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 Net Returns Total Fund Total Net Returns Total Net Returns Total Fund Total Net Returns 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
3 33%BLCC,10%BLCGC,7%BLCVC,4%BSC,23%BFI,23%IFI 33%BLCC,10%BLCGC,7%BLCVC,4%BSC,23%BFI,23%IFI 22 25 61.1%BLCC, 18.5%BLCGC, 13%BLCVC, 7.4%BSC 61.1%BLCC, 18.5%BLCGC, 13%BLCVC, 7.4%BSC 27 35 50% Broad FI, 50% Intermediate FI 50% Broad FI, 50% Intermediate FI 37
Inception date is September 30, 1992 5 6 3 Yr Inception date is September 30, 1992 26 40 3 Yr Inception date is September 30, 1992 36 29 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 net of fees. Incept is September 30, 1992 to September 30, 2006 Fiscal Year Returns Ending September Batting Average Returns are net of fees. Incept is September 30, 1992 to September 30, 2006 Fiscal Year Returns Ending September Batting Average Returns are gross of fees. Incept is September 30, 1992 to September 30, 2006 Fiscal Year Returns Ending September Batting Average
Account Reconciliation Trailing Returns through September 30, 2006 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through September 30, 2006 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through September 30, 2006 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 Fund 75-95th %tile Fund Index Best Qtr Beginning Value Fund 75-95th %tile Fund Index Best Qtr
Net Flows 75-95th %tile Fund Index -20.00% Range Net Flows Return -40.00% Range Net Flows Return -5.00% Range
Investment G/L -5.00% -15.00% Worst 4 Qtrs Investment G/L %-tile -30.00% Worst 4 Qtrs Investment G/L %-tile 0.00% Worst 4 Qtrs
Ending Value 0.00% -10.00% Standard Deviation Ending Value Index -20.00% Standard Deviation Ending Value Index 5.00% Standard Deviation
9/30/2006 5.00% -5.00% Beta 9/30/2006 Return -10.00% Beta 9/30/2006 Return 10.00% Beta
Qtr 10.00% 0.00% Annualized Alpha Qtr %-tile 0.00% Annualized Alpha Qtr %-tile 15.00% Annualized Alpha
177,658 15.00% 5.00% R-Squared 107,196 Universe 10.00% R-Squared 63,742 Universe 20.00% R-Squared
976 20.00% 10.00% Sharpe Ratio -24 5th %-tile 20.00% Sharpe Ratio -769 5th %-tile 25.00% Sharpe Ratio
6,816 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 15.00% Treynor Ratio 4,774 25th %-tile 30.00% Treynor Ratio 2,175 25th %-tile Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 Treynor Ratio
185,449 Trailing Returns through September 30, 2006 20.00% Tracking Error 111,946 50th %-tile 40.00% Tracking Error 65,148 50th %-tile Fiscal Year Returns Ending September Tracking Error
2006 Fund 25.00% Information Ratio 2006 75th %-tile 50.00% Information Ratio 2006 75th %-tile Fund Information Ratio
YTD Return 30.00% Fund YTD 95th %-tile 60.00% Fund YTD 95th %-tile Return Fund
172,597 %-tile Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 3 103,027 1 Yr Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 3 63,632 1 Yr %-tile 4
-192 Index   Fiscal Year Returns Ending September 9 -2,441 11.04 0.1104 Fiscal Year Returns Ending September   9 -704 3.52 0.0352 Index 8
13,044 Return Fund 58.33 11,360 12 Fund 41.67 2,220 51 Return 58.33
185,449 %-tile   Return -1.25 111,946 10.36 0.1036 Return   -2.4 65,148 3.43 0.0343 %-tile -2.18
9/30/1992 Universe %-tile 6.68 9/30/1992 26 %-tile 11.66 9/30/1992 56 Universe 3.46
Incept 5th %-tile Index 7.93 Incept 11.86 Index 14.06 Incept 5.33 5th %-tile 5.64
59,084 25th %-tile Return 4.49 18,638 10.37 Return 6.27 36,929 4 25th %-tile -0.51
4,243 50th %-tile %-tile 4.85 9,482 9.18 %-tile 8.1 -12,434 3.53 50th %-tile 2.9
122,122 75th %-tile Universe 1.04 83,826 7.76 Universe 0.99 40,653 3.11 75th %-tile 0.89
185,449  185,449,000 95th %-tile 5th %-tile -0.18 111,946   111,946,000 5.56 5th %-tile 0.36 65,148    65,148,000                                                    3 95th %-tile 0.5
Investment Policy 1 Yr 25th %-tile 0.93 Investment Policy 2 Yr 25th %-tile 0.96 Investment Policy 2 Yr Qtr 0.99
Index 7.57 0.0757 50th %-tile 1.13 Index 12.68 0.1268 50th %-tile 1.23 Index 2.77 0.0277 QU. FUND 0.1 0.001 0.12
S&P 500 1 Yr FUND 17 75th %-tile 5.28 S&P 500 18 75th %-tile 10.08 Lehman Gov/Credit-Intermediate 72 UNIVERSE 49 0.4
Lehman Gov/Credit-Intermediate UNIVERSE 7.18 0.0718 95th %-tile 1.29 Russell 1000 Growth 11.75 0.1175   95th %-tile   1.68 Lehman Gov/Credit Bond 2.72 0.0272 POLICY 0.03 0.0003 0.46
Lehman Gov/Credit Bond POLICY 28 Qtr 0.12 Russell 1000 Value 40   Qtr 0.15 Total 73 59   0.41
Other 8.28 Qtr 3.83 0.0383 Index Russell 2000 1 Yr FUND 13.81 Qtr -1.98 -0.0198 Index Weight 5.27 0.61 Index
Weight 7.31 UNIVERSE 46 3 Weight UNIVERSE 12.24 UNIVERSE 29 3 50 3.77 0.31   4
33 6.67 POLICY 4.35 0.0435 9 61.1 POLICY 11.46 POLICY -1.9 -0.019 9 50 1 Yr FUND 3.18 0.09 8
23 5.8 13 41.67 18.5 10.34 26 58.33 100 UNIVERSE 2.7 -0.1 41.67
23 4.52 4.51 -1.67 13 8.87 -0.9 -2.46 Trailing Returns through September 30, 2006 POLICY 2.17 -0.36 -2.84
21 2 Yr   4.14 6.42 7.4 3 Yr -1.9   12.03 Fund 3 Yr YTD 3.55
Trailing Returns through September 30, 2006 8.15 3.76 8.09 Trailing Returns through September 30, 2006 12.63 0.1263 -2.42 14.49 Index 3.01 0.0301 0.07   6.39
Fund 28   3.32 3.54 Fund 33 -3.3   5.26 Diff 68 71 -0.86
Index 7.6 2.47 4.48 Index 12.37 0.1237 -4.73 8 1 Yr 2.82 0.0282 -0.12   3.25
Diff 52 YTD 1 Diff 41 YTD 1 3.52 75 81 1
1 Yr 9.23 7.57 0 1 Yr 14.72 6.28 0 3.43 5.91 2.16 0
7.57 8.23 17 1 11.04 13.07 12 1 0.09 4.08 1.15 1
7.18 7.63 7.18 1.19 10.36 12.02 5.07 1.22 2 Yr 3.36 0.49 0.05
0.39 7.13 28 5.33 0.68 10.96 37 9.72 2.77 2.79 -0.05 0.17
2 Yr 6.15 8.28 0 2 Yr 8.97 7.09 0 2.72 2.21 -0.53 0
8.15 3 Yr 7.31 Diff 12.68 4 Yr   5.48 Diff 1/0/1900 4 Yr 2005 Diff
7.6 8.14 0.0814 6.67 0 11.75 14.54 0.1454 4.59   0 3 Yr 4.09 2004 2.02 0.0202 0
0.55 3 YR FUND 49   5.8 0 0.93 56 3.64   0 3.01 43 UNIVERSE 68 0
3 Yr UNIVERSE 7.98 0.0798 4.52 16.66 3 Yr 15.61 0.1561 1.56     -16.66 2.82 3.67 POLICY 2.02 0.0202 16.66
8.14 POLICY 54 2005   0.42 12.63 28 2005 0.06 0.19 57 68   0.66
7.98 10.01 2004 8.74 0.0874 0.26 12.37 3 YR FUND 17 2004 14.34 0.1434 -0.37 4 Yr 8.19 4.66 -0.09
0.16 8.76 UNIVERSE 49   -0.16 0.26 UNIVERSE 15.68 UNIVERSE 41 -0.43 4.09 4.79 2.94   -0.75
4 Yr 8.09 POLICY 8.03 0.0803 0.95 4 Yr POLICY 14.83 POLICY 13.15 0.1315 1.01 3.67 3 YR FUND 3.84 2.38 0.35
9.27 7.4 76 0.37 14.54 13.75 63 0.1 0.42 UNIVERSE 3.22 1.89 -0.35
10.15 6.5   11.19 0.04 15.61 11.61 18.21 -0.01 5 Yr POLICY 2.54 1.28 -0.11
-0.88 4 Yr 9.61 -0.18 -1.07 5 Yr 15.44   0.36 5.01 5 Yr 2004 0.5
5 Yr 9.27   8.7 -0.07 5 Yr 9.16 0.0916 13.73 -0.04 4.64 5.01 0.0501 2003 3.49 0.0349 -0.01
6.91 74 8.05 -0.06 9.16 8 12.47   0.01 0.37 26 UNIVERSE 33 0.07
6.3 10.15 7.14 -0.05 7.18 7.18 0.0718 9.75   0.36 6 Yr 4.64 0.0464 POLICY 3 0.03 0.23
0.61 41 2004   1.29 1.98 42 2004 1.68 6.34 40 49   0.46
6 Yr 12.24 2003 8.1 0.081 5 Yr 5 Yr 6 Yr 9.39 2003 12.54 0.1254 5 Yr 5 Yr 6 7 7.43 5 Yr 5 Yr
3.23 10.65 UNIVERSE 74   # of Negative Qtrs 1.12 7.84 UNIVERSE 59 # of Negative Qtrs 0.34 5.06 3.83   # of Negative Qtrs
2.93 9.89 POLICY 8.75 0.0875 # of Positive Qtrs -0.28 6.88 POLICY 13.64 0.1364 # of Positive Qtrs 7 Yr 4.45 2.96 # of Positive Qtrs
0.3 9.21 59 Batting Average 1.4 5.94 40 Batting Average 6.32 3.92 2.27 Batting Average
7 Yr 8.04   11.71 Worst Qtr 7 Yr 3.66 18.31 Worst Qtr 6.07 3.32 1.54 Worst Qtr
4.49 5 Yr 10.09 Best Qtr 1/3/1900 6 Yr 14.62 Best Qtr 1/0/1900 6 Yr 2003 Best Qtr
3.83 6.91 0.0691 9.08 Range 1.44 1.12 13.05 Range 8 Yr 6.34 2002 7.39 0.0739 Range
1/0/1900 5 YR FUND 20   8.02 Worst 4 Qtrs 1/1/1900 35 11.06 Worst 4 Qtrs 5.46 12 UNIVERSE 21 Worst 4 Qtrs
8 Yr UNIVERSE 6.3 0.063 6.22 Standard Deviation 8 Yr -0.28 -0.0028 8.09   Standard Deviation 5.22 6 POLICY 6.26 0.0626 Standard Deviation
1/5/1900 POLICY 43 2003   Beta 6.34 63 2003 Beta 0.24 20 27   Beta
4.92 7.78 2002 12.74 0.1274 Annualized Alpha 4.3 5 YR FUND 6 0.06 2002 20.44 0.2044 Annualized Alpha 9 Yr 6.65 15.41 Annualized Alpha
0.74 6.7 UNIVERSE 91   R-Squared 2.04 UNIVERSE 2.25 UNIVERSE 88 R-Squared 6.13 5.88 0.0588 6.36   R-Squared
9 Yr 6.03 POLICY 16.91 0.1691 Sharpe Ratio 9 Yr POLICY 0.27 POLICY 25.89 0.2589 Sharpe Ratio 5.92 5 YR FUND 5.45 4.78 Sharpe Ratio
6 5.4 22 Treynor Ratio 6.37 -1.18 18 Treynor Ratio 0.21 UNIVERSE 4.99 0.0499 3.82 Treynor Ratio
5.44 4.44   20.63 Tracking Error 1/4/1900 -5.41 28.13 Tracking Error 10 Yr POLICY 4.39 2.69 Tracking Error
0.56 6 Yr 16.61 Information Ratio 1/1/1900 7 Yr 25.31   Information Ratio 6.43 7 Yr 2002 Information Ratio
10 Yr 3.23   14.98 Fund Fund 10 Yr 3.26 23.7 Fund Fund 6.21 6.32 2001 8.77 0.0877 Fund Fund
7.38 44 13.87 5 8.94 26 21.94   6 0.22 11 UNIVERSE 6 4
1/6/1900 2.93 11.87 15 1/8/1900 1.44 18.64   14 9/30/1992 6.07 POLICY 8.65 0.0865 16
0.52 53 2002   Batting Average 65 0.9 63 2002 Batting Average 50 Incept 16 8   Batting Average 60
9/30/1992 6.13 2001 -2.02 -0.0202 -5.68 9/30/1992 6.38 2001 -9.95 -0.0995 -14.86 6.27 6.55 8.8 -2.18
Incept 4.07 UNIVERSE 1   7.3 Incept 3.32 UNIVERSE 5 13.48 1/6/1900 5.86 7.65   4.93
8.41 3.03 POLICY -7.82 -0.0782 12.98 11.21 1.93 POLICY -20.84 -0.2084 28.34 0.13 5.45 6.86 7.11
7.76 2.27 54 -6.57 10.43 0.85 71 -20.21   Fiscal Year Returns Ending September 5.04 5.67 -0.51
0.65 -0.01 -4.66 Standard Deviation 5.74 0.78 -1.81 -10.38 Standard Deviation 11.63 Fund 4.46 1.79 Standard Deviation 3.66
Fiscal Year Returns Ending September 7 Yr -6.66 Beta 0.83 Fiscal Year Returns Ending September 8 Yr -17.34 Beta 0.88 Index 8 Yr 2001 Beta 0.88
Fund 4.49 -7.62 Annualized Alpha 1.62 0.0162 Fund 6.34 -19.53 Annualized Alpha 2.67 0.0267 Diff 5.46 2000 13.27 0.1327 Annualized Alpha 0.89 0.0089
Index 35 -8.73 R-Squared 0.91 Index 18 -21.08 R-Squared 0.95 9/30/2006 11 UNIVERSE 4 R-Squared 0.98
Diff 3.83 -10.51 0.82 Diff 4.3 -23.77   0.6 Qtr 5.22 POLICY 13.04 0.1304 0.76
9/30/2006 58 2001   5.65 9/30/2006 64 2001 7.89 3.46 17 7   3.17
Qtr 6.29 2000 -13.38 -0.1338 2.03 Qtr 8.51 2000 -31.03 -0.3103 3.03 3.55 5.79 13.13 0.69
3.83 4.92 UNIVERSE 74   0.3 4.48 5.77 UNIVERSE 76 0.65 -0.09 5.01 12.35   0.54
4.35 4.01 POLICY -12.38 -0.1238 Policy Index 5.04 4.77 POLICY -30.46 -0.3046 Policy Index 2006 4.63 11.69 Policy Index
-0.52 3.32 68 7 -0.56 3.82 73 7 YTD 4.28 10.55 6
2006 2.04 0.88 13 2006 1.52 -5.3 13 1/3/1900 3.79 0.57 14
YTD 8 Yr -6.44 35 YTD 9 Yr -17.68 50 3.43 9 Yr 2000 40
7.57 5.66 -10.3 -7.1 11.04 6.37 -27.57 -16.86 0.09 6.13 6.22 -2.84
7.18 28 -13.75 9.86 10.36 12 -30.96 15.78 2005 3 33 5.11
0.39 4.92 -19.11 16.96 0.68 4.93 -39.84 32.64 2.02 5.92 6.47 7.95
2005 61 2000 -8.99 2005 48 2000 -25.12 2.02 5 17 -0.86
8.74 7 12.39 Standard Deviation 6.62 14.34 6.99 17.11 Standard Deviation 12.93 0 5.91 6.94 Standard Deviation 4.13
8.03 5.76 28 1 13.15 5.64 36 1 2004 5.39 6.33 1
0.71 5.1 9.42 0 1.19 4.87 12.38 0 3.49 5.07 5.96 0
2004 4.64 53 1 2004 3.94 67 1 3 4.75 5.47 1
8.1 3.55 22.7 0.62 12.54 2.06 37.21 0.38 0.49 4.29 2.92 0.59
8.75 9 Yr 12.89 4.08 13.64 10 Yr 20.71 4.96 2003 10 Yr 1999 2.42
-0.65 6 9.62 0 -1.1 8.94 14.58 0 7.39 6.43 -0.41 0
2003 10 7.6 Diff 2003 17 10.6 Diff 6.26 4 72 Diff
12.74 5.44 2.75 -2 20.44 8.04 2.15 -1 1.13 6.21 -0.5 -2
16.91 30 1999 2 25.89 43 1999 1 2002 9 75 2
-4.17 6.43 14.22 30 -5.45 10.33 30.59 0 8.77 6.32 3.72 20
2002 5.54 37 1.42 2002 8.64 23 2 8.65 5.79 1.67 0.66
-2.02 5.16 12.85 -2.56 -9.95 7.82 26.68 -2.3 0.12 5.44 0.54 -0.18
-7.82 4.56 58 -3.98 -20.84 6.6 51 -4.3 2001 5.11 -0.58 -0.84
5.8 3.47 20.02 2.42 10.89 4.91 42.92 4.91 13.27 4.63 -2.06 0.35
2001 10 Yr 15.21 -0.88 2001 Fiscal Year Returns Ending September 29.79 -1.3 13.04 Fiscal Year Returns Ending September 1998 -0.47
-13.38 7.38 13.24 -0.17 -31.03 Fund 26.74 -0.12 0.23 Fund 11.65 -0.12
-12.38 11 10.74 1.62 -30.46 Return 17.54 2.67 2000 Return 7 0.89
-1 6.86 5.18 -0.09 -0.57 %-tile 2.98 -0.05 6.22 %-tile 11.62 -0.02
2000 31 1998 0.2 2000 Index 1998 0.22 6.47 Index 8 0.17
12.39 7.75 8.8 1.57 17.11 Return 6.61 2.93 -0.25 Return 12.17 0.75
9.42 6.96 12 2.03 12.38 %-tile 37 3.03 1999 %-tile 9.97 0.69
2.97 6.58 9.72 10 Yr 4.73 Universe 10.1 10 Yr -0.41 Universe 8.86 10 Yr
1999 5.92 7 # of Negative Qtrs 1999 5th %-tile 11 # of Negative Qtrs -0.5 5th %-tile 7.67 # of Negative Qtrs
14.22 5.04 10.6 # of Positive Qtrs 30.59 25th %-tile 12.45 # of Positive Qtrs 0.09 25th %-tile 2.96 # of Positive Qtrs
12.85 5.89 7.88 Batting Average 1/26/1900 50th %-tile 8.45   Batting Average 6/20/1905 50th %-tile 16.26   Batting Average
1.37 7.17 5.74 Worst Qtr 3.91 75th %-tile 4.58 Worst Qtr 11.65 75th %-tile 12.82 Worst Qtr
6/20/1905 5.92 3.39 Best Qtr 1998 95th %-tile -2.5   Best Qtr 11.62 95th %-tile 8.28   Best Qtr
8.8 4.24 -0.57 Range 6.61 Qtr -15.76 Range 0.03 Qtr 27 Range
9.72 Worst 4 Qtrs 1/10/1900 4.48 0.0448 -17.25   Worst 4 Qtrs 6/19/1905 3.46 0.0346 9.46   Worst 4 Qtrs
-0.92 Standard Deviation -3.49 37 19 Standard Deviation 9.19 38 3.7 Standard Deviation
6/19/1905 Beta 1997 5.04 0.0504 17.44   Beta 8.89 3.55 0.0355 2.37   Beta
20.65 Annualized Alpha 35.14 17 15.88 Annualized Alpha 0.3 27 1.11 Annualized Alpha
1/20/1900 R-Squared 40.62 5.45 14.26 R-Squared Returns in Up Markets 3.88 0.39 R-Squared
0.13 Sharpe Ratio -5.48 4.8 YTD Sharpe Ratio Fund 3.57 YTD Sharpe Ratio
Returns in Up Markets Treynor Ratio Returns in Up Markets 4.21 12.31 Treynor Ratio Index 3.35 4.44 Treynor Ratio
Fund Tracking Error Fund 3.4 65 Tracking Error Ratio 3.04 37 Tracking Error
Index Information Ratio Index 1.82 13.02 Information Ratio 3 Yr 2.52 5.23 Information Ratio
Ratio Fund Ratio YTD 50 Fund 6.7 YTD 29 Fund
3 Yr 11 3 Yr 11.04 17.59 13 7 3.52 16.11 7
11.9 29 20 12 14.43 27 95.7 51 5.92 33
12.4 57.5 20.3 10.36 13.01 55 5 Yr 3.43 3.67 60
96.2 -5.94 98.6 26 11.77 -15 8.2 56 1.98 -2.18
5 Yr 11.33 5 Yr 11.86 9.97 22.14 8.5 5.33 0.87 4.93
14.3 17.27 25.3 10.37 2002 37.14 97.5 4 2002 7.11
16.1 -13.38 27.2 2002 FUND 9.18 -21.65   -31.03 10 Yr 2002 FUND 3.53 10.49   -0.66
88.4 7.99 4/2/1900 UNIVERSE 7.76 88 15.15 1/9/1900 UNIVERSE 3.11 11 3.52
10 Yr 0.96 10 Yr POLICY 5.56 -20.67   0.93 9.5 POLICY 2.62 11.02   0.94
1/16/1900 0.8 31.3 2005 84   1.38 99.1 2005 8 0.56
1/17/1900 0.93 2/1/1900 14.34 -9.82 0.95 9/30/1992 2.02 11.72   0.97
98.3 0.46 4/4/1900 37 -13.94 0.35 Incept 68 9.31 0.78
9/30/1992 3.85 9/30/1992 13.15 -16.68 5.66 9.8 2.02 7.69   2.93
Incept 2.17 Incept 60 -19.33 3.73 9.9 68 4.45 0.62
15.8 0.24 26.9 17.78 -23.14 0.24 99 4.66 -2.07 0.35
1/15/1900 Index 27.5 14.94 2001 Index Returns in Down Markets 2.94 2001 Index
101.4 13 97.9 2001 FUND 13.52 -5.89   14 Fund 2001 FUND 2.38 8.73   10
Returns in Down Markets 27 Returns in Down Markets UNIVERSE 12.46 74 26 Index UNIVERSE 1.89 14 30
Fund 42.5 Fund POLICY 10.82 -11.08   45 Ratio POLICY 1.28 8.51   40
Index -7.1 Index 2004 96 -16.86 3 Yr 2004 18 -2.84
Ratio 10.4 Ratio 12.54 5.46 21.13 -3.9 3.49 9.68   5.11
3 Yr 17.5 3 Yr 64 -0.02 37.99 -5 33 8.13 7.95
-1.8 -12.38 -5.2 13.64 -3.26 -30.46 78.6 3 7.33   -0.89
-3.1 8.05 -6.3 45 -6.04 15.87 5 Yr 49 6.21 3.69
57.1 1 81.5 17.81 -10.93 1 -2.2 7.43 0.36 1
5 Yr 0 5 Yr 15.06 2000 0 -3.7 3.83 2000 0
-5.5 1 -15.6 2000 FUND 13.28 -5.56   1 58.3 2000 FUND 2.96 12.61   1
-9.8 0.4 -22.1 UNIVERSE 11.78 98 0.27 10 Yr UNIVERSE 2.27 8 0.69
56 3.18 70.5 POLICY 8.43 -6.49   4.36 -2 POLICY 1.54 11.84   2.53
10 Yr 0 10 Yr 2003 99 0 -3.1 2003 15 0
-10 Diff -23 20.44 16.45 Diff 65.9 7.39 13.05   Diff
-11.8 -2 ################################ 88 9.38 -1 9/30/1992 21 11.01 -3
84.8 2 87.5 25.89 5.82 1 Incept 6.26 9.44   3
9/30/1992 15 9/30/1992 10 1.47 10 -2.7 27 7.02 20
Incept 1.16 Incept 26.64 -4.06 1.86 -3.5 15.41 -8.83 0.66
-9.4 0.93 -22.5 24.6 1999 1.01 79.4 6.36 1999 -0.18
-11 -0.23 -25.4 1999 FUND 23.27 19.52   -0.85 1999 FUND 4.78 -2.72   -0.84
85.5 -1 88.6 UNIVERSE 21.6 46 -0.57 UNIVERSE 3.82 88 0.23
-0.06 POLICY 18.49 20.41   -0.72 POLICY 2.69 -2.15   -0.17
-0.04 2002 41 -0.07 2002 83 -0.06
0.8 -9.95 35.59 1.38 8.77 7   0.56
-0.07 1 24.4 -0.05 6 2.72 -0.03
0.06 -20.84 18.88 0.08 8.65 0.33   0.09
0.67 79 13.96 1.3 8 -1.4 0.4
2.17 -14.04 8.02 3.73 8.8 -3.93 0.62
Incept -17.42 1998 Incept 7.65 1998 Incept
# of Negative Qtrs 1998 FUND -19.5 16.91   # of Negative Qtrs 1998 FUND 6.86 9.74   # of Negative Qtrs
# of Positive Qtrs UNIVERSE -20.62 13 # of Positive Qtrs UNIVERSE 5.67 7 # of Positive Qtrs
Batting Average POLICY -23.13 20.4   Batting Average POLICY 1.79 9.47   Batting Average
Worst Qtr 2001 6 Worst Qtr 2001 8 Worst Qtr
Best Qtr -31.03 21.24 Best Qtr 13.27 9.93   Best Qtr
Range 71 14.25 Range 4 8.09 Range
Worst 4 Qtrs -30.46 9.97 Worst 4 Qtrs 13.04 6.94 Worst 4 Qtrs
Standard Deviation 68 6.68 Standard Deviation 7 5.76 Standard Deviation
Beta -6.84 1.46 Beta 13.13 -0.13 Beta
Annualized Alpha -19.89 1997 Annualized Alpha 12.35 1997 Annualized Alpha
R-Squared -27.56 38.59 R-Squared 11.69 8.55 R-Squared
Sharpe Ratio -31.88 1 Sharpe Ratio 10.55 54 Sharpe Ratio
Treynor Ratio -42.05 30.86 Treynor Ratio 0.57 9.75 Treynor Ratio
Tracking Error 2000 16 Tracking Error 2000 26 Tracking Error
Information Ratio 17.11 33.38 Information Ratio 6.22 14.34 Information Ratio
Fund 35 29.54 Fund 33 9.77 Fund
12 12.38 26.7 14 6.47 8.72 12
44 64 23.64 42 17 7.12 44
58.93 37.51 16.88 51.79 6.94 5.89 62.5
-5.94 20.69 1996 -15 6.33 1996 -2.78
11.33 13.61 19.67 22.14 5.96 5.98 5.99
17.27 11.07 69 37.14 5.47 20 8.77
-13.38 0.94 21.34 -31.03 2.92 2.91 -3.65
7.31 1999 52 13.71 1999 74 3.69
0.96 30.59 28.78 0.94 -0.41 13.49 0.96
0.89 26 24.05 1.36 72 5.37 0.35
0.91 26.68 21.49 0.93 -0.5 3.97 0.97
0.62 66 18.8 0.53 75 2.83 0.64
4.71 40.89 14.89 7.79 3.72 1.19 2.48
2.19 30.67 1995 3.77 1.67 1995 0.64
0.3 27.46 37.47 0.21 0.54 23.05 0.2
Index 22.99 31.79 Index -0.58 18.43 Index
15 11.5 28.75 15 -2.06 16.26 15
41 1998 25.73 41 1998 12.82 41
41.07 6.61 21.74 48.21 11.65 8.28 37.5
-7.1 46 -16.86 7 -2.84
10.4 10.1 21.13 11.62 5.74
17.5 14 37.99 8 8.58
-12.38 14.94 -30.46 12.17 -2.9
7.23 8.88 14.11 9.97 3.78
1 5.38 1 8.86 1
0 -1.23 0 7.67 0
1 -6.84 1 2.96 1
0.54 0.46 0.6
3.87 6.54 2.25
0 0 0
Diff Diff Diff
-3 -1 -3
3 1 3
17.86 3.58 25
1.16 1.86 0.06
0.93 1.01 0.25
-0.23 -0.85 0.19
-1 -0.57 -0.75
0.08 -0.4 -0.09
-0.04 -0.06 -0.04
0.89 1.36 0.35
-0.09 -0.07 -0.03
0.08 0.07 0.04
0.84 1.25 0.23
2.19 3.77 0.64