliation Trailing Returns through December 31, 2004 Worst Qtr Account Reconciliation Trailing Returns through June 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 LBIGC Standard Deviation Ending Value LBAB A+ Standard Deviation Ending Value Policy Standard Deviation
12/31/2004 Return Beta 12/31/2004 Return Beta 6/30/2003 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
7,314 Universe R-Squared 6,750 Universe R-Squared 5,552 Universe R-Squared
-744 5th %-tile Sharpe Ratio -153 5th %-tile Sharpe Ratio -154 5th %-tile Sharpe Ratio
48 25th %-tile Treynor Ratio 66 25th %-tile Treynor Ratio 876 25th %-tile Treynor Ratio
6,617 50th %-tile Tracking Error 6,663 50th %-tile Tracking Error 6,274 50th %-tile Tracking Error
2004 75th %-tile Information Ratio 2004 75th %-tile Information Ratio 2003 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
8,420 2 Qtrs 3 6,983 2 Qtrs 4 5,774 2 Qtrs 7
-2,102 3.64   9 -601 4.02 8 -222 12.85 5
300 49 75 282 40 58.33 722 19 83.33
6,617 3.14   -2.17 6,663 3.92 -2.29 6,274 11.76 -16.39
12/31/1997 65 4.6 3/31/1998 42 5.08 9/30/1995 34 15.95
Incept 4.37 6.77 Incept 9.39 7.37 Incept 15.38 32.34
  4,811 4.02 0.05 5,933 4.91 0.14 4,516 12.15 -22.68
-1,827 3.6 3.75 -2,577 3.61 4.07 -2,249 11.4 16.97
3,634 2.94 0.87 3,307 2.1 1.06 0.0106 4,007 9.77 0.91
6,617    6,617,000 2.05 0.83 6,663    6,663,000 0.84 -0.67 6,274    6,274,000 7.8 2.63
Investment Policy 3 Qtrs 0.97 Investment Policy 3 Qtrs 0.94 Investment Policy 3 Qtrs 0.98
Index 1.39 1.28 Index 1.64 1.04 Index 19.73 -0.63
Lehman Gov/Credit-Intermediate 30 5.51 LBAB (A+) 43 3.98 S&P 500 52 -11.77
Total 0.55 0.85 Total 1.53 1 Total 21.19 3.13
Weight 70 0.07 Weight 46 -0.35 Weight 26 1.16
100 2.02 LBIGC 100 8.78 LBAB 100 25.69 Policy
100 1.53 3 100 2.52 A+ 100 21.21 7
Trailing Returns through December 31, 2004 1.07 9 Trailing Returns through December 31, 2004 1.36 2 Trailing Returns through June 30, 2003 19.88 5
Fund 0.46 25 Fund 0.54 10 Fund 17.01 16.67
LBIGC -0.41 -2.52 LBAB A+ -0.32 41.67 Policy 11.68 -17.28
Diff 1 Yr 5.88 Diff 1 Yr -2.3 Diff 1 Yr 15.39
1 Yr 1 Yr FUND 3.95 0.0395 8.4 1 Yr 1 Yr FUND 4.24 0.0424 4.78 1 Yr 1 Yr FUND 0.1 0.001 32.67
3.95 UNIVERSE 33 -0.06 1/4/1900 UNIVERSE 38 7.08 1/0/1900 UNIVERSE 36 -26.62
3.04 POLICY 3.04 0.0304 4.25 4.13 POLICY 4.13 0.0413 0.21 0.25 POLICY 0.25 0.0025 18.42
0.91 66 1 0.11 40 3.73 -0.15 31 1
2 Yr 4.68 0 2 Yr 10.91 1 2 Yr 5.38 0
4.1 4.09 1 1/3/1900 5.09 0 ############################### 0.69 1
3.71 3.52 1.11 3.72 3.7 1 -9.32 -0.47 -0.78
0.39 2.64 4.73 0.25 2.1 1.23 1.47 -3.23 -14.35
3 Yr 1.64 0 3 Yr 0.87 4.57 3 Yr -6.37 0
1/6/1900 2 Yr Diff 1/5/1900 2 Yr 0 -7.56 2 Yr Diff
   6.07 4.1   0   1/5/1900 3.97   Diff ############################### -7.85 0
   0.06 36 0   -0.35 44 2 3.64 27 0
  4 Yr 3.71   50   4 Yr 3.72   -2 4 Yr -9.32 66.66
1/6/1900 53 0.35 6.08 49 16.66 -5.14 47 0.89
6.65 6.28 -1.28 1/6/1900 18.5 0.01 ############################### -4.45 0.56
0.14 4.43 -1.63 -0.43 5.74 0.3 1.77 -7.76 -0.33
5 Yr 3.77 0.11 5 Yr 3.63 0.29 5 Yr   -9.53 3.94
7.52 2.99 -0.5 7.3 2.25 -0.07 0.11 -10.74 -1.45
1/7/1900 1.95 -0.13 1/7/1900 1.13 0.34 -1.61 -13.99 -0.09
-0.17 3 Yr 0.83 -0.28 3 Yr 0.06 1.72 3 Yr 2.63
6 Yr 3 Yr FUND 6.13 0.0613 -0.03 6 Yr 3 Yr FUND 5.56 0.0556 -0.67 6 Yr 3 Yr FUND -7.56 -0.0756 -0.02
1/6/1900 UNIVERSE 10 0.17 1/5/1900 UNIVERSE 43 -0.06 1/4/1900 UNIVERSE 27 0.15
1/6/1900 POLICY 6.07 0.0607 0.78 6.13 POLICY 5.91 0.0591 -0.19 3.09 POLICY -11.2 -0.112 2.58
0.21 11 0.85 -0.78 36 -0.59 1.08 54 3.13
7 Yr 6.65 5 Yr 5 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11.72 1 7 Yr -0.31 5 Yr
1/6/1900 5.58 # of Negative Qtrs 3/31/1998 6.67 5 Yr 7.92 -7.22 # of Negative Qtrs
6.5 4.88 # of Positive Qtrs Incept 5.26 # of Negative Qtrs 7.1 -11.07 # of Positive Qtrs
0.1 3.81 Batting Average 1/5/1900 3.94 # of Positive Qtrs 1/0/1900 -12.32 Batting Average
8 Yr 9 Yr 10 Yr 2.53 Worst Qtr 6.51 2.05 Batting Average 8 Yr 9 Yr 10 Yr -16.52 Worst Qtr
12/31/1997 4 Yr Best Qtr ################################ 4 Yr Worst Qtr 9/30/1995 4 Yr Best Qtr
Incept 6.79 Range Calendar Year Returns 6.08 Best Qtr Incept -5.14 Range
6.6 7 Worst 4 Qtrs Fund 43 Range 9.43 35 Worst 4 Qtrs
6.5 6.65 Standard Deviation LBAB A+ 6.51 Worst 4 Qtrs 8.54 -6.91 Standard Deviation
0.1 9 Beta Diff 33 Standard Deviation 1/0/1900 56 Beta
Calendar Year Returns 6.9 Annualized Alpha 12/31/2004 10.43 Beta Calendar Year Returns 1.34 Annualized Alpha
Fund 6.16 R-Squared Qtr 6.88 Annualized Alpha Fund -3.59 R-Squared
LBIGC 5.47 Sharpe Ratio 1 5.76 R-Squared Policy -6.65 Sharpe Ratio
Diff 4.71 Treynor Ratio 0.87 4.74 Sharpe Ratio Diff -7.6 Treynor Ratio
12/31/2004 2.79 Tracking Error 1/0/1900 3.07 Treynor Ratio 6/30/2003 -10.33 Tracking Error
Qtr 5 Yr Information Ratio 2004 5 Yr Tracking Error Qtr 5 Yr Information Ratio
1/0/1900 5 Yr FUND 7.52 0.0752 Fund Fund YTD 5 Yr FUND 7.3 0.073 Information Ratio 15.95 5 Yr FUND 0.11 0.0011 Fund
0.43 UNIVERSE 13 4 4.24 UNIVERSE 24 Fund Fund 15.39 UNIVERSE 28 10
0.27 POLICY 7.69 0.0769 16 4.13 POLICY 7.58 0.0758 5 0.56 POLICY -1.61 -0.0161 10
2004 9 Batting Average 70 0.11 18 15 2003 47 Batting Average 75
YTD 8.22 -2.17 2003 9.04 Batting Average 55 YTD 5.06 -16.39
1/3/1900 7.02 4.89 1/3/1900 7.26 -2.29 12.85 0.55 22.02
3.04 6.18 7.06 1/3/1900 6.44 5.08 1/11/1900 -1.76 38.41
0.91 4.97 0.05 0.37 5.18 7.37 1.09 -2.74 -22.68
2003 1.27 Standard Deviation 3.66 2002 3.5 0.14 2002 -4.94 Standard Deviation 17.74
1/4/1900 6 Yr   Beta 0.87 8.82 6 Yr   Standard Deviation 4.02 -20.28 6 Yr Beta 0.93
4.38 6.21 Annualized Alpha 0.81 0.0081 10.44 5.35 Beta 1.08   -22.1 4.17 Annualized Alpha 1.6 0.016
-0.13 6   R-Squared 0.94 -1.62 47   Annualized Alpha -0.82 -0.0082 1.82 25 R-Squared 0.96
2002 6 1.29 2001 6.13 R-Squared 0.96 2001 3.09 -0.21
1/10/1900 12 5.44 7.64 20 1.12 -7.51 39 -4.06
10.95 6.27 1.05 8.31 7.3 4.18 -11.88 7.91 3.8
-0.63 5.66 -0.16 -0.67 5.92 0.86 4.37 4.13 0.45
2001 5.2 Policy LBIGC 2000 5.26 -0.33 2000 2.75 Policy Policy
8.8 4.53 4 12.32 4.58 Policy LBAB -5.45 1.56 10
8.43 1.18 16 11.95 3.58 A+ -9.11 -0.83 10
0.37 7 Yr 30 0.37 7 Yr 3 3.66 7 Yr 25
2000 6.6 -2.52 1999 7.15 17 1999 7.92 -17.28
10.45 5 5.88 -3.85 6.09 0.0609 45 14.58 21 21.3
1/11/1900 6.5 8.4 ################################ 5.51 -2.3 21.04 7.1 38.58
-1.5 6 -0.06 -3.04 4.78 0.0478 4.78 -6.46 30 -26.62
1999 6.57 Standard Deviation 4.07 1998 1997 1996 1995 3.63 7.08 1998 10.73 Standard Deviation 18.79
-0.08 5.94 1 Returns in Up Markets 8 Yr 0.21 27.24 7.45   1
############################### 5.46 0 Fund 7.49 3.65 28.58 6.43 0
1.97 4.81 1 LBAB A+ 6.46 1 -1.34 4.95   1
1998 0.53 1.2 Ratio 5.86 0 1997 2.39 -0.29
9 8 Yr   4.9 3 Yr 5.1   1 32.62 8 Yr -5.5
1/9/1900 7.02 0 7.8 4.16 1.31 33.36 12.02 0
-0.53 6.3   Diff 8.2 Calendar Year Returns   4.79 -0.74 9.37 Diff
1997 1996 1995 5.89 0 95.5 Fund 0 1996 8.35 0
Returns in Up Markets 5.23   0 5 Yr Return   Diff 22.92 7.02 0
Fund 1.98 40 9.5 %-tile 2 22.96 4.23 50
LBIGC Calendar Year Returns   0.35 9.6 LBAB A+   -2 -0.04 Calendar Year Returns 0.89
Ratio Fund -0.99 98.5 Return 10 1995 1994 Fund 0.72
3 Yr Return -1.34 6 Yr %-tile 0.01 Returns in Up Markets Return -0.17
9.6 %-tile 0.11 9.2 Universe 0.3 Fund %-tile 3.94
9.7 LBIGC   -0.41 9.2 5th %-tile   0.29 Policy Policy -1.05
98.8 Return -0.13 99.6 25th %-tile -0.07 Ratio Return -0.07
5 Yr %-tile   0.81 3/31/1998 50th %-tile   0.37 3 Yr %-tile 1.6
10.2 Universe -0.06 Incept 75th %-tile 0.08 34.7 Universe -0.04
10.6 5th %-tile   0.09 9.4 95th %-tile   -0.82 36.1 5th %-tile 0.08
96.7 25th %-tile 0.54 9.3 Qtr -0.04 96 25th %-tile 1.44
6 Yr QU. FUND 50th %-tile 1.05 101.4 QU. FUND 1 0.01 -0.19 5 Yr 50th %-tile 3.8
9.8 UNIVERSE 75th %-tile 6 Yr Returns in Down Markets UNIVERSE 42 -0.61 36.3 75th %-tile 7 Yr
10.1 POLICY 95th %-tile # of Negative Qtrs Fund POLICY 0.87 0.0087 0.86 40.9 95th %-tile # of Negative Qtrs
97.5 Qtr # of Positive Qtrs LBAB A+ 50 6 Yr 88.8 Qtr # of Positive Qtrs
12/31/1997 0.7 0.007 Batting Average Ratio 4.74   # of Negative Qtrs 7 Yr QU. FUND 15.95 0.1595 Batting Average
Incept 54 Worst Qtr 3 Yr 1.39 # of Positive Qtrs 33.6 UNIVERSE 29 Worst Qtr
9.7 0.43 0.0043 Best Qtr -2.6 0.87   Batting Average 37 POLICY 15.39 0.1539 Best Qtr
10 78 Range -2.5 0.41 Worst Qtr 90.6 39 Range
97 1.23   Worst 4 Qtrs 4/13/1900 0.04   Best Qtr 9/30/1995 20.16 Worst 4 Qtrs
Returns in Down Markets 0.94 Standard Deviation 5 Yr YTD Range Incept 16.36 Standard Deviation
Fund 0.77   Beta -3.3 4.24   Worst 4 Qtrs 32.2 15.16 Beta
LBIGC 0.45 Annualized Alpha -2.5 38 Standard Deviation 34.9 13.52 Annualized Alpha
Ratio 0.06   R-Squared 128.5 4.13 Beta 92.3 10.81 R-Squared
3 Yr YTD Sharpe Ratio 6 Yr 40 Annualized Alpha Returns in Down Markets YTD Sharpe Ratio
-2.7 3.95   Treynor Ratio -5.4 10.91 R-Squared Fund 12.85 Treynor Ratio
-3.1 33 Tracking Error -2.7 5.09 Sharpe Ratio Policy 19 Tracking Error
85.9 3.04   Information Ratio 200.4 3.7   Treynor Ratio Ratio 11.76 Information Ratio
5 Yr 66 Fund 3/31/1998 2.1 Tracking Error 3 Yr 34 Fund
-2.7 4.68 6 Incept 0.87   Information Ratio -29.4 15.38 10
-3.2 4.09 18 -5.4 2003 Fund -34.5 12.15 18
85.9 2003 FUND 3.52 75 -2.7 2003 FUND 3.7 0.037 Standard Deviation 8 85 11.4 64.29
6 Yr UNIVERSE 2.64 -2.17 200.4 UNIVERSE 50 16 5 Yr 9.77 -16.39
-2.1 POLICY 1.64   4.89 POLICY 3.33 0.0333 50 -26.5 7.8 22.02
-3.3 2003 7.06 55 -2.46 -31.3 2002 38.41
64.2 4.25 0.0425 -0.08 26.58 5.08 84.6 2002 FUND -20.28 -0.2028 -22.68
12/31/1997 39 3.65 6.42 7.54 7 Yr UNIVERSE 27 17.12
Incept 4.38 0.0438 0.85 3.67   -3.85 -26.5 POLICY -22.1 -0.221 0.94
-2.1 35 1.07 0.0107 2.09 4.34 0.0434 -31.3 46 1.27
-3.3 8.95   0.94 1.11   1.13 84.6 -14.75 0.96
64.2 4.8 0.85 2002 -1.5 9/30/1995 -20.18 0.21
2002 FUND 3.82   3.64 2002 FUND 8.82 0.0882 0.93 Incept -22.25 3.87
UNIVERSE 3.04 1.06 UNIVERSE 34 0.51 -26.5 -23.65 3.42
POLICY 1.81   0.2 POLICY 10.44 0.1044 1.97 -31.3 -26.76 0.24
2002 LBIGC 11 1.24 84.6 2001 Policy
10.32 0.1032 7 11.72 -0.63 2001 FUND -7.51 -0.0751 10
13 17 9.31 LBAB UNIVERSE 20 18
10.95 0.1095 25 7.69   A+ POLICY -11.88 -0.1188 35.71
9 -2.52 4.45 6 49 -17.28
11.72   5.88 -2.07   18 0.14 21.3
9.57 8.4 2001 50 -9.12 38.58
2001 FUND 7.73   -2.05 2001 FUND 7.64 0.0764 -2.3 -12.04 -26.62
UNIVERSE 4.59 4.17 UNIVERSE 41 4.78 -13.76 17.96
POLICY -1.9   1 POLICY 8.31 0.0831   7.08 -19.01 1
2001 0 22 -0.81 2000 0
8.8 0.088 1 9.68 3.7 2000 FUND -5.45 -0.0545 1
12 0.69 8.13 1 UNIVERSE 42 0.16
8.43 0.0843 2.88 7.33   0 POLICY -9.11 -0.0911 2.82
19 0 6.21 1 63 0
9.84 Diff 0.36   0.81 8.88 Diff
8.2 -1 2000 3.01 -1.49 0
2000 FUND 7.4   1 2000 FUND 12.32 0.1232 0 -7.17 0
UNIVERSE 6.5 50 UNIVERSE 10 Diff -9.71 28.58
POLICY 1.01   0.35 POLICY 11.95 0.1195 2 -15.31 0.89
2000 -0.99 13 -2 1999 0.72
10.45 0.1045 -1.34 13.05 0 1999 FUND 14.58 0.1458 -0.17
35 1.97 11.01 -0.16 UNIVERSE 61 3.94
11.95 0.1195 -0.52 9.44   0.3 POLICY 21.04 0.2104 -0.84
13 -0.15 7.02 0.46 23 -0.06
13.17 1.07 -8.83   -3.04 29.06 1.27
10.93 -0.06 1999 0.64 20.79 -0.04
1999 FUND 9.26   0.16 1999 FUND -3.85 -0.0385 0.13 17.27 0.05
UNIVERSE 7.13 0.76 UNIVERSE 95 -1.5 10.05 1.05
POLICY -7.19   1.06 POLICY -0.81 -0.0081 -0.07 1.04 3.42
1999 Incept 66 -0.3 1998 Incept
-0.08 -0.0008 # of Negative Qtrs 7 -1.04 1998 FUND 27.24 0.2724 # of Negative Qtrs
54 # of Positive Qtrs 2.72 1.24 UNIVERSE 33 # of Positive Qtrs
-2.05 -0.0205 Batting Average 0.33 Incept POLICY 28.58 0.2858 Batting Average
81 Worst Qtr -1.4 # of Negative Qtrs 19 Worst Qtr
7 Best Qtr -3.93   # of Positive Qtrs 35.39 Best Qtr
2.55 Range 1998 Batting Average 28.17 Range
0.35 Worst 4 Qtrs 9.93   Worst Qtr 23.31 Worst 4 Qtrs
-1.55 Standard Deviation 8.09 Best Qtr 14.65 Standard Deviation
-4.13   Beta 6.94 Range 6.14 Beta
1998 Annualized Alpha 5.76 Worst 4 Qtrs 1997 Annualized Alpha
9   R-Squared -0.13 Standard Deviation 32.62 R-Squared
8 Sharpe Ratio 1997 Beta 23 Sharpe Ratio
9.53 Treynor Ratio 14.34 Annualized Alpha 33.36 Treynor Ratio
6 Tracking Error 9.77 R-Squared 14 Tracking Error
9.56 Information Ratio 8.72 Sharpe Ratio 35.83 Information Ratio
7.8 Fund 7.12 Treynor Ratio 32.4 Fund
6.93 6 5.89 Tracking Error 29.2 10
5.75 22 1996 Information Ratio 26.22 21
-0.7 67.86 13.49 Fund 19.15 64.52
1997 -2.17 5.37 9 1996 -16.39
14.73 4.89 3.97 18 22.92 22.02
9.66 7.06 2.83 51.85 27 38.41
8.77 -0.14 1.19 -2.46 22.96 -22.68
7.16 3.63 5.29 26 16.39
5.76 0.86 7.75 27.28 0.94
1996 0.97 -3.85 23.01 1.44
13.41 0.95 4.42 21.51 0.96
5.15 0.88 1.16 18.9 0.31
3.91 3.73 -1.52 15.28 5.37
2.87 1.01 0.94 1995 3.34
1.26 0.1 0.59 38.57 0.27
LBIGC 2.26 36.55 Policy
7 1.26 33.47 10
21 -0.45 30.16 21
32.14 LBAB 24.43 35.48
-2.52 A+ -17.28
5.88 6 21.3
8.4 21 38.58
-2.05 48.15 -26.62
4.1 -2.3 17.17
1 4.78 1
0 7.08 0
1 -0.81 1
0.76 3.69 0.24
3.11 1 4.16
0 0 0
Diff 1 Diff
-1 0.86 0
1 3.19 0
35.72 0 29.04
0.35 Diff 0.89
-0.99 3 0.72
-1.34 -3 -0.17
1.91 3.7 3.94
-0.47 -0.16 -0.78
-0.14 0.51 -0.06
0.97 0.67 1.44
-0.05 -3.04 -0.04
0.12 0.73 0.07
0.62 0.16 1.21
1.01 -1.52 3.34
-0.06
-0.27
-0.93
1.26