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) N/A LOCK LOCK TOTAL EQUITY RISK HERE LOCK LOCK TOTAL FIXED EXECUTIVE HERE LOCK TOTAL FIXED UNIVERSE HERE(p1) N/A 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 38
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, 2007 Fiscal Year Returns Ending September Batting Average Returns are net of fees. Incept is September 30, 1992 to September 30, 2007 Fiscal Year Returns Ending September Batting Average Returns are gross of fees. Incept is September 30, 1992 to September 30, 2007 Fiscal Year Returns Ending September Batting Average
Account Reconciliation Trailing Returns through September 30, 2007 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through September 30, 2007 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through September 30, 2007 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 0.00% -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 5.00% -10.00% Standard Deviation Ending Value Index -20.00% Standard Deviation Ending Value Index 5.00% Standard Deviation
9/30/2007 10.00% -5.00% Beta 9/30/2007 Return -10.00% Beta 9/30/2007 Return 10.00% Beta
Qtr 15.00% 0.00% Annualized Alpha Qtr %-tile 0.00% Annualized Alpha Qtr %-tile 15.00% Annualized Alpha
206,359 20.00% 5.00% R-Squared 125,975 Universe 10.00% R-Squared 71,042 Universe 20.00% R-Squared
-74 25.00% 10.00% Sharpe Ratio -316 5th %-tile 20.00% Sharpe Ratio -533 5th %-tile 25.00% Sharpe Ratio
7,966 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 15.00% Treynor Ratio 6,275 25th %-tile 30.00% Treynor Ratio 1,784 25th %-tile Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 Treynor Ratio
214,251 Trailing Returns through September 30, 2007 20.00% Tracking Error 131,933 50th %-tile 40.00% Tracking Error 72,293 50th %-tile Fiscal Year Returns Ending September Tracking Error
2007 Fund 25.00% Information Ratio 2007 75th %-tile 50.00% Information Ratio 2007 75th %-tile Fund Information Ratio
YTD Return Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 Fund YTD 95th %-tile 60.00% Fund YTD 95th %-tile Return Fund
185,449 %-tile Fiscal Year Returns Ending September 2 111,946 1 Yr Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 2 65,148 1 Yr %-tile 4
424 Index   Fund 10 -5,491 23.49 0.2349 Fiscal Year Returns Ending September   10 3,796 5.02 0.0502 Index 8
28,378 Return Return 66.67 25,479 1 Fund 58.33 3,348 19 Return 58.33
214,251 %-tile   %-tile -1.25 131,933 16.43 0.1643 Return   -1.98 72,293 5.27 0.0527 %-tile -0.76
9/30/1992 Universe Index 5.57 9/30/1992 64 %-tile 9.12 9/30/1992 16 Universe 3.46
Incept 5th %-tile Return 6.82 Incept 21 Index 11.1 Incept 6.16 5th %-tile 4.22
59,084 25th %-tile %-tile 4.5 18,638 18.09 Return 7.19 36,929 4.8 25th %-tile -0.51
4,667 50th %-tile Universe 4.47 3,990 16.91 %-tile 7.54 -8,637 4.05 50th %-tile 2.5
150,500 75th %-tile 5th %-tile 1.01 109,305 15.85 Universe 0.93 44,001 3.34 75th %-tile 0.93
214,251  214,251,000 95th %-tile 25th %-tile 1.44 131,933   131,933,000 13.5 5th %-tile 3.48 72,293    72,293,000                                                                                                              2 95th %-tile 0.21
Investment Policy 1 Yr ####### 50th %-tile 0.91 Investment Policy 2 Yr 25th %-tile 0.92 Investment Policy 2 Yr Qtr 0.99
Index 15.31 0.1531 75th %-tile ####### 1.46 Index 17.1 0.171 50th %-tile 1.62 Index 4.27 0.0427 QU. FUND 0.1 0.001 -0.18
S&P 500 1 Yr FUND 2 0.02 95th %-tile 6.46 S&P 500 1 75th %-tile 13.12 Lehman Gov/Credit-Intermediate 24 UNIVERSE 49 -0.49
Lehman Gov/Credit-Intermediate UNIVERSE 11.28 0.1128 Qtr ####### 1.36 Russell 1000 Growth 13.35 0.1335   95th %-tile   2.22 Lehman Gov/Credit Bond 4.35 0.0435 POLICY 0.03 0.0003 0.34
Lehman Gov/Credit Bond POLICY 43 3.87 1.24 Russell 1000 Value 47   Qtr 1.3 Total 21 59   -0.18
Other 13.88 Qtr 3 0.03 Index Russell 2000 1 Yr FUND 15.57 Qtr -1.98 -0.0198 Index Weight 5.63 0.61 Index
Weight 11.88 UNIVERSE 2.33 2 Weight UNIVERSE 13.94 UNIVERSE 29 2 50 4.23 0.31   4
33 11 POLICY 27 0.27 10 61.1 POLICY 13.29 POLICY -1.9 -0.019 10 50 1 Yr FUND 3.78 0.09 8
23 10.3 3.24 33.33 18.5 12.72 26 41.67 100 UNIVERSE 3.38 -0.1 41.67
23 8.96 2.37 -1.67 13 11.57 -0.9 -2.46 Trailing Returns through September 30, 2007 POLICY 2.88 -0.36 -0.78
21 2 Yr   1.87 5.49 7.4 3 Yr -1.9   9.73 Fund 3 Yr YTD 3.55
Trailing Returns through September 30, 2007 11.38 1.27 7.16 Trailing Returns through September 30, 2007 16.17 0.1617 -2.42 12.19 Index 3.51 0.0351 0.07   4.33
Fund 1   0.43 3.83 Fund 4 -3.3   5.26 Diff 48 71 -0.86
Index 9.21 YTD 4.2 Index 13.29 0.1329 -4.73 7.77 1 Yr 3.57 0.0357 -0.12   2.68
Diff 37 15.31 1 Diff 55 YTD 1 5.02 44 81 1
1 Yr 10.47 2 0 1 Yr 15.91 6.28 0 5.27 5.39 2.16 0
15.31 9.52 11.28 1 23.49 14.18 12 1 -0.25 3.92 1.15 1
11.28 8.99 43 1.15 16.43 13.37 5.07 1.2 2 Yr 3.47 0.49 -0.15
4.03 8.53 13.88 4.84 7.06 12.8 37 9.32 4.27 3.09 -0.05 -0.4
2 Yr 7.85 11.88 0 2 Yr 11.94 7.09 0 4.35 2.6 -0.53 0
11.38 3 Yr ####### 11 Diff 17.1 4 Yr   5.48 Diff ############################################### 4 Yr 2005 Diff
9.21 10.49 0.1049 10.3 0 13.35 15.25 0.1525 4.59   0 3 Yr 3.51 2004 2.02 0.0202 0
2.17 3 YR FUND 6 0.06 8.96 0 3.75 14 3.64   0 3.51 52 UNIVERSE 68 0
3 Yr UNIVERSE 8.81 0.0881 2006 33.34 3 Yr 13.37 0.1337 1.56     16.66 3.57 3.43 POLICY 2.02 0.0202 16.66
10.49 POLICY 54 7.57   0.42 16.17 55 2005 0.48 -0.06 56 68   0.02
8.81 10.52 2004 30 0.3 0.08 13.29 3 YR FUND 16.37 2004 14.34 0.1434 -0.61 4 Yr 5.88 4.66 -0.09
1.68 9.47 UNIVERSE 7.18   -0.34 2.88 UNIVERSE 14.31 UNIVERSE 41 -1.09 3.51 4.09 2.94   -0.11
4 Yr 8.87 POLICY 44 0.44 0.67 4 Yr POLICY 13.51 POLICY 13.15 0.1315 1.93 3.43 3 YR FUND 3.54 2.38 0.35
9.89 8.47 8.89 0.27 15.25 12.95 63 -0.23 0.08 UNIVERSE 3.1 1.89 -0.18
8.8 7.85   7.67 0.01 13.37 11.94 18.21 -0.07 5 Yr POLICY 2.54 1.28 -0.07
1.09 4 Yr 6.97 1.44 1.88 5 Yr 15.44   3.48 4.27 5 Yr 2004 0.21
5 Yr 9.89   6.37 -0.09 5 Yr 16.27 0.1627 13.73 -0.08 3.99 4.27 0.0427 2003 3.49 0.0349 -0.01
10.45 17 5.33 0.31 16.27 21 12.47   0.42 0.28 36 UNIVERSE 33 -0.03
10.37 8.8 2005 1.62 15.77 15.77 0.1577 9.75   3.8 6 Yr 3.99 0.0399 POLICY 3 0.03 -0.09
0.08 62 8.74   1.36 0.5 37 2004 2.22 5.01 45 49   0.34
6 Yr 10.79 2003 54 0.54 5 Yr 5 Yr 6 Yr 17.5 2003 12.54 0.1254 5 Yr 5 Yr 4.75 7.77 7.43 5 Yr 5 Yr
8.27 9.58 UNIVERSE 8.03   # of Negative Qtrs 11.43 16.12 UNIVERSE 59 # of Negative Qtrs 0.26 4.67 3.83   # of Negative Qtrs
7.11 8.98 POLICY 75 0.75 # of Positive Qtrs 8.67 15.46 POLICY 13.64 0.1364 # of Positive Qtrs 7 Yr 3.88 2.96 # of Positive Qtrs
1.16 8.57 11.4 Batting Average 2.76 14.98 40 Batting Average 6.15 3.35 2.27 Batting Average
7 Yr 7.82   9.67 Worst Qtr 7 Yr 14.08 18.31 Worst Qtr 5.9 2.75 1.54 Worst Qtr
4.87 5 Yr ####### 8.81 Best Qtr 1/4/1900 6 Yr 14.62 Best Qtr 1/0/1900 6 Yr 2003 Best Qtr
4.08 10.45 0.1045 7.98 Range 1.95 11.43 13.05 Range 8 Yr 5.01 2002 7.39 0.0739 Range
1/0/1900 5 YR FUND 42 0.42 6.81 Worst 4 Qtrs 1/2/1900 3 11.06 Worst 4 Qtrs 6.16 22 UNIVERSE 21 Worst 4 Qtrs
8 Yr UNIVERSE 10.37 0.1037 2004 Standard Deviation 8 Yr 8.67 0.0867 8.09   Standard Deviation 5.97 4.75 POLICY 6.26 0.0626 Standard Deviation
1/5/1900 POLICY 45 8.1   Beta 5.59 49 2003 Beta 0.19 30 27   Beta
4.73 12.11 2002 83 0.83 Annualized Alpha 3.2 5 YR FUND 10.87 0.1087 2002 20.44 0.2044 Annualized Alpha 9 Yr 6.85 15.41 Annualized Alpha
1.05 10.92 UNIVERSE 8.75   R-Squared 2.39 UNIVERSE 9.63 UNIVERSE 88 R-Squared 5.41 4.88 0.0488 6.36   R-Squared
9 Yr 10.26 POLICY 69 0.69 Sharpe Ratio 9 Yr POLICY 8.61 POLICY 25.89 0.2589 Sharpe Ratio 5.23 5 YR FUND 4.34 4.78 Sharpe Ratio
6.69 9.82 12.32 Treynor Ratio 8.12 8.04 18 Treynor Ratio 0.18 UNIVERSE 3.91 0.0391 3.82 Treynor Ratio
5.6 9.21   10.65 Tracking Error 1/5/1900 7.09 28.13 Tracking Error 10 Yr POLICY 3.37 2.69 Tracking Error
1.09 6 Yr 9.5 Information Ratio 1/2/1900 7 Yr 25.31   Information Ratio 6.02 7 Yr 2002 Information Ratio
10 Yr 8.27   8.48 Fund Fund 10 Yr 4.05 23.7 Fund Fund 5.85 6.15 2001 8.77 0.0877 Fund Fund
6.9 9 7.05 3 7.97 31 21.94   4 0.17 11 UNIVERSE 6 5
1/6/1900 7.11 2003 17 1/6/1900 1.95 18.64   16 9/30/1992 5.9 POLICY 8.65 0.0865 15
0.9 46 12.74   Batting Average 60 1.95 67 2002 Batting Average 45 Incept 16 8   Batting Average 65
9/30/1992 8.51 2001 95 0.95 -1.25 9/30/1992 7.49 2001 -9.95 -0.0995 -2.4 6.19 6.38 8.8 -2.18
Incept 7.65 UNIVERSE 16.91   7.3 Incept 4.6 UNIVERSE 5 12.58 1/6/1900 5.65 7.65   3.46
8.86 7.02 POLICY 23 0.23 8.55 11.98 2.52 POLICY -20.84 -0.2084 14.98 0.11 5.24 6.86 5.64
7.96 6.57 19.76 4.49 10.82 1.73 71 6.27   Fiscal Year Returns Ending September 4.83 5.67 -0.51
0.9 5.93 16.74 Standard Deviation 4.97 1.16 0.01 -10.38 Standard Deviation 9.3 Fund 4.28 1.79 Standard Deviation 3.37
Fiscal Year Returns Ending September 7 Yr 15.2 Beta 0.88 Fiscal Year Returns Ending September 8 Yr -17.34 Beta 0.91 Index 8 Yr 2001 Beta 0.89
Fund 4.87 14.1 Annualized Alpha 1.24 0.0124 Fund 5.59 -19.53 Annualized Alpha 1.7 0.017 Diff 6.16 2000 13.27 0.1327 Annualized Alpha 0.71 0.0071
Index 37 12.64 R-Squared 0.89 Index 25 -21.08 R-Squared 0.94 9/30/2007 10 UNIVERSE 4 R-Squared 0.99
Diff 4.08 2002 1.53 Diff 3.2 -23.77   1.45 Qtr 5.97 POLICY 13.04 0.1304 0.43
9/30/2007 62 -2.02   8.66 9/30/2007 74 2001 14.77 2.53 14 7   1.62
Qtr 6.71 2000 1 0.01 1.75 Qtr 7.92 2000 -31.03 -0.3103 2.41 2.94 6.33 13.13 0.59
3.87 0.0387 5.52 UNIVERSE -7.82   0.05 5.09 5.57 UNIVERSE 76 0.21 -0.41 5.65 12.35   0.47
2.33 0.0233 4.39 POLICY 57 0.57 Policy Index 1.75 4.06 POLICY -30.46 -0.3046 Policy Index 2007 5.27 11.69 Policy Index
1.54 3.7 -3.97 4 3.34 3.17 73 4 YTD 4.88 10.55 6
2007 2.5 -6.2 16 2007 2.07 -5.3 16 1/5/1900 4.32 0.57 14
YTD 8 Yr -7.56 40 YTD 9 Yr -17.68 55 5.27 9 Yr 2000 35
15.31 5.78 -8.72 -1.67 23.49 8.12 -27.57 -2.77 -0.25 5.41 6.22 -2.84
11.28 28 -10.48 9.86 16.43 14 -30.96 15.78 2006 11 33 3.55
4.03 4.73 2001 11.53 7.06 5.58 -39.84 18.55 3.52 5.23 6.47 6.39
2006 67 -13.38 3.54 2006 78 2000 5.26 3.43 15 17 -0.86
7.57 7.14 82 Standard Deviation 5.31 11.04 9.34 17.11 Standard Deviation 9.87 0.09 5.79 6.94 Standard Deviation 3.77
7.18 5.89 -12.38 1 10.36 7.28 36 1 2005 4.93 6.33 1
0.39 5.1 76 0 0.68 6.25 12.38 0 2.02 4.56 5.96 0
2005 4.57 2.74 1 2005 5.63 67 1 2.02 4.2 5.47 1
8.74 3.64 -4.51 1.42 14.34 4.61 37.21 1.31 0 3.72 2.92 0.31
8.03 9 Yr -9.8 7.54 13.15 10 Yr 20.71 12.94 2004 10 Yr 1999 1.16
0.71 6.69 -12.04 0 1.19 7.97 14.58 0 3.49 6.02 -0.41 0
2004 24 -18.24 Diff 2004 9 10.6 Diff 3 3 72 Diff
8.1 5.6 2000 -1 12.54 6.02 2.15 0 0.49 5.85 -0.5 -1
8.75 73 12.39 1 13.64 57 1999 0 2003 5 75 1
-0.65 7.54 22 20 -1.1 8.58 30.59 -10 7.39 5.83 3.72 30
2003 6.6 9.42 0.42 2003 6.94 23 0.37 6.26 5.28 1.67 0.66
12.74 5.99 49 -2.56 20.44 6.18 26.68 -3.2 1.13 4.96 0.54 -0.09
16.91 5.58 17.08 -2.98 25.89 5.53 51 -3.57 2002 4.63 -0.58 -0.75
-4.17 4.99 11.48 0.95 -5.45 3.83 42.92 1.01 8.77 4.15 -2.06 0.35
2002 10 Yr 9.34 -0.34 2002 Fiscal Year Returns Ending September 29.79 -0.57 8.65 Fiscal Year Returns Ending September 1998 -0.4
-2.02 6.9 7.82 -0.12 -9.95 Fund 26.74 -0.09 0.12 Fund 11.65 -0.11
-7.82 7 2.65 1.24 -20.84 Return 17.54 1.7 2001 Return 7 0.71
5.8 6 1999 -0.11 10.89 %-tile 2.98 -0.06 13.27 %-tile 11.62 -0.01
2001 38 14.22 0.11 2001 Index 1998 0.14 13.04 Index 8 0.12
-13.38 7 27 1.12 -31.03 Return 6.61 1.83 0.23 Return 12.17 0.46
-12.38 6.27 12.79 1.75 -30.46 %-tile 37 2.41 2000 %-tile 9.97 0.59
-1 5.83 51 10 Yr -0.57 Universe 10.1 10 Yr 6.22 Universe 8.86 10 Yr
2000 5.43 19.09 # of Negative Qtrs 2000 5th %-tile 11 # of Negative Qtrs 6.47 5th %-tile 7.67 # of Negative Qtrs
12.39 4.62 14.31 # of Positive Qtrs 17.11 25th %-tile 12.45 # of Positive Qtrs -0.25 25th %-tile 2.96 # of Positive Qtrs
9.42 5.89 12.81 Batting Average 1/12/1900 50th %-tile 8.45   Batting Average 6/21/1905 50th %-tile 16.26   Batting Average
2.97 7.17 7.96 Worst Qtr 4.73 75th %-tile 4.58 Worst Qtr -0.41 75th %-tile 12.82 Worst Qtr
6/21/1905 5.92 5.13 Best Qtr 1999 95th %-tile -2.5   Best Qtr -0.5 95th %-tile 8.28   Best Qtr
14.22 4.24 4.66 Range 30.59 Qtr -15.76 Range 0.09 Qtr 27 Range
12.79 Worst 4 Qtrs 1/26/1900 5.09 0.0509 -17.25   Worst 4 Qtrs 6/20/1905 2.53 0.0253 9.46   Worst 4 Qtrs
1.43 Standard Deviation 3.91 4 19 Standard Deviation 11.65 16 3.7 Standard Deviation
6/20/1905 Beta 1998 1.75 0.0175 17.44   Beta 11.62 2.94 0.0294 2.37   Beta
8.8 Annualized Alpha 6.61 59 15.88 Annualized Alpha 0.03 6 1.11 Annualized Alpha
1/9/1900 R-Squared 10.1 4.19 14.26 R-Squared Returns in Up Markets 2.97 0.39 R-Squared
-0.85 Sharpe Ratio -3.49 2.69 YTD Sharpe Ratio Fund 2.32 YTD Sharpe Ratio
Returns in Up Markets Treynor Ratio Returns in Up Markets 2.07 12.31 Treynor Ratio Index 1.91 4.44 Treynor Ratio
Fund Tracking Error Fund 0.94 65 Tracking Error Ratio 1.4 37 Tracking Error
Index Information Ratio Index -0.52 13.02 Information Ratio 3 Yr 0.56 5.23 Information Ratio
Ratio Fund Ratio YTD 50 Fund 6.5 YTD 29 Fund
3 Yr 11 3 Yr 23.49 17.59 13 6.7 5.02 16.11 7
13.7 29 21.1 1 14.43 27 96.3 19 5.92 33
11.9 60 18.2 16.43 13.01 57.5 5 Yr 5.27 3.67 57.5
115.4 -5.94 115.9 64 11.77 -15 7.4 16 1.98 -2.18
5 Yr 11.33 5 Yr 21 9.97 22.14 7.5 6.16 0.87 4.93
13.7 17.27 22.7 18.09 2002 37.14 98.4 4.8 2002 7.11
14.3 -13.38 22.9 2002 FUND 16.91 -21.65   -31.03 10 Yr 2002 FUND 4.05 10.49   -0.66
96.2 7.53 4/8/1900 UNIVERSE 15.85 88 14.42 1/8/1900 UNIVERSE 3.34 11 3.35
10 Yr 0.94 10 Yr POLICY 13.5 -20.67   0.92 9 POLICY 2.49 11.02   0.93
1/16/1900 1.22 29.5 2006 84   2.27 98.6 2006 8 0.57
1/15/1900 0.93 1/29/1900 11.04 -9.82 0.94 9/30/1992 3.52 11.72   0.97
102 0.43 4/11/1900 24 -13.94 0.3 Incept 51 9.31 0.71
9/30/1992 3.46 9/30/1992 10.36 -16.68 4.7 9.6 3.43 7.69   2.55
Incept 2.1 Incept 36 -19.33 3.57 9.7 56 4.45 0.62
15.7 0.43 26.6 12.83 -23.14 0.55 98.9 5.33 -2.07 0.27
1/15/1900 Index 26.5 10.94 2001 Index Returns in Down Markets 4 2001 Index
103.8 13 100.6 2001 FUND 9.81 -5.89   14 Fund 2001 FUND 3.53 8.73   10
Returns in Down Markets 27 Returns in Down Markets UNIVERSE 8.89 74 26 Index UNIVERSE 3.11 14 30
Fund 40 Fund POLICY 7.03 -11.08   42.5 Ratio POLICY 2.62 8.51   42.5
Index -7.1 Index 2005 96 -16.86 3 Yr 2005 18 -2.84
Ratio 10.38 Ratio 14.34 5.46 21.13 -2.2 2.02 9.68   5.11
3 Yr 17.48 3 Yr 40 -0.02 37.99 -2.5 68 8.13 7.95
-2.1 -12.38 -2.8 13.15 -3.26 -30.46 87.6 2.02 7.33   -0.89
-2.7 7.71 -4.3 65 -6.04 15.15 5 Yr 68 6.21 3.56
80 1 65.9 17.4 -10.93 1 -2.6 4.66 0.36 1
5 Yr 0 5 Yr 15.26 2000 0 -3.7 2.94 2000 0
-1.7 1 -6.3 2000 FUND 13.83 -5.56   1 69.4 2000 FUND 2.38 12.61   1
-3.9 0.3 -8.9 UNIVERSE 12.71 98 0.16 10 Yr UNIVERSE 1.89 8 0.62
42.9 2.35 70.2 POLICY 10.8 -6.49   2.37 -2 POLICY 1.28 11.84   2.2
10 Yr 0 10 Yr 2004 99 0 -3 2004 15 0
-10 Diff -23 12.54 16.45 Diff 67.9 3.49 13.05   Diff
-11.8 -2 ############################################### 80 9.38 -1 9/30/1992 33 11.01 -3
84.8 2 87.5 13.64 5.82 1 Incept 3 9.44   3
9/30/1992 20 9/30/1992 56 1.47 15 -2.7 49 7.02 15
Incept 1.16 Incept 18.63 -4.06 1.86 -3.3 7.43 -8.83 0.66
-9.4 0.95 -22.5 15.99 1999 1.01 80.4 3.83 1999 -0.18
-11 -0.21 -25.4 1999 FUND 13.84 19.52   -0.85 1999 FUND 2.96 -2.72   -0.84
85.4 -1 88.6 UNIVERSE 12.73 46 -0.57 UNIVERSE 2.27 88 0.23
-0.18 POLICY 9.94 20.41   -0.73 POLICY 1.54 -2.15   -0.21
-0.06 2003 41 -0.08 2003 83 -0.07
1.22 20.44 35.59 2.27 7.39 7   0.57
-0.07 92 24.4 -0.06 21 2.72 -0.03
0.13 25.89 18.88 0.14 6.26 0.33   0.09
1.11 12 13.96 2.33 27 -1.4 0.35
2.1 26.84 8.02 3.57 15.41 -3.93 0.62
Incept 24.82 1998 Incept 6.36 1998 Incept
# of Negative Qtrs 1998 FUND 23.51 16.91   # of Negative Qtrs 1998 FUND 4.78 9.74   # of Negative Qtrs
# of Positive Qtrs UNIVERSE 21.77 13 # of Positive Qtrs UNIVERSE 3.82 7 # of Positive Qtrs
Batting Average POLICY 19.9 20.4   Batting Average POLICY 2.69 9.47   Batting Average
Worst Qtr 2002 6 Worst Qtr 2002 8 Worst Qtr
Best Qtr -9.95 21.24 Best Qtr 8.77 9.93   Best Qtr
Range 1 14.25 Range 6 8.09 Range
Worst 4 Qtrs -20.84 9.97 Worst 4 Qtrs 8.65 6.94 Worst 4 Qtrs
Standard Deviation 73 6.68 Standard Deviation 8 5.76 Standard Deviation
Beta -13.6 1.46 Beta 8.8 -0.13 Beta
Annualized Alpha -17.43 1997 Annualized Alpha 7.65 1997 Annualized Alpha
R-Squared -19.6 38.59 R-Squared 6.86 8.55 R-Squared
Sharpe Ratio -20.92 1 Sharpe Ratio 5.67 54 Sharpe Ratio
Treynor Ratio -23.34 30.86 Treynor Ratio 1.79 9.75 Treynor Ratio
Tracking Error 2001 16 Tracking Error 2001 26 Tracking Error
Information Ratio -31.03 33.38 Information Ratio 13.27 14.34 Information Ratio
Fund 83 29.54 Fund 4 9.77 Fund
12 -30.46 26.7 14 13.04 8.72 13
48 79 23.64 46 7 7.12 47
60 -4.4 16.88 53.33 13.13 5.89 61.67
-5.94 -17.31 1996 -15 12.35 1996 -2.78
11.33 -27.38 19.67 22.14 11.69 5.98 5.99
17.27 -29.99 69 37.14 10.55 20 8.77
-13.38 -35.76 21.34 -31.03 0.57 2.91 -3.65
7.15 2000 52 13.37 2000 74 3.62
0.96 17.11 28.78 0.93 6.22 13.49 0.96
1.12 27 24.05 1.76 33 5.37 0.33
0.91 12.38 21.49 0.93 6.47 3.97 0.97
0.69 60 18.8 0.6 17 2.83 0.62
5.1 32.68 14.89 8.62 6.94 1.19 2.32
2.15 17.34 1995 3.74 6.33 1995 0.63
0.42 13.17 37.47 0.31 5.96 23.05 0.17
Index 10.73 31.79 Index 5.47 18.43 Index
15 0.67 28.75 15 2.92 16.26 16
45 1999 25.73 45 1999 12.82 44
40 30.59 21.74 46.67 -0.41 8.28 38.33
-7.1 16 -16.86 72 -2.84
10.38 26.68 21.13 -0.5 5.74
17.48 59 37.99 75 8.58
-12.38 37.63 -30.46 3.72 -2.9
7.07 28.36 13.79 1.67 3.71
1 27.21 1 0.54 1
0 17.91 0 -0.58 0
1 10.56 1 -2.06 1
0.57 0.5 0.57
4 6.86 2.12
0 0 0
Diff Diff Diff
-3 -1 -3
3 1 3
20 6.66 23.34
1.16 1.86 0.06
0.95 1.01 0.25
-0.21 -0.85 0.19
-1 -0.57 -0.75
0.08 -0.42 -0.09
-0.04 -0.07 -0.04
1.12 1.76 0.33
-0.09 -0.07 -0.03
0.12 0.1 0.05
1.1 1.76 0.2
2.15 3.74 0.63