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 June 30, 2004 Calendar Year Returns Batting Average Returns are gross of fees. Incept is September 30, 1992 to June 30, 2004 Calendar Year Returns Batting Average Returns are gross of fees. Incept is September 30, 1992 to June 30, 2004 Calendar Year Returns Batting Average
Account Reconciliation Trailing Returns through June 30, 2004 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through June 30, 2004 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through June 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 -5.00% 0.00% Worst 4 Qtrs
Ending Value 0.00% -5.00% Standard Deviation Ending Value -5.00% -10.00% Standard Deviation Ending Value 0.00% 5.00% Standard Deviation
6/30/2004 5.00% 0.00% Beta 6/30/2004 0.00% 0.00% Beta 6/30/2004 5.00% 10.00% Beta
Qtr 10.00% 5.00% Annualized Alpha Qtr 5.00% 10.00% Annualized Alpha Qtr 10.00% 15.00% Annualized Alpha
158,703 15.00% 10.00% R-Squared 97,290 10.00% 20.00% R-Squared 55,871 15.00% 20.00% R-Squared
-230 20.00% 15.00% Sharpe Ratio -2,709 15.00% 30.00% Sharpe Ratio 3,028 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
725 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 20.00% Treynor Ratio 1,936 20.00% 40.00% Treynor Ratio -1,214 Trailing Returns through June 30, 2004 Calendar Year Returns Treynor Ratio
159,199 Trailing Returns through June 30, 2004 25.00% Tracking Error 96,518 25.00% 50.00% Tracking Error 57,684 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 35.00% Calendar Year Returns Fund YTD %-tile %-tile Fund
158,702 %-tile Calendar Year Returns 3 97,051 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Fund 4 56,717 Index Index 1
-2,718 Index   Fund 9 -3,596 Trailing Returns through June 30, 2004 Return   8 833 Return Return 11
3,215 Return Return 75 3,063 Fund %-tile 58.33 134 %-tile %-tile 66.67
159,199 %-tile   %-tile -5.84 96,518 Return Index   -15 57,684 Universe Universe -2.18
9/30/1992 Universe Index 7.4 9/30/1992 %-tile Return 13.48 9/30/1992 5th %-tile 5th %-tile 4.93
Incept 5th %-tile Return 13.24 Incept Index %-tile 28.48 Incept 25th %-tile 25th %-tile 7.11
59,084 25th %-tile %-tile -6.19 18,638 Return Universe -20.21 36,929 50th %-tile 50th %-tile 1.04
-143 50th %-tile Universe 6.93 16,217 %-tile 5th %-tile 14.9 -14,835 75th %-tile 75th %-tile 4.28
100,258 75th %-tile 5th %-tile 0.81 61,663 Universe 25th %-tile 0.89 35,590 95th %-tile 95th %-tile 0.87
159,199  159,199,000 95th %-tile 25th %-tile 1.78 96,518   96,518,000 5th %-tile 50th %-tile 2.18 57,684    57,684,000  1 Yr Qtr 1.46
Investment Policy 1 Yr 50th %-tile 0.93 Investment Policy 25th %-tile 75th %-tile 0.95 Investment Policy 1.04 -2.18 0.98
Index 11.05 0.1105 75th %-tile 0.42 Index 50th %-tile 95th %-tile 0.03 Index 24 57 1.3
S&P 500 33 95th %-tile 3.57 S&P 500 75th %-tile Qtr 0.51 Lehman Gov/Credit-Intermediate -0.38 -2.84 6.41
Lehman Gov/Credit-Intermediate 1 Yr FUND 10.43 0.1043 Qtr 2.37 Russell 1000 Value 95th %-tile QU. FUND 2.07 0.0207 3.75 Lehman Gov/Credit Bond 1 Yr FUND 76 0.76 94   0.84
Lehman Gov/Credit Bond UNIVERSE 51 0.46 0.0046 0.52 Russell 2000 1 Yr UNIVERSE 9 0.61 Total UNIVERSE 5.19 QU. FUND -1.12 -0.0112 0.86
Other POLICY 14.19 Qtr 5 Index Total 18.91 0.1891 POLICY 1.52 0.0152 Index Weight POLICY 0.97 0.0097 UNIVERSE -1.65 Index
Weight 11.53 UNIVERSE -0.5 -0.005 5 Weight 57   25 4 50 0.2 POLICY -2.07 -0.0207 3
43 10.45 POLICY 65 7 79.6 1 Yr FUND 20.22 0.2022 2.35 8 50 -0.38 -2.47 9
23 9.46 0.42 25 13 UNIVERSE 31   1.52 41.67 100 -1.05 -2.91 33.33
23 7.6 -0.04 -7.33 7.4 POLICY 25.48 1.13 -17.28 Trailing Returns through June 30, 2004 2 Yr YTD -2.84
11 2 Yr -0.33 9.96 100 20.67 0.68   15.98 Fund 6.43 0.19 5.11
Trailing Returns through June 30, 2004 7.88   -0.64 17.29 Trailing Returns through June 30, 2004 19.21 -0.02 33.26 Index 18 30   7.95
Fund 48 -1.12 -8.76 Fund 17.69 YTD   -24.76 Diff 5.62 -0.14 -0.38
Index 8.44   YTD 8.27 Index 13.96 3.27 16.37 1 Yr 25 70   4.85
Diff 34 2.05 1 Diff 2 Yr 49 1 1.04 9.5 0.84 1
1 Yr 11.02 29 0 1 Yr 8.74 3.76 0 -0.38 5.56 0.26 0
11.05 8.79 1.96 1 18.91 66 32 1 1.42 4.61 0.02 1
10.43 7.83 34 0.2 20.22 10.06 5.51 -0.11 2 Yr 3.85 -0.2 1
0.62 6.99 2.97 1.66 -1.31 29 3.96 -1.83 6.43 3.06 -0.45 4.86
2 Yr 5.63 2.11 0 2 Yr 13.27 3.25 0 5.62 3 Yr 2003 0
7.88 3 Yr 1.75 Diff 8.74 10.3 2.54 Diff 1/0/1900 7.19 5.94 Diff
8.44 4.5 0.045 1.4 -2 10.06 9.3 1.48   0 3 Yr 7 21 -2
-0.56 14 0.81 2 -1.32 7.76   2003   0 7.19 6.47 4.49 2
3 Yr 3 YR FUND 3.27 0.0327 2003 50 3 Yr 5.41 2002 28.14 0.2814   16.66 6.47 3 YR FUND 17 0.17 32 33.34
4.5 UNIVERSE 40 17.11 0.1711 1.49 2.06 3 Yr UNIVERSE 64 2.28 0.72 UNIVERSE 7.39 2002 14.81 0.1481 0.66
3.27 POLICY 5.69 2002 66 -2.56 -0.22 2.06 0.0206 POLICY 30.14 0.3014 -2.5 4 Yr POLICY 6.1 0.061 UNIVERSE 5.03 -0.18
1.23 3.76 UNIVERSE 17.93 0.1793 -4.05 2.28 14   34 -4.78 8.25 5.51 POLICY 3.62 0.0362 -0.84
4 Yr 3.01 POLICY 52 2.57 4 Yr 3 YR FUND -0.22 -0.0022 36.47 4.55 7.61 4.95 2.79 1.42
1.51 2.24 24.19 -1.34 -3.78 UNIVERSE 41   30.9 -1.47 0.64 4.12 1.77 -0.57
1.59 0.56 19.81 -0.19 -4.09 POLICY 4.12 29.03 -0.11 5 Yr 4 Yr 2002 -0.13
-0.08 4 Yr 18 1.78 0.31 0.75 26.62   2.18 7.32 8.25 10.55 1.46
5 Yr 1.51   16.45 -0.07 5 Yr -0.53 23.12 -0.05 6.93 2 4   -0.02
3.32 52 14.31 0.22 -0.2 -1.84 2002   0.14 0.39 7.61 10.42 0.3
2.42 1.59   2002 1.91 -1.92 -4.4 2001 -16.72 -0.1672 2.34 6 Yr 8 5   1.55
0.9 49 -4.74 -0.0474 2.37 1.72 4 Yr UNIVERSE 10 3.75 6.7 7.73 2001 10.38 0.1038 0.84
6 Yr 5.99 2001 9 5 Yr 5 Yr 6 Yr -3.78 POLICY -22.1 -0.221 5 Yr 5 Yr 6.34 7.03 UNIVERSE 9.25 5 Yr 5 Yr
4.53 2.77 UNIVERSE -7.82 -0.0782 # of Negative Qtrs 2.54 41 43 # of Negative Qtrs 0.36 6.57 POLICY 8.39 0.0839 # of Negative Qtrs
4.19 1.54 POLICY 41 # of Positive Qtrs 1.96 -4.09 -15.4 # of Positive Qtrs 7 Yr 6.02 6.79 # of Positive Qtrs
0.34 0.4 -4.05 Batting Average 0.58 44 -20.13 Batting Average 7.14 5.05 3.64 Batting Average
7 Yr -1.5 -6.98 Worst Qtr 7 Yr 4.36 -22.27 Worst Qtr 6.84 5 Yr 2001 Worst Qtr
6.36 5 Yr -8.2 Best Qtr 1/5/1900 -1.93 -23.49 Best Qtr 1/0/1900 7.32 9.02 Best Qtr
6.02 3.32 0.0332 -9.39 Range 5.62 -4.45 -26.32 Range 8 Yr 2 3 Range
1/0/1900 30 -11.63 Worst 4 Qtrs 1/0/1900 -5.49 2001 Worst 4 Qtrs 7.24 6.93 8.75 Worst 4 Qtrs
8 Yr 5 YR FUND 2.42 0.0242 2001 Standard Deviation 8 Yr -8.78 2000 -9.91 -0.0991 Standard Deviation 6.92 5 YR FUND 6 0.06 6 Standard Deviation
1/7/1900 UNIVERSE 48 -1.81 -0.0181 Beta 8.75 5 Yr UNIVERSE 28 Beta 0.32 UNIVERSE 6.97 2000 8.8 0.088 Beta
7.41 POLICY 6.92 2000 26 Annualized Alpha 8.88 -0.2 -0.002 POLICY -11.88 -0.1188 Annualized Alpha 9 Yr POLICY 6.38 0.0638 UNIVERSE 8.05 Annualized Alpha
0.52 3.58 UNIVERSE -2.35 -0.0235 R-Squared -0.13 26   45 R-Squared 6.98 6 POLICY 7.55 0.0755 R-Squared
9 Yr 2.36 POLICY 35 Sharpe Ratio 9 Yr 5 YR FUND -1.92 -0.0192 0.67 Sharpe Ratio 6.69 5.53 6.9 Sharpe Ratio
8.45 1.69 3.87 Treynor Ratio 10.1 UNIVERSE 46   -9.47 Treynor Ratio 0.29 4.71 4.28 Treynor Ratio
8.05 0.17 -1.8 Tracking Error 1/10/1900 POLICY 4.6 -12.08 Tracking Error 10 Yr 6 Yr 2000 Tracking Error
0.4 6 Yr -3 Information Ratio ################################ 0.05 -13.72   Information Ratio 7.43 6.7 10.31 Information Ratio
10 Yr 4.53   -4.26 Fund Fund 10 Yr -2.18 -18.88 Fund Fund 7.17 1 40   Fund Fund
9.14 27 -7.32 7 11.23 -3.06 2000   9 0.26 6.34 10.97 1
1/8/1900 4.19   2000 13 1/12/1900 -5.89 1999 -14.85 -0.1485 11 9/30/1992 3 22   19
0.28 35 -4.64 -0.0464 Batting Average 60 -0.94 6 Yr UNIVERSE 95 Batting Average 60 Incept 6.19 1999 11.87 0.1187 Batting Average 60
9/30/1992 7.11 1999 94 -5.87 9/30/1992 2.54 POLICY -9.11 -0.0911 -15 6.76 5.73 UNIVERSE 10.81 -2.18
Incept 4.67 UNIVERSE -0.07 -0.0007 11.41 Incept 28 53 19.48 1/6/1900 5.41 POLICY 9.91 0.0991 4.93
9 3.79 POLICY 60 17.28 11.44 1.96 13.43 34.48 0.17 5.03 8.59 7.11
8.25 3.08 12.77 -13.09 11.37 35 -2.38 -31.03   Calendar Year Returns 4.09 1.11 1.04
0.75 1.62 4.66 Standard Deviation 8.36 0.07 7.28 -8.86 Standard Deviation 16.27 Fund 7 Yr 1999 Standard Deviation 3.71
Calendar Year Returns 7 Yr 0.72 Beta 0.93 Calendar Year Returns 2.78 -11.21 Beta 0.94 Index 7.14 -0.66 Beta 0.9
Fund 6.36 -1.16 Annualized Alpha 1.06 0.0106 Fund 1.38 -15.46 Annualized Alpha 1.67 0.0167 Diff 1 63 Annualized Alpha 1.06 0.0106
Index 25 -5.66 R-Squared 0.91 Index 0.48 1999 R-Squared 0.93 6/30/2004 6.84 -0.89 R-Squared 0.97
Diff 6.02 1999 0.02 Diff -2.35 1998 27.75 0.2775 -0.2 Qtr 4 67 1.13
6/30/2004 31 15.36 0.1536 0.2 6/30/2004 7 Yr UNIVERSE 13 -3.54 -2.18 6.77 1998 2.84 0.0284 4.66
Qtr 7.99 1998 12 2.62 Qtr 5.65 POLICY 21.04 0.2104 4.42 -2.84 6.27 UNIVERSE 0.91 0.75
0.46 6.33 UNIVERSE 9.65 0.0965 0.34 2.07 29 37 0.39 0.66 5.92 POLICY -0.25 -0.0025 0.52
-0.5 5.56 POLICY 60 Policy Index 1.52 5.62 33.83 Policy Index 2004 5.52 -1.29 Policy Index
0.96 4.77 19.34 9 0.55 29 23.11 9 YTD 4.89 -2.5 4
2004 3.28 12.79 11 2004 9.38 20.32 11 1/0/1900 8 Yr 1998 16
YTD 8 Yr 10.31 40 YTD 5.89 15.73 40 -0.14 7.24 9.31 40
2.05 7.93 7.56 -7.33 3.27 4.86 6.88 -17.28 0.33 1 2 -2.84
1.96 15 3.78 9.96 3.76 3.57 1998 15.98 2003 6.92 8.94 5.11
0.09 7.41 1998 17.29 -0.49 0.77 26.36 33.26 5.94 5 5 7.95
2003 26 17.57 -9.93 2003 8 Yr 43 -26.62 4.49 6.89 8.88 -0.38
17.11 8.97 14 Standard Deviation 8.55 28.14 8.75 29.79 Standard Deviation 16.61 1.45 6.45 7.99 Standard Deviation 4.08
17.93 7.44 17.98 1 30.14 24 16 1 2002 6.11 7.38 1
-0.82 6.77 11 0 -2 8.88 35.85 0 10.55 5.75 6.71 0
2002 6.03 19.64 1 2002 22 28.38 1 10.42 5.24 4.05 1
-4.74 4.54 16.29 -0.08 -16.72 12.11 24.81 -0.3 0.13 9 Yr 1997 0.93
-7.82 9 Yr 14.3 -0.71 -22.1 8.57 16.23 -5.05 2001 6.98 9.07 3.8
3.08 8.45 10.38 0 5.38 7.61 4.62 0 9.02 3 32 0
2001 20 5.09 Diff 2001 5.91 1997 Diff 8.75 6.69 8.81 Diff
-1.81 8.05 1997 -2 -9.91 2.97 32.63 0 0.27 7 41 -3
-2.35 26 19.78 2 -11.88 9 Yr 26 0 2000 6.72 11.26 3
0.54 9.55 10 20 1.97 10.1 33.5 20 10.31 6.26 9.33 20
2000 8.08 18 1.46 2000 28 14 2.28 10.97 5.96 8.49 0.66
-4.64 7.44 28 1.45 -14.85 10.74 35.9 3.5 -0.66 5.62 7.73 -0.18
-0.07 6.58 20.98 -0.01 -9.11 17 32.65 1.22 1999 5.2 6.82 -0.84
-4.57 5.12 18.18 -3.16 -5.74 13.02 28.78 -4.41 -0.66 10 Yr 1996 1.42
1999 10 Yr 16.49 -0.19 1999 10.17 23.58 -0.34 -0.89 7.43 3.27 -0.37
15.36 9.14 14.21 -0.07 27.75 9.01 9.15 -0.06 0.23 3 62 -0.1
9.65 16 7.66 1.06 21.04 7.38 1996 1.67 1998 7.17 3.48 1.06
5.71 8.86 1996 -0.09 6.71 3.99 20.54 -0.07 9.31 7 55 -0.03
1998 20 11.57 0.1 1998 10 Yr 51 0.1 8.94 7.2 8.1 0.2
17.57 10.07 34 0.91 26.36 11.23 23.66 1.51 0.37 6.73 4.35 0.86
17.98 8.65 11.46 2.62 29.79 30 21 4.42 1997 6.39 3.57 0.75
-0.41 7.96 36 10 Yr -3.43 12.17 27.83 10 Yr 9.07 6.03 2.88 10 Yr
1997 7.17 15.21 # of Negative Qtrs 1997 14 22.9 # of Negative Qtrs 8.81 5.56 2.05 # of Negative Qtrs
19.78 5.58 12.22 # of Positive Qtrs 32.63 13.94 20.56 # of Positive Qtrs 0.26 5.87 18.43 # of Positive Qtrs
18 8.15 10.75 Batting Average 2/2/1900 11.42 17.22   Batting Average 6/18/1905 5.35 16.26   Batting Average
1.78 7.39 8.75 Worst Qtr -0.87 9.95 3.87 Worst Qtr 3.27 4.54 12.82 Worst Qtr
6/18/1905 6.23 4.14 Best Qtr 1996 8.27 23.23   Best Qtr 3.48 8.28   Best Qtr
11.57 12.45 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 10.4 29 Fund
3 Yr 8 3 Yr 17.59 10 10.4 16.11 5
17.5 32 28.3 14.43 30 100.1 5.92 35
19.4 57.5 29.5 13.01 47.5 5 Yr 3.67 65
90.6 -5.87 95.7 11.77 -15 9.6 1.98 -2.18
5 Yr 11.41 5 Yr 9.97 22.14 9.7 0.87 5.99
17.8 17.28 31.7 2002 37.14 98.8 2002 8.17
17.6 -13.09 30.7 2002 FUND -21.65   -31.03 10 Yr 2002 FUND 10.49   -0.66
101.7 8.09 4/12/1900 UNIVERSE 88 15.35 1/10/1900 UNIVERSE 11 3.8
10 Yr 0.98 10 Yr POLICY -20.67   0.95 10 POLICY 11.02   0.97
1/17/1900 0.41 29.8 84   -0.25 100.2 8 0.47
1/17/1900 0.92 1/31/1900 -9.82 0.93 9/30/1992 11.72   0.97
100.6 0.62 4/2/1900 -13.94 0.46 Incept 9.31 0.86
9/30/1992 5.08 9/30/1992 -16.68 7.44 10.3 7.69   3.37
Incept 2.33 Incept -19.33 4.2 10.3 4.45 0.66
16.9 0.12 27.8 -23.14 -0.22 99.4 -2.07 0.39
1/16/1900 Index 28.1 2001 Index Returns in Down Markets 2001 Index
105 10 99 2001 FUND -5.89   10 Fund 2001 FUND 8.73   8
Returns in Down Markets 30 Returns in Down Markets UNIVERSE 74 30 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
-11.3 -9.93 -35.4 -3.26 -26.62 43.7 7.33   -0.89
-15.7 7.87 -40.8 -6.04 15.55 5 Yr 6.21 3.86
72.4 1 86.7 -10.93 1 -1.4 0.36 1
5 Yr 0 5 Yr 2000 0 -3.6 2000 0
-12 1 -28.9 2000 FUND -5.56   1 38.2 2000 FUND 12.61   1
-13.5 0.6 -30.9 UNIVERSE 98 0.52 10 Yr UNIVERSE 8 0.78
89.3 4.7 93.3 POLICY -6.49   8.01 -2.4 POLICY 11.84   3.01
10 Yr 0 10 Yr 99 0 -3.5 15 0
-12.4 Diff -30 16.45 Diff 67.5 13.05   Diff
-13 -2 ################################ 9.38 0 9/30/1992 11.01 -3
95.1 2 96.8 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 -28.8 1999 0.84 79.1 1999 0.25
-11.8 -0.45 -29.5 1999 FUND 19.52   -1.44 1999 FUND -2.72   -0.41
95 -3.16 97.7 UNIVERSE 46 -4.41 UNIVERSE 88 0.23
0.22 POLICY 20.41   -0.2 POLICY -2.15   -0.06
-0.02 41 -0.05 83 -0.03
0.41 35.59 -0.25 7   0.47
-0.08 24.4 -0.07 2.72 -0.03
0.02 18.88 -0.06 0.33   0.08
0.38 13.96 -0.57 -1.4 0.36
2.33 8.02 4.2 -3.93 0.66
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
9 26.7 11 8.72 9
38 23.64 36 7.12 38
61.7 16.88 51.06 5.89 63.83
-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
7.7 52 14.54 74 3.85
0.98 28.78 0.95 13.49 0.97
0.85 24.05 0.6 5.37 0.38
0.91 21.49 0.92 3.97 0.97
0.65 18.8 0.51 2.83 0.71
5.08 14.89 7.81 1.19 2.82
2.38 1995 4.15 1995 0.68
0.32 37.47 0.02 23.05 0.25
Index 31.79 Index 18.43 Index
12 28.75 11 16.26 12
35 25.73 36 12.82 35
38.3 21.74 48.94 8.28 36.17
-7.33 -17.28 -2.84
10.4 21.3 5.74
17.73 38.58 8.58
-9.93 -26.62 -2.9
7.46 14.63 3.92
1 1 1
0 0 0
1 1 1
0.57 0.5 0.66
4.23 7.35 2.57
0 0 0
Diff Diff Diff
-3 0 -3
3 0 3
23.4 2.12 27.66
1.46 2.28 0.06
1.01 0.84 0.25
-0.45 -1.44 0.19
-3.16 -4.41 -0.75
0.24 -0.09 -0.07
-0.02 -0.05 -0.03
0.85 0.6 0.38
-0.09 -0.08 -0.03
0.08 0.01 0.05
0.85 0.46 0.25
2.38 4.15 0.68