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 March 31, 2004 Calendar Year Returns Batting Average Returns are gross of fees. Incept is September 30, 1992 to March 31, 2004 Calendar Year Returns Batting Average Returns are gross of fees. Incept is September 30, 1992 to March 31, 2004 Calendar Year Returns Batting Average
Account Reconciliation Trailing Returns through March 31, 2004 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through March 31, 2004 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through March 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 -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 0.00% -10.00% Standard Deviation Ending Value 5.00% 5.00% Standard Deviation
3/31/2004 5.00% 0.00% Beta 3/31/2004 10.00% 0.00% Beta 3/31/2004 10.00% 10.00% Beta
Qtr 10.00% 5.00% Annualized Alpha Qtr 20.00% 10.00% Annualized Alpha Qtr 15.00% 15.00% Annualized Alpha
158,702 15.00% 10.00% R-Squared 97,051 30.00% 20.00% R-Squared 56,717 20.00% 20.00% R-Squared
-2,488 20.00% 15.00% Sharpe Ratio -887 40.00% 30.00% Sharpe Ratio -2,194 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
2,489 25.00% 20.00% Treynor Ratio 1,126 50.00% 40.00% Treynor Ratio 1,348 Trailing Returns through March 31, 2004 Calendar Year Returns Treynor Ratio
158,703 30.00% 25.00% Tracking Error 97,290 60.00% 50.00% Tracking Error 55,871 Fund Fund Tracking Error
2004 35.00% 30.00% Information Ratio 2004 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 Information Ratio 2004 Return Return Information Ratio
YTD 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 Fund YTD Trailing Returns through March 31, 2004 Calendar Year Returns Fund YTD %-tile %-tile Fund
158,702 Trailing Returns through March 31, 2004 Calendar Year Returns 3 97,051 Fund Fund 4 56,717 Index Index 0
-2,488 Fund   Fund 9 -887 Return Return   8 -2,194 Return Return 12
2,489 Return Return 75 1,126 %-tile %-tile 58.33 1,348 %-tile %-tile 58.33
158,703 %-tile   %-tile -5.84 97,290 Index Index   -15 55,871 Universe Universe 0.07
9/30/1992 Index Index 7.4 9/30/1992 Return Return 13.48 9/30/1992 5th %-tile 5th %-tile 4.93
Incept Return Return 13.24 Incept %-tile %-tile 28.48 Incept 25th %-tile 25th %-tile 4.86
59,084 %-tile %-tile -6.19 18,638 Universe Universe -20.21 36,929 50th %-tile 50th %-tile 5.62
87 Universe Universe 7.26 18,926 5th %-tile 5th %-tile 15.87 -17,862 75th %-tile 75th %-tile 3.97
99,532 5th %-tile 5th %-tile 0.83 59,726 25th %-tile 25th %-tile 0.91 36,804 95th %-tile 95th %-tile 0.88
158,703  158,703,000 25th %-tile 25th %-tile 1.81 97,290   97,290,000 50th %-tile 50th %-tile 2.69 55,871    55,871,000  1 Yr Qtr 1.32
Investment Policy 50th %-tile 50th %-tile 0.93 Investment Policy 75th %-tile 75th %-tile 0.95 Investment Policy 6.64 2.42 0.98
Index 75th %-tile 75th %-tile 0.53 Index 95th %-tile 95th %-tile 0.12 Index 22 30 1.57
S&P 500 95th %-tile 95th %-tile 4.63 S&P 500 1 Yr Qtr 2.15 Lehman Gov/Credit-Intermediate 5.73 2.78 7.1
Lehman Gov/Credit-Intermediate 1 Yr FUND 1 Yr Qtr 2.39 Russell 1000 Value 31.16 0.3116 QU. FUND 1.18 0.0118 3.9 Lehman Gov/Credit Bond 1 Yr FUND 29 0.29 8   0.8
Lehman Gov/Credit Bond UNIVERSE 18.71 0.1871 1.58 0.0158 0.47 Russell 2000 86 UNIVERSE 88 0.68 Total UNIVERSE 12.77 QU. FUND 2.88 0.0288 0.57
Other POLICY 91 Qtr 88 Index Total 37.33 0.3733 POLICY 2.2 0.022 Index Weight POLICY 6.08 0.0608 UNIVERSE 2.47 Index
Weight 22.04 0.2204 UNIVERSE 2.48 0.0248 4 Weight 35   46 4 50 4.7 POLICY 2.2 0.022 2
43 51 POLICY 23 8 79.6 1 Yr FUND 46.72 4 8 50 3.67 1.85 10
23 28.11 3.07 25 13 UNIVERSE 38.97   2.65 41.67 100 2.68 1.46 41.67
23 24.18 2.42 -7.33 7.4 POLICY 36.11 2.1 -17.28 Trailing Returns through March 31, 2004 2 Yr YTD -0.35
11 22.08 2.09 9.96 100 33.38 1.6   15.98 Fund 9.42 2.42 5.11
Trailing Returns through March 31, 2004 20.57   1.8 17.29 Trailing Returns through March 31, 2004 27.61 0.68 33.26 Index 12 30   5.46
Fund 17.35 1.28 -8.76 Fund 2 Yr YTD   -24.76 Diff 9.09 2.78 4.49
Index 2 Yr   YTD 8.42 Index 2.3 1.18 16.93 1 Yr 15 8   4.46
Diff 5.53 1.58 1 Diff 34 88 1 6.64 10.37 2.88 1
1 Yr 47 88 0 1 Yr 1.65 2.2 0 5.73 8.34 2.47 0
18.71 5.52 2.48 1 31.16 42 46 1 0.91 7.52 2.2 1
22.04 47 23 0.32 37.33 7.18 4 -0.04 2 Yr 6.52 1.85 1.3
-3.33 8.27 3.07 2.72 -6.17 3.06 2.65 -0.71 9.42 5.21 1.46 5.79
2 Yr 6.4 2.42 0 2 Yr 1.28 2.1 0 9.09 3 Yr 2003 0
5.53 5.42 2.09 Diff 2.3 -0.04 1.6 Diff 1/0/1900 8.14 5.94 Diff
5.52 4.44 1.8 -1 1.65 -2.45 0.68   0 3 Yr 6 21 -2
0.01 3.11 1.28 1 0.65 3 Yr   2003   0 8.14 7.68 4.49 2
3 Yr 3 YR FUND 3 Yr 2003 50 3 Yr 3.85 0.0385 2002 28.14 0.2814   16.66 7.68 3 YR FUND 10 0.1 32 16.66
5.73 UNIVERSE 5.73 0.0573 17.11 0.1711 1.49 3.85 13 UNIVERSE 65 2.28 0.46 UNIVERSE 8.23 2002 14.81 0.1481 0.42
4.61 POLICY 11 2002 67 -2.56 1.18 1.18 0.0118 POLICY 30.14 0.3014 -2.5 4 Yr POLICY 6.99 0.0699 UNIVERSE 5.03 -0.18
1.12 4.61 0.0461 UNIVERSE 17.93 0.1793 -4.05 2.67 42   33 -4.78 9.2 6.4 POLICY 3.62 0.0362 -0.6
4 Yr 28 POLICY 51 2.57 4 Yr 3 YR FUND 7.84 36.65 4.55 8.81 5.8 2.79 1.13
1.16 6.71 24.31 -1.16 -4.8 UNIVERSE 2.5   30.85 -1.06 0.39 4.82 1.77 -0.49
1.53 4.68 19.58 -0.17 -5.09 POLICY 0.89 29.03 -0.09 5 Yr 4 Yr 2002 -0.12
-0.37 3.99 17.95 1.81 0.29 -0.39 26.92   2.69 7.58 9.2 10.55 1.32
5 Yr 3.17   16.69 -0.07 5 Yr -2.79 22.63 -0.05 7.39 2 4   -0.02
3.91 1.73 14.4 0.21 0.69 4 Yr 2002   0.16 0.19 8.81 10.42 0.27
3.18 4 Yr   2002 1.91 -0.88 -4.8 2001 -16.72 -0.1672 2.86 6 Yr 5 5   1.31
0.73 1.16 -4.74 -0.0474 2.39 1.57 43 UNIVERSE 12 3.9 7.45 8.76 2001 10.38 0.1038 0.8
6 Yr 58 2001 7 5 Yr 5 Yr 6 Yr -5.09 POLICY -22.1 -0.221 5 Yr 5 Yr 7.25 8.01 UNIVERSE 9.25 5 Yr 5 Yr
4.94 1.53 UNIVERSE -7.82 -0.0782 # of Negative Qtrs 2.78 47 50 # of Negative Qtrs 0.2 7.52 POLICY 8.39 0.0839 # of Negative Qtrs
4.76 47 POLICY 39 # of Positive Qtrs 2.28 3.93 -13.39 # of Positive Qtrs 7 Yr 6.87 6.79 # of Positive Qtrs
0.18 6.04 -3.92 Batting Average 0.5 -1.97 -19.51 Batting Average 8.01 5.69 3.64 Batting Average
7 Yr 2.96 -6.9 Worst Qtr 7 Yr -5.29 -22.17 Worst Qtr 7.78 5 Yr 2001 Worst Qtr
7.8 1.41 -8.17 Best Qtr 1/7/1900 -6.63 -23.25 Best Qtr 1/0/1900 7.58 9.02 Best Qtr
7.34 0.42 -9.57 Range 7.8 -9.74 -26.1 Range 8 Yr 2 3 Range
1/0/1900 -1.51 -11.23 Worst 4 Qtrs 1/0/1900 5 Yr 2001 Worst 4 Qtrs 7.56 7.39 8.75 Worst 4 Qtrs
8 Yr 5 YR FUND 5 Yr 2001 Standard Deviation 8 Yr 0.69 0.0069 2000 -9.91 -0.0991 Standard Deviation 7.38 5 YR FUND 5 0.05 6 Standard Deviation
1/8/1900 UNIVERSE 3.91 0.0391 -1.81 -0.0181 Beta 9.24 30 UNIVERSE 30 Beta 0.18 UNIVERSE 7.33 2000 8.8 0.088 Beta
7.76 POLICY 30 2000 28 Annualized Alpha 9.26 -0.88 -0.0088 POLICY -11.88 -0.1188 Annualized Alpha 9 Yr POLICY 6.66 0.0666 UNIVERSE 8.05 Annualized Alpha
0.49 3.18 0.0318 UNIVERSE -2.35 -0.0235 R-Squared -0.02 47   46 R-Squared 7.93 6.26 POLICY 7.55 0.0755 R-Squared
9 Yr 44 POLICY 35 Sharpe Ratio 9 Yr 5 YR FUND 6.47 0.52 Sharpe Ratio 7.7 5.81 6.9 Sharpe Ratio
9.19 7.77 3.72 Treynor Ratio 10.81 UNIVERSE 1.38   -8.82 Treynor Ratio 0.23 4.85 4.28 Treynor Ratio
8.9 4.24 -1.54 Tracking Error 1/11/1900 POLICY -1.1 -12.05 Tracking Error 10 Yr 6 Yr 2000 Tracking Error
0.29 3.01 -3.04 Information Ratio ################################ -2.19 -13.97   Information Ratio 7.57 7.45 10.31 Information Ratio
10 Yr 2.24   -4.24 Fund Fund 10 Yr -5.01 -19.23 Fund Fund 7.38 1 40   Fund Fund
9.14 0.92 -7.16 7 11.25 6 Yr 2000   9 0.19 7.25 10.97 1
1/8/1900 6 Yr   2000 13 1/12/1900 2.78 1999 -14.85 -0.1485 11 9/30/1992 3 22   19
0.24 4.94 -4.64 -0.0464 Batting Average 60 -0.8 22 UNIVERSE 95 Batting Average 55 Incept 7 1999 11.87 0.1187 Batting Average 55
9/30/1992 29 1999 96 -5.87 9/30/1992 2.28 POLICY -9.11 -0.0911 -15 7.11 6.48 UNIVERSE 10.81 -0.99
Incept 4.76 UNIVERSE -0.07 -0.0007 11.41 Incept 30 58 19.48 1/7/1900 6.14 POLICY 9.91 0.0991 4.93
9.16 32 POLICY 61 17.28 11.5 6.3 12.07 34.48 0.11 5.72 8.59 5.92
8.48 7.34 13.15 -13.09 11.49 2.54 -1.5 -31.03   Calendar Year Returns 4.6 1.11 1.36
0.68 5.12 5.05 Standard Deviation 8.48 0.01 1.63 -7.9 Standard Deviation 16.53 Fund 7 Yr 1999 Standard Deviation 3.56
Calendar Year Returns 4.37 0.81 Beta 0.94 Calendar Year Returns 0.52 -10.85 Beta 0.95 Index 8.01 -0.66 Beta 0.91
Fund 3.47 -0.83 Annualized Alpha 0.92 0.0092 Fund -1.4 -15.56 Annualized Alpha 1.56 0.0156 Diff 2 63 Annualized Alpha 0.81 0.0081
Index 2.27 -4.49 R-Squared 0.91 Index 7 Yr 1999 R-Squared 0.93 3/31/2004 7.78 -0.89 R-Squared 0.97
Diff 7 Yr 1999 0.07 Diff 7.92 1998 27.75 0.2775 -0.16 Qtr 3 67 1.2
3/31/2004 7.8 15.36 0.1536 0.63 3/31/2004 27 UNIVERSE 15 -2.77 2.42 7.64 1998 2.84 0.0284 4.68
Qtr 19 1998 11 2.66 Qtr 7.8 POLICY 21.04 0.2104 4.47 2.78 7.11 UNIVERSE 0.91 0.72
1.58 7.34 UNIVERSE 9.65 0.0965 0.27 1.18 29 40 0.35 -0.36 6.72 POLICY -0.25 -0.0025 0.26
2.48 29 POLICY 57 Policy Index 2.2 11.28 35.25 Policy Index 2004 6.28 -1.29 Policy Index
-0.9 9.31 18.19 8 -1.02 7.97 24.58 9 YTD 5.58 -2.5 4
2004 7.5 12.41 12 2004 7.06 20.49 11 1/2/1900 8 Yr 1998 16
YTD 6.88 10.11 40 YTD 5.81 15.03 45 2.78 7.56 9.31 45
1.58 6.12 7.46 -7.33 1.18 2.95 5.28 -17.28 -0.36 2 2 -0.74
2.48 4.66 3.78 9.96 2.2 8 Yr 1998 15.98 2003 7.38 8.94 5.11
-0.9 8 Yr 1998 17.29 -1.02 9.24 26.36 33.26 5.94 4 5 5.85
2003 8.25 17.57 -9.93 2003 20 47 -26.62 4.49 7.27 8.88 1.88
17.11 15 14 Standard Deviation 8.6 28.14 9.26 29.79 Standard Deviation 16.85 1.45 6.81 7.99 Standard Deviation 3.84
17.93 7.76 17.98 1 30.14 20 19 1 2002 6.46 7.38 1
-0.82 25 14 0 -2 11.59 35.65 0 10.55 6.09 6.71 0
2002 9.21 20.32 1 2002 8.9 28.67 1 10.42 5.55 4.05 1
-4.74 7.73 16.31 -0.02 -16.72 8.21 25.75 -0.25 0.13 9 Yr 1997 1.06
-7.82 7.21 14.52 -0.14 -22.1 6.64 17.12 -4.2 2001 7.93 9.07 4.07
3.08 6.47 10.92 0 5.38 4.18 7.02 0 9.02 3 32 0
2001 5.15 5.75 Diff 2001 9 Yr 1997 Diff 8.75 7.7 8.81 Diff
-1.81 9 Yr 1997 -1 -9.91 10.81 32.63 0 0.27 6 41 -3
-2.35 9.19 19.78 1 -11.88 39 32 0 2000 7.7 11.26 3
0.54 12 3 20 1.97 11.67 33.5 10 10.31 7.18 9.33 10
2000 8.9 18 1.46 2000 16 16 2.28 10.97 6.82 8.49 -0.25
-4.64 18 24 1.45 -14.85 13.56 37.01 3.5 -0.66 6.45 7.73 -0.18
-0.07 9.73 19.43 -0.01 -9.11 11.2 32.81 1.22 1999 5.92 6.82 0.07
-4.57 8.68 17.92 -3.16 -5.74 10.23 30.38 -4.41 -0.66 10 Yr 1996 -0.52
1999 8.11 17.05 -0.12 1999 8.71 26.05 -0.32 -0.89 7.57 3.27 -0.28
15.36 7.42 15.24 -0.06 27.75 6.17 16.23 -0.05 0.23 2 62 -0.09
9.65 6.45 11.3 0.92 21.04 10 Yr 1996 1.56 1998 7.38 3.48 0.81
5.71 10 Yr 1996 -0.09 6.71 11.25 20.54 -0.07 9.31 5 55 -0.03
1998 9.14 11.57 0.09 1998 36 59 0.09 8.94 7.34 8.1 0.14
17.57 13 37 0.77 26.36 12.05 23.66 1.43 0.37 6.83 4.35 0.61
17.98 8.9 11.46 2.66 29.79 16 24 4.47 1997 6.49 3.57 0.72
-0.41 16 39 10 Yr -3.43 13.57 28.36 10 Yr 9.07 6.14 2.88 10 Yr
1997 9.94 14.15 # of Negative Qtrs 1997 11.53 23.17 # of Negative Qtrs 8.81 5.63 2.05 # of Negative Qtrs
19.78 8.65 12.16 # of Positive Qtrs 32.63 10.48 21.53 # of Positive Qtrs 0.26 5.87 18.43 # of Positive Qtrs
18 8.15 10.99 Batting Average 2/2/1900 8.93 18.31   Batting Average 6/18/1905 5.35 16.26   Batting Average
1.78 7.39 9.8 Worst Qtr -0.87 6.63 13.63 Worst Qtr 3.27 4.54 12.82 Worst Qtr
6/18/1905 6.23 7.74 Best Qtr 1996 10.4 23.23   Best Qtr 3.48 8.28   Best Qtr
11.57 12.45 Range 20.54 9.42 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 8 3 Yr 17.59 10 9.5 16.11 5
17.5 32 31.6 14.43 30 100 5.92 35
18.7 57.5 32.3 13.01 47.5 5 Yr 3.67 65
93.3 -5.87 98 11.77 -15 9.6 1.98 -1.5
5 Yr 11.41 5 Yr 9.97 22.14 9.7 0.87 5.99
17.5 17.28 33.8 2002 37.14 98.8 2002 7.49
17.2 -13.09 33.2 2002 FUND -21.65   -31.03 10 Yr 2002 FUND 10.49   -0.66
101.8 8.05 4/10/1900 UNIVERSE 88 15.34 1/10/1900 UNIVERSE 11 3.72
10 Yr 0.98 10 Yr POLICY -20.67   0.95 10 POLICY 11.02   0.98
1/17/1900 0.38 29.9 84   -0.1 100.2 8 0.33
1/17/1900 0.92 1/31/1900 -9.82 0.92 9/30/1992 11.72   0.97
100.6 0.61 4/3/1900 -13.94 0.46 Incept 9.31 0.9
9/30/1992 5 9/30/1992 -16.68 7.38 10.3 7.69   3.4
Incept 2.35 Incept -19.33 4.28 10.3 4.45 0.66
16.9 0.1 28.4 -23.14 -0.19 99.4 -2.07 0.29
1/16/1900 Index 28.8 2001 Index Returns in Down Markets 2001 Index
105 10 98.7 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 -1.59
Ratio 10.4 Ratio 5.46 21.3 0.7 9.68   5.74
3 Yr 17.73 3 Yr -0.02 38.58 -0.6 8.13 7.33
-14.4 -9.93 -35.4 -3.26 -26.62 -113.1 7.33   -0.89
-18.8 7.83 -40.8 -6.04 15.56 5 Yr 6.21 3.74
76.4 1 86.7 -10.93 1 -0.2 0.36 1
5 Yr 0 5 Yr 2000 0 -1.5 2000 0
-13.6 1 -28.9 2000 FUND -5.56   1 11.8 2000 FUND 12.61   1
-14.8 0.6 -30.9 UNIVERSE 98 0.5 10 Yr UNIVERSE 8 0.84
92 4.66 93.3 POLICY -6.49   7.81 -1.8 POLICY 11.84   3.14
10 Yr 0 10 Yr 99 0 -2.6 15 0
-12.4 Diff -30 16.45 Diff 68 13.05   Diff
-12.9 -2 ################################ 9.38 0 9/30/1992 11.01 -3
95.8 2 96.8 5.82 0 Incept 9.44   3
9/30/1992 15 9/30/1992 1.47 -5 -2.3 7.02 30
Incept 1.46 Incept -4.06 2.28 -2.9 -8.83 0.09
-12.3 1.01 -28.8 1999 0.84 79.6 1999 0.25
-12.6 -0.45 -29.5 1999 FUND 19.52   -1.44 1999 FUND -2.72   0.16
97.5 -3.16 97.7 UNIVERSE 46 -4.41 UNIVERSE 88 0.23
0.22 POLICY 20.41   -0.22 POLICY -2.15   -0.02
-0.02 41 -0.05 83 -0.02
0.38 35.59 -0.1 7   0.33
-0.08 24.4 -0.08 2.72 -0.03
0.01 18.88 -0.04 0.33   0.06
0.34 13.96 -0.43 -1.4 0.26
2.35 8.02 4.28 -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 8
37 23.64 35 7.12 38
60.87 16.88 50 5.89 63.04
-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
7.75 52 14.67 74 3.79
0.98 28.78 0.95 13.49 0.97
0.78 24.05 0.56 5.37 0.28
0.9 21.49 0.92 3.97 0.97
0.65 18.8 0.51 2.83 0.8
5.17 14.89 7.8 1.19 3.11
2.4 1995 4.2 1995 0.67
0.28 37.47 0 23.05 0.16
Index 31.79 Index 18.43 Index
11 28.75 11 16.26 11
35 25.73 35 12.82 35
39.13 21.74 50 8.28 36.96
-7.33 -17.28 -2.59
10.4 21.3 5.74
17.73 38.58 8.33
-9.93 -26.62 -2.9
7.48 14.76 3.83
1 1 1
0 0 0
1 1 1
0.59 0.5 0.76
4.39 7.4 2.91
0 0 0
Diff Diff Diff
-2 0 -3
2 0 3
21.74 0 26.08
1.46 2.28 -0.19
1.01 0.84 0.25
-0.45 -1.44 0.44
-3.16 -4.41 -0.75
0.27 -0.09 -0.04
-0.02 -0.05 -0.03
0.78 0.56 0.28
-0.1 -0.08 -0.03
0.06 0.01 0.04
0.78 0.4 0.2
2.4 4.2 0.67