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 December 31, 2004 Calendar Year Returns Batting Average Returns are gross of fees. Incept is September 30, 1992 to December 31, 2004 Calendar Year Returns Batting Average Returns are gross of fees. Incept is September 30, 1992 to December 31, 2004 Calendar Year Returns Batting Average
Account Reconciliation Trailing Returns through December 31, 2004 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through December 31, 2004 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through December 31, 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 0.00% -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 5.00% -5.00% Standard Deviation Ending Value -5.00% -10.00% Standard Deviation Ending Value 5.00% 5.00% Standard Deviation
12/31/2004 10.00% 0.00% Beta 12/31/2004 0.00% 0.00% Beta 12/31/2004 10.00% 10.00% Beta
Qtr 15.00% 5.00% Annualized Alpha Qtr 5.00% 10.00% Annualized Alpha Qtr 15.00% 15.00% Annualized Alpha
159,123 20.00% 10.00% R-Squared 92,448 10.00% 20.00% R-Squared 60,176 20.00% 20.00% R-Squared
-174 25.00% 15.00% Sharpe Ratio 2,654 15.00% 30.00% Sharpe Ratio -2,481 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
9,007 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 20.00% Treynor Ratio 8,563 20.00% 40.00% Treynor Ratio 411 Trailing Returns through December 31, 2004 Calendar Year Returns Treynor Ratio
167,957 Trailing Returns through December 31, 2004 25.00% Tracking Error 103,665 25.00% 50.00% Tracking Error 58,106 Fund Fund Tracking Error
2004 Fund 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 Return 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 %-tile Calendar Year Returns 3 97,051 Trailing Returns through December 31, 2004 Fund 4 56,717 Index Index 1
-2,340 Index   Fund 9 -2,676 Fund Return   8 -844 Return Return 11
11,595 Return Return 66.67 9,289 Return %-tile 50 2,233 %-tile %-tile 66.67
167,957 %-tile   %-tile -5.6 103,665 %-tile Index   -14.86 58,106 Universe Universe -2.18
9/30/1992 Universe Index 7.4 9/30/1992 Index Return 12.58 9/30/1992 5th %-tile 5th %-tile 4.93
Incept 5th %-tile Return 13 Incept Return %-tile 27.44 Incept 25th %-tile 25th %-tile 7.11
59,084 25th %-tile %-tile -6.19 18,638 %-tile Universe -20.21 36,929 50th %-tile 50th %-tile 1.04
235 50th %-tile Universe 6.2 17,137 Universe 5th %-tile 13.04 -16,512 75th %-tile 75th %-tile 4.08
108,639 75th %-tile 5th %-tile 0.78 67,889 5th %-tile 25th %-tile 0.85 37,689 95th %-tile 95th %-tile 0.88
167,957  167,957,000 95th %-tile 25th %-tile 1.78 103,665   103,665,000 25th %-tile 50th %-tile 1.6 58,106    58,106,000  1 Yr  Qtr 1.31
Investment Policy 1 Yr 50th %-tile 0.93 Investment Policy 50th %-tile 75th %-tile 0.96 Investment Policy 3.87 0.71 0.99
Index 7.43 0.0743 75th %-tile 0.79 Index 75th %-tile 95th %-tile 0.32 Index 40 60 1.33
S&P 500 53 95th %-tile 6.26 S&P 500 95th %-tile Qtr 4.88 Lehman Gov/Credit-Intermediate 3.62 0.62 6.15
Lehman Gov/Credit-Intermediate 1 Yr FUND 8.25 0.0825 Qtr 2.37 Russell 1000 Value 1 Yr QU. FUND 9.12 0.0912 3.45 Lehman Gov/Credit Bond 1 Yr FUND 48 0.48 70   0.73
Lehman Gov/Credit Bond UNIVERSE 29 5.68 0.0568 0.27 Russell 2000 9.99 0.0999 UNIVERSE 79 0.32 Total UNIVERSE 7.07 QU. FUND 2.69 0.0269 0.84
Other POLICY 9.92 Qtr 49 Index Total 60   POLICY 9.74 0.0974 Index Weight POLICY 4.37 0.0437 UNIVERSE 1.11 Index
Weight 8.39 UNIVERSE 5.49 0.0549 4 Weight 12.17 0.1217 47 4 50 3.56 POLICY 0.79 0.0079 3
43 7.5 POLICY 66 8 79.6 1 Yr FUND 18   11.13 8 50 2.72 0.55 9
23 6.68 6.84 33.33 13 UNIVERSE 14.23 10.2 50 100 1.84 0.28 33.33
23 5.35 6.13 -7.33 7.4 POLICY 11.6 9.65 -17.28 Trailing Returns through December 31, 2004 2 Yr YTD -2.84
11 2 Yr 5.67 9.96 100 10.37 9.19   15.98 Fund 4.9 3.87 5.11
Trailing Returns through December 31, 2004 12.16   5.32 17.29 Trailing Returns through December 31, 2004 9.13 8.24 33.26 Index 24 40   7.95
Fund 66 4.86 -8.76 Fund 6.79 YTD   -24.76 Diff 4.06 3.62 -0.38
Index 12.98   YTD 7.64 Index 2 Yr 9.99 15.01 1 Yr 37 48   4.62
Diff 44 7.43 1 Diff 18.72 60 1 3.87 10.86 7.07 1
1 Yr 16.48 53 0 1 Yr 66 12.17 0 3.62 4.68 4.37 0
7.43 14.15 8.25 1 9.99 20.82 18 1 0.25 3.6 3.56 1
8.25 12.73 29 0.55 12.17 22 14.23 0.2 2 Yr 2.83 2.72 1.04
-0.82 11.63 9.92 4.23 -2.18 22.48 11.6 3.04 4.9 2.01 1.84 4.8
2 Yr 10.27 8.39 0 2 Yr 20.6 10.37 0 4.06 3 Yr 2003 0
12.16 3 Yr 7.5 Diff 18.72 19.4 9.13 Diff 1/0/1900 6.75 5.94 Diff
12.98 6.22 0.0622 6.68 -1 20.82 17.92   6.79   0 3 Yr 17 21 -2
-0.82 26 5.35 1 -2.1 15.26 2003   0 6.75 6.14 4.49 2
3 Yr 3 YR FUND 5.57 0.0557 2003 33.34 3 Yr 3 Yr 2002 28.14 0.2814   0 6.14 3 YR FUND 24 0.24 32 33.34
6.22 UNIVERSE 40 17.11 0.1711 1.73 5.49 5.49 0.0549 UNIVERSE 65 2.42 0.61 UNIVERSE 8.48 2002 14.81 0.1481 0.66
5.57 POLICY 7.74 2002 72 -2.56 4.38 17   POLICY 30.14 0.3014 -3.4 4 Yr POLICY 6.08 0.0608 UNIVERSE 5.03 -0.18
0.65 6.25 UNIVERSE 17.93 0.1793 -4.29 1.11 4.38 0.0438 32 -5.82 7.31 5.34 POLICY 3.62 0.0362 -0.84
4 Yr 5.27 POLICY 56 2.57 4 Yr 3 YR FUND 26   33.65 4.55 6.78 4.61 2.79 1.42
4.15 4.58 24.19 -1.44 1.41 UNIVERSE 7.09 30.67 -1.97 0.53 3.68 1.77 -0.54
3.53 3.15 20.21 -0.22 0.05 POLICY 4.4 29.07 -0.15 5 Yr 4 Yr 2002 -0.12
0.62 4 Yr 18.19 1.78 1.36 3.49 26.66   1.6 7.91 7.31 10.55 1.31
5 Yr 4.15   16.82 -0.07 5 Yr 2.21 23.12 -0.04 7.61 12 4   -0.01
2.33 23 14.81 0.24 -2.08 -0.58 2002   0.12 0.3 6.78 10.42 0.29
2.8 3.53   2002 2.03 -1.85 4 Yr 2001 -16.72 -0.1672 1.84 6 Yr 19 5   1.35
-0.47 36 -4.74 -0.0474 2.37 -0.23 1.41 UNIVERSE 6 3.45 6.43 8.13 2001 10.38 0.1038 0.73
6 Yr 6.13 2001 6 5 Yr 5 Yr 6 Yr 16 POLICY -22.1 -0.221 5 Yr 5 Yr 6.14 6.52 UNIVERSE 9.25 5 Yr 5 Yr
4.4 4.04 UNIVERSE -7.82 -0.0782 # of Negative Qtrs 2.36 0.05 41 # of Negative Qtrs 0.29 5.91 POLICY 8.39 0.0839 # of Negative Qtrs
3.91 3.08 POLICY 39 # of Positive Qtrs 1.64 32 -16.11 # of Positive Qtrs 7 Yr 5.33 6.79 # of Positive Qtrs
0.49 2.45 -4.41 Batting Average 0.72 3.81 -20.6 Batting Average 6.84 4.51 3.64 Batting Average
7 Yr 0.92 -7.22 Worst Qtr 7 Yr 0.42 -22.33 Worst Qtr 6.54 5 Yr 2001 Worst Qtr
6.18 5 Yr -8.28 Best Qtr 1/5/1900 -0.64 -23.62 Best Qtr 1/0/1900 7.91 9.02 Best Qtr
5.82 2.33 0.0233 -9.52 Range 5.25 -1.87 -27.18 Range 8 Yr 6 3 Range
1/0/1900 58 -11.3 Worst 4 Qtrs 1/0/1900 -5.01 2001 Worst 4 Qtrs 7.11 7.61 8.75 Worst 4 Qtrs
8 Yr 5 YR FUND 2.8 0.028 2001 Standard Deviation 8 Yr 5 Yr 2000 -9.91 -0.0991 Standard Deviation 6.82 5 YR FUND 11 0.11 6 Standard Deviation
1/7/1900 UNIVERSE 42 -1.81 -0.0181 Beta 8.55 -2.08 -0.0208 UNIVERSE 22 Beta 0.29 UNIVERSE 7.92 2000 8.8 0.088 Beta
7.27 POLICY 6.81 2000 27 Annualized Alpha 8.43 45   POLICY -11.88 -0.1188 Annualized Alpha 9 Yr POLICY 7.11 0.0711 UNIVERSE 8.05 Annualized Alpha
0.52 3.89 UNIVERSE -2.35 -0.0235 R-Squared 0.12 -1.85 -0.0185 43 R-Squared 6.68 6.63 POLICY 7.55 0.0755 R-Squared
9 Yr 2.56 POLICY 35 Sharpe Ratio 9 Yr 5 YR FUND 42   -1.61 Sharpe Ratio 6.44 6.04 6.9 Sharpe Ratio
8.21 1.81 3.13 Treynor Ratio 9.82 UNIVERSE 5.55 -10.31 Treynor Ratio 0.24 5.19 4.28 Treynor Ratio
7.72 0.22 -1.53 Tracking Error 1/10/1900 POLICY 0.29 -12.16 Tracking Error 10 Yr 6 Yr 2000 Tracking Error
0.49 6 Yr -2.95 Information Ratio ################################ -2.35 -13.66   Information Ratio 7.8 6.43 10.31 Information Ratio
10 Yr 4.4   -3.89 Fund Fund 10 Yr -3.76 -19.32 Fund Fund 7.48 5 40   Fund Fund
9.5 35 -6.76 7 11.48 -6.51 2000   9 0.32 6.14 10.97 1
1/9/1900 3.91   2000 13 1/12/1900 6 Yr 1999 -14.85 -0.1485 11 9/30/1992 12 22   19
0.27 46 -4.64 -0.0464 Batting Average 55 -1.02 2.36 UNIVERSE 90 Batting Average 50 Incept 6.38 1999 11.87 0.1187 Batting Average 55
9/30/1992 7.2 1999 93 -5.87 9/30/1992 33 POLICY -9.11 -0.0911 -15 6.79 5.78 UNIVERSE 10.81 -2.18
Incept 4.79 UNIVERSE -0.07 -0.0007 7.4 Incept 1.64 52 13.48 1/6/1900 5.4 POLICY 9.91 0.0991 4.93
9.07 3.84 POLICY 57 13.27 11.52 41 11.72 28.48 0.16 5 8.59 7.11
8.43 3.17 12.25 -13.09 11.59 6.65 -2.03 -31.03   Calendar Year Returns 4.48 1.11 1.04
0.64 1.69 4.15 Standard Deviation 8.06 -0.07 3.12 -8.83 Standard Deviation 15.8 Fund 7 Yr 1999 Standard Deviation 3.74
Calendar Year Returns 7 Yr 0.24 Beta 0.92 Calendar Year Returns 1.22 -11.48 Beta 0.94 Index 6.84 -0.66 Beta 0.89
Fund 6.18 -1.35 Annualized Alpha -0.23 -0.0023 Fund 0.23 -17.05 Annualized Alpha -0.34 -0.0034 Diff 2 63 Annualized Alpha 1.06 0.0106
Index 17 -5.42 R-Squared 0.92 Index -1.95 1999 R-Squared 0.94 12/31/2004 6.54 -0.89 R-Squared 0.97
Diff 5.82 1999 -0.06 Diff 7 Yr 1998 27.75 0.2775 -0.31 Qtr 5 67 1.37
12/31/2004 24 15.36 0.1536 -0.5 12/31/2004 5.49 UNIVERSE 16 -5.18 0.71 6.5 1998 2.84 0.0284 5.75
Qtr 7.4 1998 13 2.36 Qtr 16 POLICY 21.04 0.2104 4.12 0.62 6.01 UNIVERSE 0.91 0.74
5.68 5.76 UNIVERSE 9.65 0.0965 -0.2 9.12 5.25 36 -0.06 0.09 5.66 POLICY -0.25 -0.0025 0.41
5.49 5.15 POLICY 58 Policy Index 9.74 20 39.04 Policy Index 2004 5.27 -1.29 Policy Index
0.19 4.56 20.8 8 -0.62 7.32 23.88 9 YTD 4.71 -2.5 3
2004 3.29 12.42 12 2004 4.98 20.23 11 1/3/1900 8 Yr 1998 17
YTD 8 Yr 10.11 45 YTD 4.34 14.7 50 3.62 7.11 9.31 45
7.43 7.79 7.34 -7.33 9.99 3.36 2.55 -17.28 0.25 2 2 -2.84
8.25 11 0.87 9.96 12.17 0.84 1998 15.98 2003 6.82 8.94 5.11
-0.82 7.27 1998 17.29 -2.18 8 Yr 26.36 33.26 5.94 6 5 7.95
2003 22 17.57 -9.93 2003 8.55 48 -26.62 4.49 6.85 8.88 -0.38
17.11 8.24 17 Standard Deviation 8.43 28.14 19 29.79 Standard Deviation 16.31 1.45 6.34 7.99 Standard Deviation 4.13
17.93 7.18 17.98 1 30.14 8.43 19 1 2002 5.98 7.38 1
-0.82 6.67 15 0 -2 21 35.99 0 10.55 5.58 6.71 0
2002 5.97 19.9 1 2002 10.03 28.62 1 10.42 5.08 4.05 1
-4.74 4.62 16.59 0 -16.72 8.04 25.58 -0.28 0.13 9 Yr 1997 1.17
-7.82 9 Yr 14.68 0.01 -22.1 7.38 18.11 -4.64 2001 6.68 9.07 4.82
3.08 8.21 11.17 0 5.38 6.09 6.15 0 9.02 4 32 0
2001 13 5.84 Diff 2001 3.27 1997 Diff 8.75 6.44 8.81 Diff
-1.81 7.72 1997 -1 -9.91 9 Yr 32.63 0 0.27 10 41 -2
-2.35 23 19.78 1 -11.88 9.82 29 0 2000 6.54 11.26 2
0.54 8.91 4 10 1.97 23 33.5 0 10.31 6.03 9.33 10
2000 7.63 18 1.46 2000 10.02 13 2.28 10.97 5.72 8.49 0.66
-4.64 7.12 25 -2.56 -14.85 21 36.06 -2.5 -0.66 5.37 7.73 -0.18
-0.07 6.5 19.57 -4.02 -9.11 12.17 32.79 -4.78 1999 4.97 6.82 -0.84
-4.57 5.39 17.96 -3.16 -5.74 9.66 30.07 -4.41 -0.66 10 Yr 1996 1.42
1999 10 Yr 16.93 -0.37 1999 8.79 26.13 -0.51 -0.89 7.8 3.27 -0.39
15.36 9.5 15.28 -0.08 27.75 7.18 18.02 -0.06 0.23 4 62 -0.11
9.65 13 12.99 -0.23 21.04 4.94 1996 -0.34 1998 7.48 3.48 1.06
5.71 9.23 1996 -0.08 6.71 10 Yr 20.54 -0.06 9.31 12 55 -0.03
1998 22 11.57 -0.06 1998 11.48 60 -0.03 8.94 7.69 8.1 0.2
17.57 10.24 35 -0.51 26.36 40 23.66 -0.54 0.37 7.11 4.35 0.93
17.98 9.12 11.46 2.36 29.79 12.5 24 4.12 1997 6.72 3.57 0.74
-0.41 8.53 37 10 Yr -3.43 15 28.36 10 Yr 9.07 6.3 2.88 10 Yr
1997 7.89 14.55 # of Negative Qtrs 1997 14.08 23.08 # of Negative Qtrs 8.81 5.76 2.05 # of Negative Qtrs
19.78 6.69 12.18 # of Positive Qtrs 32.63 11.9 21.45 # of Positive Qtrs 0.26 5.87 18.43 # of Positive Qtrs
18 5.08 10.98 Batting Average 2/2/1900 10.88 18.55   Batting Average 6/18/1905 5.35 16.26   Batting Average
1.78 7.17 9.91 Worst Qtr -0.87 9.6 14.16 Worst Qtr 3.27 4.54 12.82 Worst Qtr
6/18/1905 5.92 8.33 Best Qtr 1996 7.4 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 9.8 29 Fund
3 Yr 9 3 Yr 17.59 11 10 16.11 5
14.5 31 25.8 14.43 29 98.8 5.92 35
17 57.5 29 13.01 45 5 Yr 3.67 65
85.7 -5.87 88.9 11.77 -15 9.8 1.98 -2.18
5 Yr 11.41 5 Yr 9.97 22.14 9.9 0.87 5.99
14.1 17.28 27.4 2002 37.14 98.4 2002 8.17
15.6 -13.09 28.5 2002 FUND -21.65   -31.03 10 Yr 2002 FUND 10.49   -0.66
90.3 8.07 4/5/1900 UNIVERSE 88 15.32 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 0.4 31.8 84   -0.31 100.9 8 0.59
1/17/1900 0.92 2/3/1900 -9.82 0.93 9/30/1992 11.72   0.97
100.6 0.68 4/2/1900 -13.94 0.49 Incept 9.31 1.02
9/30/1992 5.57 9/30/1992 -16.68 7.88 10.1 7.69   3.97
Incept 2.32 Incept -19.33 4.16 10.2 4.45 0.64
16.6 0.12 28.2 -23.14 -0.25 99.4 -2.07 0.5
1/15/1900 Index 28.5 2001 Index Returns in Down Markets 2001 Index
104.1 10 98.8 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   55 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 7.84 -31.7 -6.04 15.52 5 Yr 6.21 3.84
61.8 1 81.5 -10.93 1 -1.5 0.36 1
5 Yr 0 5 Yr 2000 0 -3.4 2000 0
-13 1 -29 2000 FUND -5.56   1 43.7 2000 FUND 12.61   1
-13.8 0.67 -29.4 UNIVERSE 98 0.55 10 Yr UNIVERSE 8 0.91
94.8 5.24 98.6 POLICY -6.49   8.51 -2.4 POLICY 11.84   3.49
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 -10 -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   -0.2 POLICY -2.15   -0.1
-0.01 41 -0.05 83 -0.04
0.4 35.59 -0.31 7   0.59
-0.08 24.4 -0.07 2.72 -0.03
0.01 18.88 -0.06 0.33   0.11
0.33 13.96 -0.63 -1.4 0.48
2.32 8.02 4.16 -3.93 0.64
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
39 23.64 37 7.12 40
61.22 16.88 48.98 5.89 63.27
-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
7.61 52 14.36 74 3.81
0.98 28.78 0.95 13.49 0.96
0.74 24.05 0.47 5.37 0.38
0.91 21.49 0.92 3.97 0.97
0.68 18.8 0.53 2.83 0.75
5.26 14.89 8 1.19 2.99
2.35 1995 4.08 1995 0.67
0.27 37.47 -0.02 23.05 0.24
Index 31.79 Index 18.43 Index
12 28.75 12 16.26 12
37 25.73 37 12.82 37
38.78 21.74 51.02 8.28 36.73
-7.33 -17.28 -2.84
10.4 21.3 5.74
17.73 38.58 8.58
-9.93 -26.62 -2.9
7.35 14.43 3.89
1 1 1
0 0 0
1 1 1
0.61 0.53 0.7
4.51 7.67 2.71
0 0 0
Diff Diff Diff
-2 0 -3
2 0 3
22.44 -2.04 26.54
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 -0.04
0.74 0.47 0.38
-0.09 -0.08 -0.03
0.07 0 0.05
0.75 0.33 0.28
2.35 4.08 0.67