HOLLYWOOD POLICE PDF
LOCK TOTAL FUND EXECUTIVE HERE LOCK LOCK TOTAL FUND UNIVERSE HERE(p1) LOCK TOTAL FUND UNIVERSE HERE(p2) LOCK TOTAL FUND RISK MEASURES LOCK LOCK TOTAL EQUITY EXECUTIVE HERE LOCK LOCK TOTAL EQUITY UNIVERSE HERE(p1) TOTAL EQUITY UNIVERSE HERE(p2) LOCK LOCK TOTAL EQUITY RISK HERE LOCK LOCK TOTAL FIXED EXECUTIVE HERE LOCK TOTAL FIXED UNIVERSE HERE(p1) TOTAL FIXED UNIVERSE HERE(p2) LOCK LOCK TOTAL FIXED RISK MEAS. HERE LOCK
START @B3 Hollywood Police Pension Fund START @E3 Hollywood Police Pension Fund % Hollywood Police Pension Fund START @H3 Hollywood Police Pension Fund % START @N3 Hollywood Police Pension Fund START @Q3 Hollywood Police Pension Fund Hollywood Police Pension Fund % Hollywood Police Pension Fund Hollywood Police Pension Fund Hollywood Police Pension Fund Hollywood Police Pension Fund Hollywood Police Pension Fund
Total Fund Total Gross Returns (Inverness + DHJ + Eagle + Israeli Bonds) Total Fund Total Gross Returns (Inverness + DHJ + Eagle + Israeli Bonds) Total Gross Returns (Inverness + DHJ + Eagle + Israeli Bonds) Total Fund Total Gross Returns (Inverness + DHJ + Eagle + Israeli Bonds) Total Equity Total Equity Returns Total Equity Total Equity Returns Total Equity Returns Total Equity Returns INVERNESS Bond Returns INVERNESS Bond Returns INVERNESS Bond Returns INVERNESS Bond Returns
Executive Summary Universe Universe Comparisons Universe Comparisons Risk Measures Risk Measures Executive Summary Universe Universe Comparisons Universe Comparisons Risk Measures Executive Summary Universe Comparisons Universe Comparisons Risk Measures
1 33%BLCC,10%BLCGC,7%BLCVC,4%BSC,23%BFI,23%IFI 33%BLCC,10%BLCGC,7%BLCVC,4%BSC,23%BFI,23%IFI 20 33 61.1%BLCC, 18.5%BLCGC, 13%BLCVC, 7.4%BSC 61.1%BLCC, 18.5%BLCGC, 13%BLCVC, 7.4%BSC 41 23 50% Broad FI, 50% Intermediate FI 50% Broad FI, 50% Intermediate FI 31
Inception date is September 30, 1992 3 4 3 Yr Inception date is September 30, 1992 35 36 3 Yr Inception date is September 30, 1992 25 26 3 Yr
All dollar values are shown in thousands. Returns are in percent. "%-tile" is the percentile ranking within the universe. 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. 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. 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. 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. 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. Returns for periods exceeding one year are annualized. # of Positive Qtrs
Returns are gross of fees. Incept is September 30, 1992 to September 30, 2004 Calendar Year Returns Batting Average Returns are gross of fees. Incept is September 30, 1992 to September 30, 2004 Calendar Year Returns Batting Average Returns are gross of fees. Incept is September 30, 1992 to September 30, 2004 Calendar Year Returns Batting Average
Account Reconciliation Trailing Returns through September 30, 2004 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through September 30, 2004 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through September 30, 2004 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr
Beginning Value 5-25th %tile 25-50th %tile 50-75th %tile 75-95th %tile Fund Index Best Qtr Beginning Value 5-25th %tile 25-50th %tile 50-75th %tile 75-95th %tile Fund Index Best Qtr Beginning Value 5-25th %tile 25-50th %tile 50-75th %tile 75-95th %tile Fund Index Best Qtr
Net Flows 75-95th %tile Fund Index -15.00% Range Net Flows 75-95th %tile Fund Index -30.00% Range Net Flows 75-95th %tile Fund Index -5.00% Range
Investment G/L -5.00% -10.00% Worst 4 Qtrs Investment G/L -10.00% -20.00% Worst 4 Qtrs Investment G/L 0.00% 0.00% Worst 4 Qtrs
Ending Value 0.00% -5.00% Standard Deviation Ending Value -5.00% -10.00% Standard Deviation Ending Value 5.00% 5.00% Standard Deviation
9/30/2004 5.00% 0.00% Beta 9/30/2004 0.00% 0.00% Beta 9/30/2004 10.00% 10.00% Beta
Qtr 10.00% 5.00% Annualized Alpha Qtr 5.00% 10.00% Annualized Alpha Qtr 15.00% 15.00% Annualized Alpha
159,199 15.00% 10.00% R-Squared 96,518 10.00% 20.00% R-Squared 57,684 20.00% 20.00% R-Squared
551 20.00% 15.00% Sharpe Ratio -1,734 15.00% 30.00% Sharpe Ratio 804 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Qtr YTD 2003 2002 2001 2000 1999 1998 1997 1996 Sharpe Ratio
-627 25.00% 20.00% Treynor Ratio -2,337 20.00% 40.00% Treynor Ratio 1,687 Trailing Returns through September 30, 2004 Calendar Year Returns Treynor Ratio
159,123 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 25.00% Tracking Error 92,448 25.00% 50.00% Tracking Error 60,176 Fund Fund Tracking Error
2004 Trailing Returns through September 30, 2004 30.00% Information Ratio 2004 30.00% Qtr YTD 2003 2002 2001 2000 1999 1998 1997 1996 Information Ratio 2004 Return Return Information Ratio
YTD Fund Qtr YTD 2003 2002 2001 2000 1999 1998 1997 1996 Fund YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Calendar Year Returns Fund YTD %-tile %-tile Fund
158,702 Return Calendar Year Returns 3 97,051 Trailing Returns through September 30, 2004 Fund 4 56,717 Index Index 1
-2,166 %-tile   Fund 9 -5,329 Fund Return   8 1,637 Return Return 11
2,588 Index Return 66.67 726 Return %-tile 58.33 1,821 %-tile %-tile 58.33
159,123 Return   %-tile -5.6 92,448 %-tile Index   -14.86 60,176 Universe Universe -2.18
9/30/1992 %-tile Index 7.4 9/30/1992 Index Return 13.48 9/30/1992 5th %-tile 5th %-tile 4.93
Incept Universe Return 13 Incept Return %-tile 28.34 Incept 25th %-tile 25th %-tile 7.11
59,084 5th %-tile %-tile -6.19 18,638 %-tile Universe -20.21 36,929 50th %-tile 50th %-tile 1.04
408 25th %-tile Universe 6.36 14,483 Universe 5th %-tile 13.57 -14,030 75th %-tile 75th %-tile 4.18
99,631 50th %-tile 5th %-tile 0.79 59,326 5th %-tile 25th %-tile 0.87 37,277 95th %-tile 95th %-tile 0.87
159,123  159,123,000 75th %-tile 25th %-tile 1.92 92,448   92,448,000 25th %-tile 50th %-tile 2.64 60,176    60,176,000  1 Yr  Qtr 1.32
Investment Policy 95th %-tile 50th %-tile 0.93 Investment Policy 50th %-tile 75th %-tile 0.95 Investment Policy 3.49 2.95 0.98
Index 1 Yr 75th %-tile 0.8 Index 75th %-tile 95th %-tile 0.4 Index 33 35 1.22
S&P 500 8.55 0.0855 95th %-tile 6.42 S&P 500 95th %-tile Qtr 6.28 Lehman Gov/Credit-Intermediate 3 3.13 5.89
Lehman Gov/Credit-Intermediate 1 Yr FUND 47 Qtr 2.38 Russell 1000 Value 1 Yr QU. FUND -2.4 -0.024 3.57 Lehman Gov/Credit Bond 1 Yr FUND 49 0.49 24   0.84
Lehman Gov/Credit Bond UNIVERSE 9.37 0.0937 -0.39 -0.0039 0.34 Russell 2000 12.54 0.1254 UNIVERSE 59 0.61 Total UNIVERSE 7.43 QU. FUND 3.77 0.0377 0.7
Other POLICY 27 Qtr 72 Index Total 65   POLICY -1.49 -0.0149 Index Weight POLICY 3.83 0.0383 UNIVERSE 3.11 Index
Weight 12.08 UNIVERSE 0.63 0.0063 4 Weight 14.84 0.1484 21 4 50 2.96 POLICY 2.73 0.0273 3
43 9.54 POLICY 17 8 79.6 1 Yr FUND 23   -0.64 8 50 2.27 2.22 9
23 8.43 1.07 33.33 13 UNIVERSE 17.53 -1.65 41.67 100 1.54 1.62 41.67
23 7.53 0.4 -7.33 7.4 POLICY 14.73 -2.26 -17.28 Trailing Returns through September 30, 2004 2 Yr YTD -2.84
11 5.39 -0.02 9.96 100 13.37 -2.78   15.98 Fund 5.42 3.14 5.11
Trailing Returns through September 30, 2004 2 Yr -0.44 17.29 Trailing Returns through September 30, 2004 11.45 -4.19 33.26 Index 22 29   7.95
Fund 10.82   -1.19 -8.76 Fund 8.27 YTD   -24.76 Diff 4.62 2.98 -0.38
Index 78 YTD 7.77 Index 2 Yr 0.79 15.32 1 Yr 32 37   4.78
Diff 13   1.66 1 Diff 16.42 59 1 3.49 11.36 4.34 1
1 Yr 33 51 0 1 Yr 77 2.21 0 3 5.03 3.25 0
8.55 16.73 2.61 1 12.54 20.1 25 1 0.49 3.88 2.71 1
9.37 13.64 19 0.55 14.84 25 3.65 0.21 2 Yr 3.1 2.15 0.95
-0.82 12.14 3.68 4.26 -2.3 22.14 2.1 3.27 5.42 2.26 1.51 4.53
2 Yr 11 2.37 0 2 Yr 19.97 1.09 0 4.62 3 Yr 2003 0
10.82 9.14 1.7 Diff 16.42 18.62 0.05 Diff 1/0/1900 6.53 5.94 Diff
13 3 Yr 1.07 -1 20.1 16.61   -1.99   0 3 Yr 17 21 -2
-2.18 6.48 0.0648 -0.06 1 -3.68 13.44 2003   0 6.53 5.94 4.49 2
3 Yr 3 YR FUND 19 2003 33.34 3 Yr 3 Yr 2002 28.14 0.2814   16.66 5.94 3 YR FUND 22 0.22 32 16.66
6.48 UNIVERSE 5.67 0.0567 17.11 0.1711 1.73 6.87 6.87 0.0687 UNIVERSE 66 2.42 0.59 UNIVERSE 8.52 2002 14.81 0.1481 0.66
5.67 POLICY 33 2002 70 -2.56 4.68 14   POLICY 30.14 0.3014 -2.5 4 Yr POLICY 5.73 0.0573 UNIVERSE 5.03 -0.18
0.81 8.65 UNIVERSE 17.93 0.1793 -4.29 2.19 4.68 0.0468 35 -4.92 8.17 4.98 POLICY 3.62 0.0362 -0.84
4 Yr 5.99 POLICY 53 2.57 4 Yr 3 YR FUND 33   36.01 4.55 7.68 4.33 2.79 1.42
1.21 5.09 24.02 -1.41 -4.21 UNIVERSE 9.28 31.28 -1.75 0.49 3.56 1.77 -0.6
1.53 4.3 20.16 -0.21 -4.22 POLICY 5.36 29.28 -0.13 5 Yr 4 Yr 2002 -0.13
-0.32 2.59 18.09 1.92 0.01 4.12 27.1   2.64 7.78 8.17 10.55 1.32
5 Yr 4 Yr 16.79 -0.07 5 Yr 3.06 22.83 -0.05 7.43 3 4   -0.02
3.42 1.21   13.91 0.25 -0.28 0.53 2002   0.19 0.35 7.68 10.42 0.27
3.15 51 2002 2.16 -0.95 4 Yr 2001 -16.72 -0.1672 3.01 6 Yr 10 5   1.36
0.27 1.53   -4.74 -0.0474 2.38 0.67 -4.21 UNIVERSE 10 3.57 6.37 7.9 2001 10.38 0.1038 0.84
6 Yr 41 2001 9 5 Yr 5 Yr 6 Yr 41 POLICY -22.1 -0.221 5 Yr 5 Yr 6.07 7.08 UNIVERSE 9.25 5 Yr 5 Yr
5.2 4.88 UNIVERSE -7.82 -0.0782 # of Negative Qtrs 4.3 -4.22 46 # of Negative Qtrs 0.3 6.58 POLICY 8.39 0.0839 # of Negative Qtrs
4.7 2.46 POLICY 41 # of Positive Qtrs 3.35 41 -14.93 # of Positive Qtrs 7 Yr 5.98 6.79 # of Positive Qtrs
0.5 1.22 -4.01 Batting Average 0.95 1.96 -20.06 Batting Average 7.11 5.03 3.64 Batting Average
7 Yr 0.41 -6.86 Worst Qtr 7 Yr -2.58 -22.27 Worst Qtr 6.85 5 Yr 2001 Worst Qtr
5.75 -1.44 -8.24 Best Qtr 1/4/1900 -4.69 -23.26 Best Qtr 1/0/1900 7.78 9.02 Best Qtr
5.41 5 Yr -9.6 Range 4.29 -5.98 -26.79 Range 8 Yr 3 3 Range
1/0/1900 3.42 0.0342 -11.52 Worst 4 Qtrs 1/0/1900 -9.51 2001 Worst 4 Qtrs 7.37 7.43 8.75 Worst 4 Qtrs
8 Yr 5 YR FUND 42 2001 Standard Deviation 8 Yr 5 Yr 2000 -9.91 -0.0991 Standard Deviation 7.1 5 YR FUND 8 0.08 6 Standard Deviation
1/7/1900 UNIVERSE 3.15 0.0315 -1.81 -0.0181 Beta 8.03 -0.28 -0.0028 UNIVERSE 27 Beta 0.27 UNIVERSE 7.57 2000 8.8 0.088 Beta
7.19 POLICY 49 2000 30 Annualized Alpha 8.26 41   POLICY -11.88 -0.1188 Annualized Alpha 9 Yr POLICY 6.87 0.0687 UNIVERSE 8.05 Annualized Alpha
0.36 8.09 UNIVERSE -2.35 -0.0235 R-Squared -0.23 -0.95 -0.0095 43 R-Squared 7.09 6.43 POLICY 7.55 0.0755 R-Squared
9 Yr 4.45 POLICY 37 Sharpe Ratio 9 Yr 5 YR FUND 51   -0.37 Sharpe Ratio 6.84 5.91 6.9 Sharpe Ratio
8.05 3.05 3.56 Treynor Ratio 9.3 UNIVERSE 6.69 -9.3 Treynor Ratio 0.25 5.07 4.28 Treynor Ratio
7.64 2.23 -1.44 Tracking Error 1/9/1900 POLICY 1.2 -12.13 Tracking Error 10 Yr 6 Yr 2000 Tracking Error
0.41 0.81 -2.92 Information Ratio ################################ -0.95 -13.74   Information Ratio 7.74 6.37 10.31 Information Ratio
10 Yr 6 Yr -3.97 Fund Fund 10 Yr -1.98 -18.89 Fund Fund 7.43 3 40   Fund Fund
8.98 5.2   -6.93 7 10.69 -4.91 2000   9 0.31 6.07 10.97 1
1/8/1900 32 2000 13 1/11/1900 6 Yr 1999 -14.85 -0.1485 11 9/30/1992 9 22   19
0.3 4.7   -4.64 -0.0464 Batting Average 55 -0.79 4.3 UNIVERSE 95 Batting Average 55 Incept 6.15 1999 11.87 0.1187 Batting Average 55
9/30/1992 50 1999 96 -5.87 9/30/1992 25 POLICY -9.11 -0.0911 -15 6.87 5.6 UNIVERSE 10.81 -2.18
Incept 8.34 UNIVERSE -0.07 -0.0007 11.41 Incept 3.35 59 19.48 1/6/1900 5.26 POLICY 9.91 0.0991 4.93
8.77 5.57 POLICY 60 17.28 10.96 37 13.31 34.48 0.15 4.87 8.59 7.11
8.13 4.7 13.76 -13.09 10.98 9.31 -1.73 -31.03   Calendar Year Returns 4.36 1.11 1.04
0.64 3.98 4.48 Standard Deviation 8.4 -0.02 4.23 -8.13 Standard Deviation 16.35 Fund 7 Yr 1999 Standard Deviation 3.71
Calendar Year Returns 2.63 0.76 Beta 0.94 Calendar Year Returns 2.84 -10.76 Beta 0.95 Index 7.11 -0.66 Beta 0.89
Fund 7 Yr -1.16 Annualized Alpha 0.47 0.0047 Fund 1.94 -14.98 Annualized Alpha 0.66 0.0066 Diff 2 63 Annualized Alpha 1.09 0.0109
Index 5.75 -4.4 R-Squared 0.91 Index -0.79 1999 R-Squared 0.93 9/30/2004 6.85 -0.89 R-Squared 0.97
Diff 18 1999 0.05 Diff 7 Yr 1998 27.75 0.2775 -0.2 Qtr 4 67 1.3
9/30/2004 5.41 15.36 0.1536 0.49 9/30/2004 4.63 UNIVERSE 11 -3.41 2.95 6.73 1998 2.84 0.0284 5.42
Qtr 22 1998 12 2.61 Qtr 22 POLICY 21.04 0.2104 4.31 3.13 6.22 UNIVERSE 0.91 0.75
-0.39 7.61 UNIVERSE 9.65 0.0965 0.1 -2.4 4.29 36 0.16 -0.18 5.87 POLICY -0.25 -0.0025 0.47
0.63 5.28 POLICY 54 Policy Index -1.49 26 32.04 Policy Index 2004 5.46 -1.29 Policy Index
-1.02 4.7 19.07 8 -0.91 8.16 22.88 9 YTD 4.77 -2.5 4
2004 3.9 11.93 12 2004 4.39 20.12 11 1/3/1900 8 Yr 1998 16
YTD 2.28 9.88 45 YTD 3.4 14.54 45 2.98 7.37 9.31 45
1.66 8 Yr 7.55 -7.33 0.79 1.75 4.1 -17.28 0.16 2 2 -2.84
2.61 7.55 3.39 9.96 2.21 -0.69 1998 15.98 2003 7.1 8.94 5.11
-0.95 14 1998 17.29 -1.42 8 Yr 26.36 33.26 5.94 5 5 7.95
2003 7.19 17.57 -9.93 2003 8.03 36 -26.62 4.49 7.06 8.88 -0.38
17.11 23 14 Standard Deviation 8.53 28.14 24 29.79 Standard Deviation 16.58 1.45 6.57 7.99 Standard Deviation 4.1
17.93 8.53 17.98 1 30.14 8.26 11 1 2002 6.21 7.38 1
-0.82 7.08 11 0 -2 21 33.63 0 10.55 5.81 6.71 0
2002 6.44 19.15 1 2002 11.25 28.14 1 10.42 5.26 4.05 1
-4.74 5.5 16.27 0.02 -16.72 7.96 23.23 -0.24 0.13 9 Yr 1997 1.09
-7.82 3.95 13.8 0.19 -22.1 6.96 15.19 -3.91 2001 7.09 9.07 4.47
3.08 9 Yr 9.85 0 5.38 5.23 2.37 0 9.02 3 32 0
2001 8.05 4.23 Diff 2001 2.24 1997 Diff 8.75 6.84 8.81 Diff
-1.81 12 1997 -1 -9.91 9 Yr 32.63 0 0.27 6 41 -3
-2.35 7.64 19.78 1 -11.88 9.3 28 0 2000 6.85 11.26 3
0.54 18 10 10 1.97 17 33.5 10 10.31 6.37 9.33 10
2000 9.11 18 1.46 2000 9.64 13 2.28 10.97 6.05 8.49 0.66
-4.64 7.38 23 1.45 -14.85 15 36.06 3.5 -0.66 5.69 7.73 -0.18
-0.07 6.66 21.04 -0.01 -9.11 11.32 32.7 1.22 1999 5.23 6.82 -0.84
-4.57 5.73 17.91 -3.16 -5.74 8.96 30.12 -4.41 -0.66 10 Yr 1996 1.42
1999 4.4 16.54 -0.13 1999 7.68 25.16 -0.23 -0.89 7.74 3.27 -0.39
15.36 10 Yr 13.8 -0.06 27.75 6.1 7.48 -0.05 0.23 3 62 -0.11
9.65 8.98 7.7 0.47 21.04 3.34 1996 0.66 1998 7.43 3.48 1.09
5.71 12 1996 -0.09 6.71 10 Yr 20.54 -0.07 9.31 9 55 -0.03
1998 8.68 11.57 0.03 1998 10.69 47 0.04 8.94 7.52 8.1 0.21
17.57 17 32 0.3 26.36 22 23.66 0.5 0.37 7 4.35 0.95
17.98 9.61 11.46 2.61 29.79 11.48 19 4.31 1997 6.64 3.57 0.75
-0.41 8.35 33 10 Yr -3.43 12 27.83 10 Yr 9.07 6.24 2.88 10 Yr
1997 7.6 15.81 # of Negative Qtrs 1997 12.48 22.68 # of Negative Qtrs 8.81 5.7 2.05 # of Negative Qtrs
19.78 6.78 12.24 # of Positive Qtrs 32.63 10.55 20.08 # of Positive Qtrs 0.26 5.87 18.43 # of Positive Qtrs
18 5.08 10.55 Batting Average 2/2/1900 9.12 15.6   Batting Average 6/18/1905 5.35 16.26   Batting Average
1.78 7.17 8.71 Worst Qtr -0.87 7.56 3.91 Worst Qtr 3.27 4.54 12.82 Worst Qtr
6/18/1905 5.92 3.57 Best Qtr 1996 3.37 23.23   Best Qtr 3.48 8.28   Best Qtr
11.57 4.24 4.08 Range 20.54 5.33 47 Range -0.21 27 Range
11.46 Worst 4 Qtrs 1/23/1900 7.63 21.63   Worst 4 Qtrs 6/17/1905 9.46   Worst 4 Qtrs
0.11 Standard Deviation -3.12 3.74 19 Standard Deviation 18.45 3.7 Standard Deviation
6/17/1905 Beta 1995 17.44   Beta 17.26 2.37   Beta
21.85 Annualized Alpha 27.6 15.88 Annualized Alpha 1.19 1.11 Annualized Alpha
1/23/1900 R-Squared 37.44 14.26 R-Squared Returns in Up Markets 0.39 R-Squared
-1.9 Sharpe Ratio -9.84 YTD Sharpe Ratio Fund YTD Sharpe Ratio
Returns in Up Markets Treynor Ratio Returns in Up Markets 12.31 Treynor Ratio Index 4.44 Treynor Ratio
Fund Tracking Error Fund 65 Tracking Error Ratio 37 Tracking Error
Index Information Ratio Index 13.02 Information Ratio 3 Yr 5.23 Information Ratio
Ratio Fund Ratio 50 Fund 9.5 29 Fund
3 Yr 9 3 Yr 17.59 11 9.7 16.11 5
15 31 28.3 14.43 29 98.3 5.92 35
17.1 57.5 29.5 13.01 47.5 5 Yr 3.67 65
87.4 -5.87 95.7 11.77 -15 10.2 1.98 -2.18
5 Yr 11.41 5 Yr 9.97 22.14 10.4 0.87 5.99
16.1 17.28 31.7 2002 37.14 98.2 2002 8.17
16.2 -13.09 30.7 2002 FUND -21.65   -31.03 10 Yr 2002 FUND 10.49   -0.66
99.3 8.08 4/12/1900 UNIVERSE 88 15.36 1/10/1900 UNIVERSE 11 3.74
10 Yr 0.99 10 Yr POLICY -20.67   0.95 10.4 POLICY 11.02   0.96
1/17/1900 0.42 30.6 84   -0.17 100.7 8 0.56
1/17/1900 0.92 2/1/1900 -9.82 0.93 9/30/1992 11.72   0.97
100.9 0.61 4/3/1900 -13.94 0.43 Incept 9.31 0.98
9/30/1992 4.95 9/30/1992 -16.68 6.96 10.3 7.69   3.81
Incept 2.33 Incept -19.33 4.18 10.4 4.45 0.65
16.4 0.13 27.8 -23.14 -0.19 99.2 -2.07 0.48
1/15/1900 Index 28.1 2001 Index Returns in Down Markets 2001 Index
104.1 10 99 2001 FUND -5.89   11 Fund 2001 FUND 8.73   8
Returns in Down Markets 30 Returns in Down Markets UNIVERSE 74 29 Index UNIVERSE 14 32
Fund 42.5 Fund POLICY -11.08   52.5 Ratio POLICY 8.51   35
Index -7.33 Index 96 -17.28 3 Yr 18 -2.84
Ratio 10.4 Ratio 5.46 21.3 -1.5 9.68   5.74
3 Yr 17.73 3 Yr -0.02 38.58 -3.4 8.13 8.58
-8.6 -9.93 -25.8 -3.26 -26.62 43.7 7.33   -0.89
-14 7.85 -31.7 -6.04 15.53 5 Yr 6.21 3.82
61.8 1 81.5 -10.93 1 -1.4 0.36 1
5 Yr 0 5 Yr 2000 0 -3.6 2000 0
-13 1 -29 2000 FUND -5.56   1 38.2 2000 FUND 12.61   1
-13.8 0.59 -29.4 UNIVERSE 98 0.48 10 Yr UNIVERSE 8 0.88
94.8 4.6 98.6 POLICY -6.49   7.4 -2.4 POLICY 11.84   3.35
10 Yr 0 10 Yr 99 0 -3.5 15 0
-12.4 Diff -28.4 16.45 Diff 67.5 13.05   Diff
-13 -1 ################################ 9.38 0 9/30/1992 11.01 -3
95.1 1 97.6 5.82 0 Incept 9.44   3
9/30/1992 15 9/30/1992 1.47 -5 -2.8 7.02 30
Incept 1.46 Incept -4.06 2.28 -3.6 -8.83 0.66
-11.2 1.01 -27.4 1999 0.84 79.1 1999 0.25
-11.8 -0.45 -27.8 1999 FUND 19.52   -1.44 1999 FUND -2.72   -0.41
95 -3.16 98.5 UNIVERSE 46 -4.41 UNIVERSE 88 0.23
0.23 POLICY 20.41   -0.17 POLICY -2.15   -0.08
-0.01 41 -0.05 83 -0.04
0.42 35.59 -0.17 7   0.56
-0.08 24.4 -0.07 2.72 -0.03
0.02 18.88 -0.05 0.33   0.1
0.35 13.96 -0.44 -1.4 0.46
2.33 8.02 4.18 -3.93 0.65
Incept 1998 Incept 1998 Incept
# of Negative Qtrs 1998 FUND 16.91   # of Negative Qtrs 1998 FUND 9.74   # of Negative Qtrs
# of Positive Qtrs UNIVERSE 13 # of Positive Qtrs UNIVERSE 7 # of Positive Qtrs
Batting Average POLICY 20.4   Batting Average POLICY 9.47   Batting Average
Worst Qtr 6 Worst Qtr 8 Worst Qtr
Best Qtr 21.24 Best Qtr 9.93   Best Qtr
Range 14.25 Range 8.09 Range
Worst 4 Qtrs 9.97 Worst 4 Qtrs 6.94 Worst 4 Qtrs
Standard Deviation 6.68 Standard Deviation 5.76 Standard Deviation
Beta 1.46 Beta -0.13 Beta
Annualized Alpha 1997 Annualized Alpha 1997 Annualized Alpha
R-Squared 38.59 R-Squared 8.55 R-Squared
Sharpe Ratio 1 Sharpe Ratio 54 Sharpe Ratio
Treynor Ratio 30.86 Treynor Ratio 9.75 Treynor Ratio
Tracking Error 16 Tracking Error 26 Tracking Error
Information Ratio 33.38 Information Ratio 14.34 Information Ratio
Fund 29.54 Fund 9.77 Fund
10 26.7 12 8.72 9
38 23.64 36 7.12 39
60.42 16.88 50 5.89 62.5
-5.87 1996 -15 1996 -2.78
11.41 19.67 22.14 5.98 5.99
17.28 69 37.14 20 8.77
-13.09 21.34 -31.03 2.91 -3.65
7.66 52 14.46 74 3.82
0.98 28.78 0.95 13.49 0.97
0.74 24.05 0.49 5.37 0.37
0.9 21.49 0.92 3.97 0.97
0.63 18.8 0.48 2.83 0.76
4.91 14.89 7.37 1.19 3
2.37 1995 4.12 1995 0.68
0.27 37.47 0 23.05 0.22
Index 31.79 Index 18.43 Index
12 28.75 12 16.26 12
36 25.73 36 12.82 36
39.58 21.74 50 8.28 37.5
-7.33 -17.28 -2.84
10.4 21.3 5.74
17.73 38.58 8.58
-9.93 -26.62 -2.9
7.4 14.53 3.9
1 1 1
0 0 0
1 1 1
0.56 0.48 0.71
4.17 7.02 2.76
0 0 0
Diff Diff Diff
-2 0 -3
2 0 3
20.84 0 25
1.46 2.28 0.06
1.01 0.84 0.25
-0.45 -1.44 0.19
-3.16 -4.41 -0.75
0.26 -0.07 -0.08
-0.02 -0.05 -0.03
0.74 0.49 0.37
-0.1 -0.08 -0.03
0.07 0 0.05
0.74 0.35 0.24
2.37 4.12 0.68