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 54% BLC Core, 23% BFI, 23% IFI 54% BLC Core, 23% BFI, 23% IFI 20 33 78% Broad LC Core, 22% Broad LC Growth 78% Broad LC Core, 22% Broad LC Growth 41 23 Broad Fixed Broad Fixed 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, 2003 Calendar Year Returns Batting Average Returns are gross of fees. Incept is September 30, 1992 to December 31, 2003 Calendar Year Returns Batting Average Returns are gross of fees. Incept is September 30, 1992 to December 31, 2003 Calendar Year Returns Batting Average
Account Reconciliation Trailing Returns through December 31, 2003 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through December 31, 2003 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through December 31, 2003 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 -10.00% 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% -5.00% Worst 4 Qtrs
Ending Value 0.00% -5.00% Standard Deviation Ending Value -5.00% -10.00% Standard Deviation Ending Value 5.00% 0.00% Standard Deviation
12/31/2003 5.00% 0.00% Beta 12/31/2003 0.00% 0.00% Beta 12/31/2003 10.00% 5.00% Beta
Qtr 10.00% 5.00% Annualized Alpha Qtr 5.00% 10.00% Annualized Alpha Qtr 15.00% 10.00% Annualized Alpha
148,892 15.00% 10.00% R-Squared 81,882 10.00% 20.00% R-Squared 55,464 20.00% 15.00% R-Squared
-296 20.00% 15.00% Sharpe Ratio 5,283 15.00% 30.00% Sharpe Ratio 1,052 25.00% 20.00% Sharpe Ratio
10,105 25.00% 20.00% Treynor Ratio 9,885 20.00% 40.00% Treynor Ratio 201 30.00% 25.00% Treynor Ratio
158,702 30.00% 25.00% Tracking Error 97,051 25.00% 50.00% Tracking Error 56,717 35.00% 30.00% Tracking Error
2003 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 30.00% Information Ratio 2003 30.00% Qtr YTD 2002 2001 2000 1999 1998 1997 1996 1995 Information Ratio 2003 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 35.00% Information Ratio
YTD Trailing Returns through December 31, 2003 35.00% Fund YTD 35.00% Calendar Year Returns Fund YTD Trailing Returns through December 31, 2003 Qtr YTD 2002 2001 2000 1999 1998 1997 1996 1995 Fund
137,768 Fund Qtr YTD 2002 2001 2000 1999 1998 1997 1996 1995 4 62,107 40.00% Fund 5 56,988 Fund Calendar Year Returns 0
-2,288 Return   Calendar Year Returns 8 15,151 45.00% Return   7 -3,560 Return Fund 12
23,222 %-tile Fund 75 19,793 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr %-tile 58.33 3,289 %-tile Return 66.67
158,702 Index   Return -5.87 97,051 Trailing Returns through December 31, 2003 Index   -15 56,717 Index %-tile 0.07
9/30/1992 Return %-tile 7.4 9/30/1992 Fund Return 13.48 9/30/1992 Return Index 4.93
Incept %-tile Index 13.27 Incept Return %-tile 28.48 Incept %-tile Return 4.86
59,084 Universe Return -6.19 18,638 %-tile Universe -20.21 36,929 Universe %-tile 5.62
2,575 5th %-tile %-tile 8.31 19,813 Index 5th %-tile 17.56 -15,668 5th %-tile Universe 4.02
97,043 25th %-tile Universe 0.88 58,600 Return 25th %-tile 0.94 35,456 25th %-tile 5th %-tile 0.89
158,702  158,702,000 50th %-tile 5th %-tile 1.28 97,051   97,051,000 %-tile 50th %-tile 2.25 56,717    56,717,000  50th %-tile 25th %-tile 1.46
Investment Policy 75th %-tile 25th %-tile 0.93 Investment Policy Universe 75th %-tile 0.95 Investment Policy 75th %-tile 50th %-tile 0.98
Index 95th %-tile 50th %-tile 0.1 Index 5th %-tile 95th %-tile -0.2 Index 95th %-tile 75th %-tile 1.54
S&P 500 1 Yr 75th %-tile 0.91 S&P 500 25th %-tile Qtr -3.81 Lehman Gov/Credit-Intermediate 1 Yr 95th %-tile 6.98
Lehman Gov/Credit-Intermediate 1 Yr FUND 17.11 0.1711 95th %-tile 2.41 Russell 2000 50th %-tile QU. FUND 11.66 0.1166 3.98 Lehman Gov/Credit Bond 1 Yr FUND 5.94 0.0594 Qtr   0.79
Lehman Gov/Credit Bond UNIVERSE 70 Qtr 0.44 Total 75th %-tile UNIVERSE 55 0.6 Total UNIVERSE 28 QU. FUND 0.33 0.0033 0.8
Russell 2000 POLICY 17.93 0.1793 Qtr 6.78 0.0678 Index Weight 95th %-tile POLICY 12.36 0.1236 Index Weight POLICY 4.49 0.0449 UNIVERSE 50 Index
Weight 52 UNIVERSE 45 5 92.6 1 Yr   27 5 50 38 POLICY 0.02 0.0002 2
50 23.95 POLICY 6.59 0.0659 7 7.4 1 Yr FUND 28.14 0.2814 13.82 7 50 26.58 78 10
23 20.32 58 25 100 UNIVERSE 63   12.43 41.67 100 6.42 6.07 33.33
23 18.02 8.43 -7.33 Trailing Returns through December 31, 2003 POLICY 30.14 0.3014 11.79 -17.28 Trailing Returns through December 31, 2003 3.67 1.03 -0.35
4 16.83 7.28 9.96 Fund 34 11.05   15.98 Fund 2.09 0.33 5.11
Trailing Returns through December 31, 2003 14.34   6.71 17.29 Index 35.14 9.64 33.26 Index 1.11 0.05   5.46
Fund 2 Yr 6.2 -8.76 Diff 30.84 YTD   -24.76 Diff 2 Yr -0.46 4.49
Index 5.62   5.13 9.13 1 Yr 29.04 28.14 18.15 1 Yr 8.22 YTD   4.49
Diff 22 YTD 1 28.14 27.24 63 1 5.94 20 5.94 1
1 Yr 4.26 17.11 0 30.14 23.89 30.14 0 4.49 7.42 28 0
17.11 52 70 1 -2 2 Yr 34 1 1.45 26 4.49 1
17.93 7.25 17.93 -0.03 2 Yr 3.3 35.14 -0.33 2 Yr 12.54 38 1.24
-0.82 5.29 52 -0.27 3.3 10 30.84 -5.97 8.22 7.51 26.58 5.58
2 Yr 4.31 23.95 0 0.69 0.69 29.04 0 7.42 6.12 6.42 0
5.62 3.41 20.32 Diff 2.61 32 27.24 Diff 1/0/1900 4.78 3.67 Diff
4.26 1.76 18.02 -1 3 Yr 4.45 23.89   0 3 Yr 2.37 2.09 -2
1.36 3 Yr 16.83 1 -1.3 1.04   2002   0 8.49 3 Yr 1.11 2
3 Yr 3 YR FUND 3.08 0.0308 14.34 50 -3.69 -0.26 2002 -16.72 -0.1672   16.66 7.86 3 YR FUND 8.49 0.0849 2002 33.34
3.08 UNIVERSE 21 2002 1.46 2.39 -1.48 UNIVERSE 5 2.28 0.63 UNIVERSE 15 2002 10.55 0.1055 0.42
2.01 POLICY 2.01 0.0201 2002 -4.74 -0.0474 -2.56 4 Yr -3.58 POLICY -22.1 -0.221 -2.5 4 Yr POLICY 7.86 0.0786 UNIVERSE 10 -0.18
1.07 40 UNIVERSE 9 -4.02 -4.88 3 Yr   36 -4.78 8.94 20 POLICY 10.42 0.1042 -0.6
4 Yr 6 POLICY -7.82 -0.0782 2.57 -5.07 3 YR FUND -1.3 -0.013 -17.03 4.55 8.63 10.87 12 1.13
1.1 2.84 43 -0.82 0.19 UNIVERSE 13   -21.31 -0.59 0.31 7.51 11.72 -0.47
1.49 1.7 -3.85 -0.12 5 Yr POLICY -3.69 -0.0369 -22.96 -0.06 5 Yr 6.48 9.31 -0.11
-0.39 0.85 -6.98 1.28 0.9 31 -24.42   2.25 6.95 5.48 7.69 1.46
5 Yr -1.01   -8.17 -0.07 -0.35 0.9 -26.66 -0.05 6.65 3.53 4.45   -0.02
3.8 4 Yr -9.23 0.13 1.25 -3.22 2001   0.13 0.3 4 Yr -2.07 0.3
3.07 1.1   -11.58 1.18 6 Yr -4.78 2001 -9.91 -0.0991 2.16 6 Yr 8.94 2001   1.4
0.73 59 2001 2.41 4.76 -6.34 UNIVERSE 21 3.98 7.34 10 2001 9.02 0.0902 0.79
6 Yr 1.49 2001 -1.81 -0.0181 5 Yr 5 Yr 4.14 -8.44 POLICY -11.88 -0.1188 5 Yr 5 Yr 7.03 8.63 UNIVERSE 10 5 Yr 5 Yr
5.98 48 UNIVERSE 27 # of Negative Qtrs 0.62 4 Yr 34 # of Negative Qtrs 0.31 13 POLICY 8.75 0.0875 # of Negative Qtrs
5.42 6.14 POLICY -2.35 -0.0235 # of Positive Qtrs 7 Yr -4.88 -2.91 # of Positive Qtrs 7 Yr 9.71 14 # of Positive Qtrs
0.56 3.15 33 Batting Average 8.35 41 -10.79 Batting Average 7.58 8.06 9.68 Batting Average
7 Yr 1.42 4.99 Worst Qtr 7.9 -5.07 -13.16 Worst Qtr 7.28 7.08 8.13 Worst Qtr
7.85 0.46 -1.55 Best Qtr 1/0/1900 44 -15.53 Best Qtr 1/0/1900 5.68 7.33 Best Qtr
7.13 -1.28 -3.15 Range 8 Yr 1.82 -19.62 Range 8 Yr 3.33 6.21 Range
1/0/1900 5 Yr -4.47 Worst 4 Qtrs 1/9/1900 -2.89 2000 Worst 4 Qtrs 7.04 5 Yr 0.36 Worst 4 Qtrs
8 Yr 5 YR FUND 3.8 0.038 -7.5 Standard Deviation 9.76 -5.51 2000 -14.85 -0.1485 Standard Deviation 6.8 5 YR FUND 6.95 0.0695 2000 Standard Deviation
1/8/1900 UNIVERSE 33 2000 Beta 0.04 -7 UNIVERSE 94 Beta 0.24 UNIVERSE 9 2000 10.31 0.1031 Beta
7.66 POLICY 3.07 0.0307 2000 -4.64 -0.0464 Annualized Alpha 9 Yr -9.65 POLICY -9.11 -0.0911 Annualized Alpha 9 Yr POLICY 6.65 0.0665 UNIVERSE 38 Annualized Alpha
0.64 51 UNIVERSE 94 R-Squared 11.65 5 Yr   59 R-Squared 8.25 14 POLICY 10.97 0.1097 R-Squared
9 Yr 6.8 POLICY -0.07 -0.0007 Sharpe Ratio 12.53 5 YR FUND 0.9 0.009 10.84 Sharpe Ratio 7.92 7.38 26 Sharpe Ratio
9.73 4.39 56 Treynor Ratio -0.88 UNIVERSE 24   -1.41 Treynor Ratio 0.33 6.17 13.05 Treynor Ratio
9.34 3.07 12.36 Tracking Error 10 Yr POLICY -0.35 -0.0035 -7.64 Tracking Error 10 Yr 5.6 11.01 Tracking Error
0.39 2.36 4.05 Information Ratio 1/10/1900 37 -10.59   Information Ratio 7.01 4.94 9.44 Information Ratio
10 Yr 0.79   0.34 Fund Fund 1/11/1900 5.14 -16.93 Fund Fund 6.8 3.14 7.02   Fund Fund
8.65 6 Yr -1.29 7 -0.79 0.78 1999   9 0.21 6 Yr -8.83 2
1/8/1900 5.98   -5.45 13 9/30/1992 -1.08 1999 27.75 0.2775 11 9/30/1992 7.34 1999   18
0.29 23 1999 Batting Average 60 Incept -2.16 UNIVERSE 14 Batting Average 55 Incept 6 1999 -0.66 -0.0066 Batting Average 60
9/30/1992 5.42 1999 15.36 0.1536 -5.87 11.66 -4.37 POLICY 21.04 0.2104 -15 7.05 7.03 UNIVERSE 63 -0.99
Incept 34 UNIVERSE 11 11.41 11.54 6 Yr 42 19.48 1/6/1900 9 POLICY -0.89 -0.0089 4.93
9.22 7.82 POLICY 9.65 0.0965 17.28 0.12 4.76 37.44 34.48 0.15 7.42 67 5.92
8.44 5.86 62 -13.09 Calendar Year Returns 18 23.92 -31.03   Calendar Year Returns 6.39 7 -0.66
0.78 5.04 19.1 Standard Deviation 8.59 Fund 4.14 20.5 Standard Deviation 16.62 Fund 5.84 2.72 Standard Deviation 3.74
Calendar Year Returns 4.23 12.42 Beta 0.94 Index 23 16.06 Beta 0.94 Index 5.12 0.33 Beta 0.92
Fund 2.38 10.26 Annualized Alpha 0.91 0.0091 Diff 7.48 4.96 Annualized Alpha 1.25 0.0125 Diff 2.92 -1.4 Annualized Alpha 0.78 0.0078
Index 7 Yr 7.81 R-Squared 0.91 12/31/2003 3.99 1998 R-Squared 0.93 12/31/2003 7 Yr -3.93 R-Squared 0.97
Diff 7.85 3.05 0.03 Qtr 2.94 1998 26.36 0.2636 -0.16 Qtr 7.58 1998 0.92
12/31/2003 12 1998 0.32 11.66 1.41 UNIVERSE 43 -2.77 0.33 7 1998 9.31 0.0931 3.75
Qtr 7.13 1998 17.57 0.1757 2.65 12.36 -0.95 POLICY 29.79 0.2979 4.54 0.02 7.28 UNIVERSE 9 0.71
6.78 26 UNIVERSE 17 0.28 -0.7 7 Yr 18 0.28 0.31 10 POLICY 8.94 0.0894 0.42
6.59 8.77 POLICY 17.98 0.1798 Policy Index 2003 8.35 35.65 Policy Index 2003 7.75 13 Policy Index
0.19 7.14 15 8 YTD 11 28.4 9 YTD 6.74 9.93 5
2003 6.58 20.49 12 28.14 7.9 25.12 11 1/5/1900 6.18 8.09 15
YTD 5.79 16.51 40 30.14 15 18.11 45 4.49 5.46 6.94 40
17.11 4.46 14.84 -7.33 -2 9.68 7.16 -17.28 1.45 4.11 5.76 -0.74
17.93 8 Yr 10.89 9.96 2002 7.21 1997 15.98 2002 8 Yr -0.13 5.11
-0.82 8.3 5.81 17.29 -16.72 6.26 32.63 33.26 10.55 7.04 1997 5.85
2002 15 1997 -9.93 -22.1 4.35 25 -26.62 10.42 9 9.07 -0.89
-4.74 7.66 19.78 Standard Deviation 8.73 5.38 1.99 33.5 Standard Deviation 17.06 0.13 6.8 43 Standard Deviation 3.99
-7.82 27 7 1 2001 8 Yr 13 1 2001 13 8.81 1
3.08 9.21 18 0 -9.91 9.8 36.06 0 9.02 7.38 48 0
2001 7.72 27 1 -11.88 17 32.55 1 8.75 6.35 14.34 1
-1.81 7.11 20.14 -0.05 1.97 9.76 29.19 -0.23 0.27 5.87 9.77 0.79
-2.35 6.27 18.1 -0.43 2000 17 25.01 -3.85 2000 5.37 8.72 3.15
0.54 4.56 16.76 0 -14.85 11.83 7.83 0 10.31 4.42 7.12 0
2000 9 Yr 14.94 Diff -9.11 9.08 1996 Diff 10.97 9 Yr 5.89 Diff
-4.64 9.73 8.23 -1 -5.74 8.07 20.54 0 -0.66 8.25 1996 -3
-0.07 16 1996 1 1999 6.31 53 0 1999 11 3.27 3
-4.57 9.34 11.57 20 27.75 3.72 23.66 10 -0.66 7.92 65 20
1999 24 38 1.46 21.04 9 Yr 25 2.28 -0.89 17 3.48 -0.25
15.36 10.53 11.46 1.45 6.71 11.65 27.73 3.5 0.23 8.75 60 -0.18
9.65 9.29 39 -0.01 1998 24 23.62 1.22 1998 7.57 13.49 0.07
5.71 8.6 14.88 -3.16 26.36 12.53 21.24 -4.41 9.31 6.95 5.37 0.23
1998 7.65 12.49 -0.14 29.79 11 17.23 -0.44 8.94 6.2 3.97 -0.25
17.57 6.35 10.95 -0.06 -3.43 13.41 5.34 -0.06 0.37 5.2 2.83 -0.08
17.98 10 Yr 9.22 0.91 1997 11.57 1995 1.25 1997 10 Yr 1.19 0.78
-0.41 8.65 4.44 -0.09 32.63 10.2 27.6 -0.07 9.07 7.01 1995 -0.03
1997 15 1995 0.08 33.5 8.59 74 0.07 8.81 9 18.45 0.13
19.78 8.36 21.85 0.75 -0.87 4.13 37.44 1.08 0.26 6.8 25 0.6
18 20 48 2.65 1996 10 Yr 11 4.54 1996 13 17.26 0.71
1.78 9.54 23.75 10 Yr 20.54 10.66 38.06 10 Yr 3.27 7.36 41 10 Yr
1996 8.14 26 # of Negative Qtrs 23.66 21 36.41 # of Negative Qtrs 3.48 6.39 23.05 # of Negative Qtrs
11.57 7.49 27.26 # of Positive Qtrs -3.12 11.45 32.8 # of Positive Qtrs -0.21 5.87 18.43 # of Positive Qtrs
11.46 6.57 23.91 Batting Average 6/17/1905 12 27.45   Batting Average 6/17/1905 5.35 16.26   Batting Average
0.11 4.83 21.66 Worst Qtr 27.6 12.12 11.07 Worst Qtr 18.45 4.54 12.82 Worst Qtr
6/17/1905 19.2 Best Qtr 37.44 10.4 23.23   Best Qtr 17.26 8.28   Best Qtr
21.85 12.45 Range -9.84 9.42 47 Range 1.19 27 Range
23.75 Worst 4 Qtrs 6/16/1905 7.63 21.63   Worst 4 Qtrs 6/16/1905 9.46   Worst 4 Qtrs
-1.9 Standard Deviation 2.1 3.74 19 Standard Deviation -3.5 3.7 Standard Deviation
6/16/1905 Beta 2.15 17.44   Beta -2.72 2.37   Beta
-0.65 Annualized Alpha -0.05 15.88 Annualized Alpha -0.78 1.11 Annualized Alpha
############################## R-Squared Returns in Up Markets 14.26 R-Squared Returns in Up Markets 0.39 R-Squared
-0.62 Sharpe Ratio Fund YTD Sharpe Ratio Fund YTD Sharpe Ratio
Returns in Up Markets Treynor Ratio Index 12.31 Treynor Ratio Index 4.44 Treynor Ratio
Fund Tracking Error Ratio 65 Tracking Error Ratio 37 Tracking Error
Index Information Ratio 3 Yr 13.02 Information Ratio 3 Yr 5.23 Information Ratio
Ratio Fund 36 50 Fund 10 29 Fund
3 Yr 9 36 17.59 11 9.8 16.11 6
19.2 31 100.1 14.43 29 101.9 5.92 34
20 57.5 5 Yr 13.01 47.5 5 Yr 3.67 65
95.7 -5.87 34.3 11.77 -15 9.6 1.98 -2.78
5 Yr 11.41 34.5 9.97 22.14 9.6 0.87 5.99
17.3 17.28 99.4 2002 37.14 99.7 2002 8.77
17 -13.09 10 Yr 2002 FUND -21.65   -31.03 10 Yr 2002 FUND 10.49   -3.5
101.8 8.17 1/30/1900 UNIVERSE 88 15.47 1/10/1900 UNIVERSE 11 3.9
10 Yr 0.99 2/1/1900 POLICY -20.67   0.95 10 POLICY 11.02   0.99
1/17/1900 0.4 94.5 84   -0.14 100.7 8 0.3
1/17/1900 0.92 9/30/1992 -9.82 0.93 9/30/1992 11.72   0.97
101.5 0.53 Incept -13.94 0.41 Incept 9.31 0.7
9/30/1992 4.4 29.2 -16.68 6.71 10.3 7.69   2.75
Incept 2.34 29.4 -19.33 4.28 10.3 4.45 0.66
17.2 0.12 99.3 -23.14 -0.18 99.8 -2.07 0.32
1/16/1900 Index Returns in Down Markets 2001 Index Returns in Down Markets 2001 Index
105.9 11 Fund 2001 FUND -5.89   11 Fund 2001 FUND 8.73   9
Returns in Down Markets 29 Index UNIVERSE 74 29 Index UNIVERSE 14 31
Fund 42.5 Ratio POLICY -11.08   52.5 Ratio POLICY 8.51   35
Index -7.33 3 Yr 96 -17.28 3 Yr 18 -2.59
Ratio 10.4 -37 5.46 21.3 0.7 9.68   5.74
3 Yr 17.73 -40.6 -0.02 38.58 -0.6 8.13 8.33
-15.8 -9.93 91.2 -3.26 -26.62 -113.1 7.33   -2.72
-18.7 7.94 5 Yr -6.04 15.68 5 Yr 6.21 3.9
84.5 1 -28.9 -10.93 1 -0.6 0.36 1
5 Yr 0 -30.9 2000 0 -1.8 2000 0
-13.6 1 93.3 2000 FUND -5.56   1 33.9 2000 FUND 12.61   1
-14.8 0.51 10 Yr UNIVERSE 98 0.46 10 Yr UNIVERSE 8 0.64
92 4.07 -28.8 POLICY -6.49   7.16 -2.8 POLICY 11.84   2.51
10 Yr 0 -29.5 99 0 -3.4 15 0
-12.3 Diff 97.7 16.45 Diff 81.3 13.05   Diff
-12.6 -2 9/30/1992 9.38 0 9/30/1992 11.01 -3
97.5 2 Incept 5.82 0 Incept 9.44   3
9/30/1992 15 -28.8 1.47 -5 -2.3 7.02 30
Incept 1.46 -29.5 -4.06 2.28 -2.9 -8.83 -0.19
-12.3 1.01 97.7 1999 0.84 79.6 1999 0.25
-12.6 -0.45 1999 FUND 19.52   -1.44 1999 FUND -2.72   0.44
97.5 -3.16 UNIVERSE 46 -4.41 UNIVERSE 88 -0.78
0.23 POLICY 20.41   -0.21 POLICY -2.15   0
-0.01 41 -0.05 83 -0.01
0.4 35.59 -0.14 7   0.3
-0.08 24.4 -0.07 2.72 -0.03
0.02 18.88 -0.05 0.33   0.06
0.33 13.96 -0.45 -1.4 0.24
2.34 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
36 23.64 34 7.12 37
62.22 16.88 51.11 5.89 64.44
-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
7.81 52 14.8 74 3.83
0.98 28.78 0.95 13.49 0.97
0.87 24.05 0.66 5.37 0.31
0.91 21.49 0.92 3.97 0.97
0.65 18.8 0.51 2.83 0.75
5.16 14.89 7.89 1.19 2.98
2.41 1995 4.23 1995 0.68
0.32 37.47 0.03 23.05 0.22
Index 31.79 Index 18.43 Index
11 28.75 11 16.26 11
34 25.73 34 12.82 34
37.78 21.74 48.89 8.28 35.56
-7.33 -17.28 -2.59
10.4 21.3 5.74
17.73 38.58 8.33
-9.93 -26.62 -2.9
7.55 14.9 3.87
1 1 1
0 0 0
1 1 1
0.57 0.5 0.71
4.28 7.38 2.74
0 0 0
Diff Diff Diff
-2 0 -3
2 0 3
24.44 2.22 28.88
1.46 2.28 -0.19
1.01 0.84 0.25
-0.45 -1.44 0.44
-3.16 -4.41 -0.75
0.26 -0.1 -0.04
-0.02 -0.05 -0.03
0.87 0.66 0.31
-0.09 -0.08 -0.03
0.08 0.01 0.04
0.88 0.51 0.24
2.41 4.23 0.68