HOLLYWOOD POLICE PDF
LOCK INVERNESS EQUITY EXECUTIVE HERE LOCK LOCK INVERNESS EQ. UNIVERSE HERE(p1) N/A LOCK LOCK INVERNESS EQUITY RISK HERE LOCK LOCK DHJ EQUITY EXECUTIVE HERE LOCK LOCK DHJ EQUITY Universe HERE(p1) N/A LOCK LOCK DHJ EQUITY RISK HERE LOCK EAGLE SMALL CAP EXECUTIVE HERE LOCK LOCK EAGLE SMALL CAP UNIVERSE HERE(P1) N/A LOCK LOCK EAGLE SMALL CAP RISK HERE LOCK LOCK BUCKHEAD TOTAL EQ EXECUTIVE HERE LOCK LOCK BUCKHEAD TOTAL EQ UNIVERSE HERE(P1) N/A LOCK LOCK BUCKHEAD TOTAL EQ RISK HERE LOCK LOCK LOCK LOCK LOCK LOCK LOCK LOCK
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 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 Hollywood Police Pension Fund Hollywood Police Pension Fund %
Inverness Stock Returns Inverness Stock Returns Inverness Stock Returns Inverness Stock Returns DHJ Total Net Returns (Stocks + Cash) DHJ Total Net Returns (Stocks + Cash) DHJ Total Gross Returns (Stocks + Cash) DHJ Total Net Returns (Stocks + Cash) EAM Net Total (Stocks + Cash) EAM Net Total (Stocks + Cash) EAM Gross Total (Stocks + Cash) EAM Net Total (Stocks + Cash) Buckhead Net Total (Equity + Cash) Buckhead Net Total (Equity + Cash) Buckhead Gross Total (Equity + Cash) Buckhead Net Total (Equity + Cash)
Executive Summary Universe Comparisons Universe Comparisons Risk Measures Executive Summary Universe Comparisons Universe Comparisons Risk Measures Executive Summary Universe Comparisons Universe Comparisons Risk Measures Executive Summary Universe Comparisons Universe Comparisons Risk Measures
40 Broad Large Cap Core Broad Large Cap Core 42 45 Broad Large Cap Growth Conservative Broad Large Cap Growth Core 47 50 Broad Small Cap Broad Small Cap 52 55 Broad Large Cap Value Core Broad Large Cap Value Core 57
Inception date is September 30, 1992 41 50 3 Yr Inception date is March 31, 2000 46 60 3 Yr Inception date is March 31, 2003 51 68 Incept 2 Yr Inception date is December 31, 2003 56 76 1 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 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 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 September 30, 2007 Fiscal Year Returns Ending September Batting Average Returns are net of fees. Incept is March 31, 2000 to September 30, 2007 Fiscal Year Returns Ending September Batting Average Returns are net of fees. Incept is March 31, 2003 to September 30, 2007 Fiscal Year Returns Ending September Batting Average Returns are net of fees. Incept is December 31, 2003 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 Account Reconciliation Trailing Returns through September 30, 2007 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr
Beginning Value Fund 75-95th %tile Fund S&P 500 Best Qtr Beginning Value Fund 75-95th %tile Fund R1000G Best Qtr Beginning Value Fund 75-95th %tile Fund FR2000 Best Qtr Beginning Value Fund 75-95th %tile Fund R1000V Best Qtr
Net Flows Return -40.00% Range Net Flows Return -75.00% Range Net Flows Return -50.00% Range Net Flows Return -30.00% Range
Investment G/L %-tile -30.00% Worst 4 Qtrs Investment G/L %-tile -50.00% Worst 4 Qtrs Investment G/L %-tile -25.00% Worst 4 Qtrs Investment G/L %-tile -20.00% Worst 4 Qtrs
Ending Value S&P 500 -20.00% Standard Deviation Ending Value R1000G -25.00% Standard Deviation Ending Value FR2000 0.00% Standard Deviation Ending Value R1000V -10.00% Standard Deviation
9/30/2007 Return -10.00% Beta 9/30/2007 Return 0.00% Beta 9/30/2007 Return 25.00% Beta 9/30/2007 Return 0.00% Beta
Qtr %-tile 0.00% Annualized Alpha Qtr %-tile 25.00% Annualized Alpha Qtr %-tile 50.00% Annualized Alpha Qtr %-tile 10.00% Annualized Alpha
74,821 Universe 10.00% R-Squared 25,993 Universe 50.00% R-Squared 11,460 Universe 75.00% R-Squared 15,470 Universe 20.00% R-Squared
-374 5th %-tile 20.00% Sharpe Ratio 125 5th %-tile 75.00% Sharpe Ratio 62 5th %-tile 100.00% Sharpe Ratio 81 5th %-tile 30.00% Sharpe Ratio
4,975 25th %-tile 30.00% Treynor Ratio 1,516 25th %-tile Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 Treynor Ratio -178 25th %-tile Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 Treynor Ratio -99 25th %-tile 40.00% Treynor Ratio
79,422 50th %-tile 40.00% Tracking Error 27,634 50th %-tile Fiscal Year Returns Ending September Tracking Error 11,345 50th %-tile Fiscal Year Returns Ending September Tracking Error 15,453 50th %-tile Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 Tracking Error
2007 75th %-tile 50.00% Information Ratio 2007 75th %-tile Fund Information Ratio 2007 75th %-tile Fund Information Ratio 2007 75th %-tile Fiscal Year Returns Ending September Information Ratio
YTD 95th %-tile Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 Fund YTD 95th %-tile Return Fund YTD 95th %-tile Return Fund Fund YTD 95th %-tile Fund Fund
67,953 1 Yr Fiscal Year Returns Ending September 3 23,273 2 Qtrs %-tile 2 9,215 2 Qtrs %-tile 3 13,593 2 Qtrs Return 1
-5,734 26.79 0.2679 Fund 9 120 11.99 R1000G 10 77 5.2 FR2000 5 78 4.89 %-tile 3
17,202 1   Return 58.33 4,241 57 Return 50 2,052 38 Return Batting Average 75 1,782 84 R1000V 25
79,422 16.44 0.1644 %-tile -1.55 27,634 11.35 %-tile -3.78 11,345 1.19 %-tile -2.78 15,453 4.67 Return -0.66
9/30/1992 43 S&P 500 9.72 3/31/2000 81 Universe 10.88 3/31/2003 72 Universe 11.93 12/31/2003 86 %-tile 6.77
Incept 22.84 Return 11.27 Incept 17.12 5th %-tile 14.66 Incept 14.71 5th %-tile 14.71 Incept 11.51 Universe 7.43
  18,638 17.81 %-tile 7.98 10,795 15.32 25th %-tile 3.67 4,822 8.05 25th %-tile 9.79 7,800 8.45 5th %-tile 13.09  
-33,091 16.27 Universe 7.56 14,205 12.2 50th %-tile 8.21 89 3.26 50th %-tile Standard Deviation 10.31 3,185 7.1 25th %-tile 8.41
93,874 15.53 5th %-tile 0.9 2,635 11.71 75th %-tile 0.95 6,434 0.81 75th %-tile Beta 0.82 4,468 5.65 50th %-tile BETA 0.94
79,422  79,422,000                                                                                                             12 25th %-tile 5.45 27,634  27,634,000 9.17 95th %-tile -0.17 11,345  11,345,000 -2.08 95th %-tile Annualized Alpha 6.19 0.0619 15,453           15,453,000 3.48 75th %-tile ALPHA -0.35 -0.0035 #REF!
Investment Policy 2 Yr 50th %-tile 0.79 Investment Policy 3 Qtrs Qtr 0.93 Investment Policy 3 Qtrs Qtr R-Squared 0.92 Investment Policy 3 Qtrs 95th %-tile 0.96
Index 19.73 75th %-tile 1.83 Index 14.89 QU. FUND -3.66 -0.0366 0.9 Index 11.29 QU. FUND -2.59 -0.0259 1.08 Index 5.92 Qtr 0.96
S&P 500 1 95th %-tile 15.37 Russell 1000 Growth 43 UNIVERSE 39   7.8 Russell 2000 31 UNIVERSE 12   13.59 Russell 1000 Value 82 -0.49 -0.0049 8.6
Total 13.58 Qtr 3.56 Total 12.67 POLICY -3.9 -0.039 2.25 Total 3.16 POLICY -5.02 -0.0502 3.57 Total 5.97 36   1.73
Weight 41 -1.55 -0.0155 1.31 Weight 62 46 -0.36 Weight 79 54 1.32 Weight 82 0.59 0.0059 -0.79
100 1 Yr FUND 17.16 QU. FUND 41   S&P 500 100 17.66 -1.39 R1000G 100 18.83 -1.91 Policy FR2000 100 14.45 13 R1000V
100 UNIVERSE 14.53 UNIVERSE -1.44 -0.0144 2 100 16.47 -3.05 2 100 11.9 -3.39 2 100 9.74 1.73 1
Trailing Returns through September 30, 2007 POLICY 13.43 POLICY 30 10 Trailing Returns through September 30, 2007 13.23 -4.08   10 Trailing Returns through September 30, 2007 6.61 -4.84   6 Trailing Returns through September 30, 2007 8.44 -0.06 3
Fund 12.99 0.64 41.67 Fund 12.37 -5.16 50 Fund 3.68 -6.35 25 Fund 6.54 -1.29 75
S&P 500 11.48 -1.19 -2.15 R1000G 11.18 -6.87   -4.09 FR2000 -0.12 -9.22   -5.02 R1000V 4.12 -1.6 -0.24
Diff 3 Yr -1.85 9.23 Diff 1 Yr YTD 9.17 Diff 1 Yr YTD 13.93 Diff 1 Yr -3.2   8
1 Yr 17.8 0.178 -3.28   11.38 1 Yr 18.2 0.182 2.22 13.26 1 Yr 22.24 0.2224 10.76 18.95 1 Yr 13.09 0.1309 YTD 8.24 1 Yr FUND #REF!
26.79 3   -5.66 4.91 1/18/1900 84 64 5.26 1/22/1900 20 20 5.91 1/13/1900 86   6.81   14.45 UNIVERSE
16.44 13.14 0.1314 YTD   7.42 19.35 19.35 0.1935 2.02 8.3 12.34 12.34 0.1234 9.44 Standard Deviation 12.04 14.45 14.45 0.1445 24 8.82 POLICY #REF!
10.35 49 6.94 1 -1.15 55 67 1 9.9 72 28 1 -1.36 78 7.91 1
2 Yr 17.34 16 0 2 Yr 24.53 8.65 0 2 Yr 29.81 13.84 0 2 Yr 22.93 13 0
19.73 14.3 4.85 1 1/10/1900 21.4 5.33 1 1/15/1900 20.77 9.78 1 1/12/1900 17.32 9.32 1
13.58 13.08 42 1.24 12.5 19.49 2.98 0.99 11.13 15.19 7.83 0.53 14.53 16.09 6.74 1.07
6.15 12.66 8.45 9.17 -1.64 18.83 1.38 8.22 4.72 11.98 5.58 6.42 -2.17 14.63 4.82 9.44
3 Yr 11.6 5.82 0 3 Yr 17.14 -1.66 0 3 Yr 8.13 1.51 0 3 Yr 10.97   4.38 0
1/17/1900 4 Yr 4.67 Diff 11.38 2 Yr 2005   Diff 1/17/1900 INCEPTION 2 Yr 2005   Diff 1/12/1900 2 Yr 1.98 Diff
Incept ROR 13.14 16.75 3.13 1   1/12/1900 10.86 2004 FUND 13.12 0.1312 0 1/13/1900 UNIVERSE 15.85 2004 FUND 21.9 0.219 1 1/15/1900 12.36 0.1236 2005 0     
Fund 4.66 10 0.06 -1   -0.81 100 UNIVERSE 55   0 4.17 POLICY 18 UNIVERSE 23   -1 -3.25 87 11.9 0.119 0     
Policy 4 Yr 13.32 2005 16.66   4 Yr 12.5 POLICY 11.6 0.116 0 4 Yr 11.13 POLICY 17.95 0.1795 50 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 14.53 0.1453 62   -50    
16.75 51 14.04   0.6 1/9/1900 49 71 0.31 1/18/1900 54 63 2.24 12/31/2003 34 16.69 0.1669 -0.42
13.32 3 Yr FUND 17.94 2004 FUND 38 0.49 1/11/1900 1 Yr FUND 14.84 25.77 1.71 1/14/1900 18.08 26.4 -2 Incept 18.39 23 -1.23
3.43 UNIVERSE 14.72 UNIVERSE 12.25 -0.11 -1.47 UNIVERSE 13.4 18.07 1.4 3.82 14.58 21.72 -4.24 10.04 15.34 24.1 -0.81
5 Yr POLICY 13.34 POLICY 57 3.07 5 Yr POLICY 12.45 13.56   -1.59 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr   11.32 19.25   3.88 13.64 13.53 16.12 -1.36
17.49 12.83 22.88 0.14 1/11/1900 12.14 11.02 -0.09 3/31/2003 9.77 16.53 -1.73 ############################################### 12.97 12.74   -0.41
15.45 11.55 15.79 -0.1 13.84 11.4 7.76   -0.05 Incept 6.47 11.14   -0.18 Fiscal Year Returns Ending September 11.46 11.06 -0.06
2.04 5 Yr   12.59 5.45 -2.53 3 Yr 2004   -0.17 20.72 3 Yr 2004   6.19 Fund 3 Yr 7.98   -0.35
6 Yr 17.49 0.1749 11.47 -0.21 6 Yr 11.38 0.1138 2003 FUND 4.69 0.0469 -0.07 20.67 3 Yr FUND 17.53 0.1753 2003 FUND 22.46 0.2246 -0.08 R1000V 12 0.12 2004   -0.04 3 Yr FUND #REF!
12.82 12   7.61 0.59 5.89 100 UNIVERSE 87   -0.09 1/0/1900 UNIVERSE 17 UNIVERSE 26   0.55 Diff 92 23.92 0.2392 -0.11  N/A
8.5 15.45 0.1545 2004 6.2 1/6/1900 12.19 0.1219 POLICY 7.51 0.0751 -0.42 Fiscal Year Returns Ending September POLICY 13.36 0.1336 POLICY 18.78 0.1878 7.17 9/30/2007 15.25 0.1525 18.34   -0.84   #REF!
4.32 47 13.63 3.56 -0.88 75 61 2.25 Fund 64 54 3.57 Qtr 25 14.42 0.1442 1.73
7 Yr 19.23 2003 FUND 39 5 Yr 7 Yr 16.13 15.25 5 Yr FR2000 20.28 28.92 3 Yr -0.66 18.48 13.02 2 Yr
5.16 16.41 UNIVERSE 13.87 5 Yr # of Negative Qtrs ############################################### 13.39   11.67 # of Negative Qtrs Diff 16.09 22.49 # of Negative Qtrs -0.24 15.25 8.08 # of Negative Qtrs
1/2/1900 15.33 POLICY 35 # of Positive Qtrs ############################################### 12.38 8.28 # of Positive Qtrs 9/30/2007 14.08 19.1 # of Positive Qtrs ############################################### 13.58 2003 # of Positive Qtrs
2.56   14.84 19.71 Batting Average 1/2/1900 12.19 6.32 Batting Average Qtr 12.67 16.07 Batting Average 6/29/1905 12.93 27.67 Batting Average
8 Yr   13.28 14.67 Worst Qtr 8 Yr 9 Yr 10 Yr 11.85 2.06 Worst Qtr -1.57 10.64 8.02 Worst Qtr YTD 11.42 23.98 Worst Qtr
1/6/1900 6 Yr 13.19 Best Qtr 3/31/2000 4 Yr 2003   Best Qtr ############################################### 4 Yr 2003   Best Qtr 1/13/1900 4 Yr 21.95 Best Qtr
3.88 12.82 10.23 Range Incept 9.53 2002 FUND 19.31 0.1931 Range 1/1/1900 18.51 0.1851 2002 FUND 48.25 0.4825 Range 1/14/1900 18.78 19.27   Range
2.59 3 5.93 Worst 4 Qtrs -0.07 100 UNIVERSE 63   Worst 4 Qtrs 2007 16 UNIVERSE 34.58   Worst 4 Qtrs -1.36 15.92 15.84 Worst 4 Qtrs
9 Yr 8.5 2003 Standard Deviation -3.91 11 POLICY 25.91 0.2591 Standard Deviation YTD 14.69 0.1469 POLICY 30.01 0.3001 Standard Deviation 2006 14.46 2002   Standard Deviation 5 Yr FUND
8.92 50 20.49 Beta 1/3/1900 87 17 Beta 1/22/1900 67 25.9 Beta 1/11/1900 13.5 -6.38 Beta  N/A
6.19 5 Yr FUND 12.24 2002 FUND 73 Annualized Alpha Fiscal Year Returns Ending September 3 Yr FUND 16.02 30.61 Annualized Alpha 12.34 20.18 19.17 Annualized Alpha 14.62 12.62 -15.42 Annualized Alpha  
2.73 UNIVERSE 9.85 UNIVERSE 24.4 R-Squared Fund UNIVERSE 12.51 23.77 R-Squared 9.9 17.02 2002 R-Squared -2.99 5 Yr -18.95 R-Squared
10 Yr POLICY 8.49 POLICY 25 Sharpe Ratio R1000G POLICY 11.48 20.39   Sharpe Ratio 2006 15.53 6.59   Sharpe Ratio 2005 19.63 -20.72 Sharpe Ratio
8.68 7.94 29.75 Treynor Ratio Diff 11.23 18.37 Treynor Ratio 9.79 14.27 -1.82 Treynor Ratio 11.29 17.1 -24.03   Treynor Ratio
1/6/1900 6.26 24.33 Tracking Error 9/30/2007 10.94 14.19   Tracking Error 1/9/1900 12.22 -7.42   Tracking Error 1/16/1900 16.01 2001 Tracking Error
2.1 7 Yr 23.28 Information Ratio Qtr 5 Yr 2002   Information Ratio -0.13 5 Yr -12.12   Information Ratio -5.4 15.4 5.47   Information Ratio
9/30/1992 5.16 20.05 Fund Fund 5.81 11.31 0.1131 2001 FUND -17.07 -0.1707 Fund 2005 5 Yr FUND 23.42 2001 FUND -19.94 -0.1994 Fund 2004 2003 2002 2001 2000 1999 1998 14.45 -5.14   Fund #REF!
Incept 32 14.08 5 4.2 100 UNIVERSE 15   5 1/20/1900 N/A 20.47 UNIVERSE 2001   4 Returns in Up Markets 6 Yr -13.19 -0.27 2
12.48 2.6 2002 15 1.61 13.84 0.1384 POLICY -22.51 -0.2251 15 17.95   18.57 POLICY 9.26 0.0926 8 Fund 12.68 -23.01   6 #REF!
11.21 54 -7.86 Batting Average 50 2007 32 63 35 1/3/1900 17.34 -2.9 75 R1000V 10.56 -27 0.2225 25
1.27 9.14 2001 FUND 1 -1.92 YTD 18.24 -12.11 -5.04 2004 15.74 -15.03 -3.38 Ratio 9.58 2000 -0.66
Fiscal Year Returns Ending September 6.47 UNIVERSE -20.49 12.92 18.2 14.29 -19.07 10.88 1/21/1900 6 Yr -25.09 14.17 1 Yr 8.48 22.25 6.77
Fund 2.68 POLICY 60 14.84 1/19/1900 13.21 -21.45 15.92 1/18/1900 18.78 -41.08 17.55 1/13/1900 7.53 13.38 7.43
S&P 500 2.2 -10.38 5.29 -1.15   12.95 -23.71 3.43 2.72 15.94 2000 7.22 14.7 7 Yr 8.39 11.63
Diff 0.02 -17.12 Standard Deviation 9.4 2006   12.28 -29.04 9.57 2003 2002 2001 2000 1999 1998 14.44 62.14 10.82 94 11.16 3.08 7.1
9/30/2007 8 Yr -19.82 Beta 0.91 3.97 6 Yr 2001   0.9 Returns in Up Markets 12.43 39.49   Beta 0.79 2 Yr 8.52 -3.5 0.83
Qtr 6.47 -21.16 Annualized Alpha 3.1 0.031 6.03 5.89 2000 FUND -30.23 -0.3023 -1.03 -0.0103 Fund 9.18 2000 FUND 30.15 0.3015 Alpha 6.42 0.0642   14.7 6.77 1999   0.42 0.0042  
6.84 31 -25.68 R-Squared 0.87   -2.06 87 UNIVERSE 7   0.94 FR2000 7 Yr UNIVERSE 19.95   0.91 1/16/1900 4.76 28.08 0.1547 0.83
2.03 3.88 2001 1.56 2005 6.77 POLICY -45.64 -0.4564 0.89 Ratio 17.14 POLICY 9.11 0.0911 1.25 86.6 2.48 20.54   1.08
4.81 64 -31.06 16.11 12.44 48 84 9.42 2 Yr 13.52 1999 17.16 3 Yr 8 Yr 15.47 0.0446 9.22
2007 9.72 2000 FUND 84 3.46 11.6 5 Yr FUND 10.5 -29.08 2.62 1/25/1900 10.29 50.94 4.24 13.4 10.36 11.7 3.22
YTD 7.03 UNIVERSE -26.62 0.59 0.84 UNIVERSE 8.16 -35.09 -0.97 21.6 6.99 31.67 0.98 1/16/1900 8.59 4.46 -0.67
26.79 4.29 POLICY 52 Policy S&P 500 2004 POLICY 6.67 -38.5 R1000G 116.9 1.26 21.4 FR2000 79.7 7.27 1998 R1000V
16.44 3.62 -12.56 4 1/4/1900 6.37 -43.41 4 3 Yr 8 Yr 11.57 3 12/31/2003 4.94 9.83 1
10.35 2.77 -20.73 16 7.51 5.57 -51.41 16 28.4 18.07 1.61 9 Incept 3.67 6.07 7
2006 9 Yr -26.57 50 -3.34 7 Yr 2000 65 25.7 14.98 1998 25 11 Fiscal Year Returns Ending September 1.83 75
13.06 8.92 -28.89 -3.15 2003 -0.3 46.3 -5.23 110.8 12.62 -1.61 -5.34 14.8 Fund -0.8 -0.24
10.79 21 -35.02 15.39 18.73 42 27.14 14.31 4 Yr 9.66 -9.72 14.09 74.5 Return -5.82 8
1/2/1900 6.19 2000 18.54 25.91 -3.05 20.88 19.54 1/29/1900 5.85 -16.12 19.43 Returns in Down Markets %-tile 8.24
2005 65 16.14 4.91 -7.18 91 14.34 1.16 26.9 Fiscal Year Returns Ending September -20.15 4.55 Fund R1000V 14.45
14.04 10.59 30 9.62 2002   4.42 8.45 10.24 109.3 Fund -27.66 13.12 R1000V Return 7.82
1/12/1900 8.51 13.28 Standard Deviation 1 ############################################### 1.94 1999 1 3/31/2003 Return   1 Ratio %-tile 1
1/1/1900 6.68 46 0 -22.51 -1.25 38.21 0 Incept %-tile 0 1 Yr Universe 0
2004 5.96 27.56 1 5.01 -1.95 31.55 1 30.9 FR2000   1 ############################################### 5th %-tile 1
13.63 5.34 17 1.31 2001 -3.61 27.96 1.08 33.5 Return 0.72 -0.2 25th %-tile 1.26
13.87 10 Yr 13.02 12.62 -30.55 8 Yr 26.33 11.01 92.1 %-tile 9.39 275 50th %-tile #VALUE! 9.82 QU. FUND #REF!
-0.24 8.68 9.15 0 -45.64 7.35 20.01 0 Returns in Down Markets Universe 0 2 Yr 75th %-tile 0 UNIVERSE
2003 12 1.34 Diff 15.09 3.05 1998 Diff Fund 5th %-tile Diff -0.7 95th %-tile #VALUE! Diff POLICY #REF!
20.49 6.58 1999 1 2000 1999 1998 2.19 16.52 1 FR2000 25th %-tile 1 -0.2 Qtr 1
24.4 45 30.59 -1 Returns in Up Markets 1.54 9.1 -1 Ratio 50th %-tile #VALUE! -1 275 -0.66 -0.0066 -1
-3.91 9.49 19 0 Fund 0.25 7.45 -30 2 Yr 75th %-tile 50 3 Yr 71 -50
2002 7.52 26.68 1.23 R1000G Fiscal Year Returns Ending September 2.95 0.19 -4.3 95th %-tile #VALUE! 1.96 -0.7 -0.24 -0.0024 -0.42
-7.86 6.43 41 -2.47 Ratio Fund -4.96 -3.43 -8 Qtr 0.08 -0.2 60 -1.23
-20.49 6.02 36.18   -3.7 3 Yr Return -3.62 54.1 QU. FUND -1.57 -0.0157   -1.88 275 3.17 -0.81
12.63 4 28.77 0.38 1/17/1900 %-tile 2.27 3 Yr UNIVERSE 43 2.67 12/31/2003 2 -2.82
2001 Fiscal Year Returns Ending September 24.51   -0.22 18.6 R1000G -0.67 -7.5 POLICY -3.09 -0.0309   -2.3 Incept 1.07 -0.72
-31.06 Fund 16.71 -0.09 91.5 Return -0.1 -12.9 60 -0.21 -0.7 -0.95 -0.17
-26.62 Return 9.03 3.1 5 Yr %-tile -1.03 58.6 5.65 6.42 -0.2 -1.96 0.42
-4.44 %-tile 1998 -0.13 1/18/1900 Universe -0.06 4 Yr 0.78 -0.09 275 YTD -0.17
2000 S&P 500 6.61 0.25 22 5th %-tile -0.19 -9 -2.57 0.53 13.09 -0.18
16.14 Return 31 3.49 83.7 25th %-tile -1.59 -15.4 -4.55 7.77 86 -0.6
13.28 %-tile 10.1 3.46 7 Yr 50th %-tile #VALUE! 2.62 58.7 -6.77 4.24 14.45 3.22
1/2/1900 Universe 13 10 Yr 1/19/1900 75th %-tile 7 Yr 3/31/2003 YTD 4 Yr 78 3 Yr Incept
1999 5th %-tile 15.53 # of Negative Qtrs 25.3 95th %-tile #VALUE! # of Negative Qtrs Incept 22.24 # of Negative Qtrs 22.93 # of Negative Qtrs
30.59 25th %-tile 7.46 # of Positive Qtrs 77.9 Qtr # of Positive Qtrs -9 20 # of Positive Qtrs 17.32 # of Positive Qtrs
26.68 50th %-tile 3.17   Batting Average 3/31/2000 5.81 0.0581 Batting Average -15.4 12.34 Batting Average 16.09 Batting Average 2002 FUND #REF!
3.91 75th %-tile -0.89 Worst Qtr Incept 47 Worst Qtr 58.7 72 Worst Qtr 14.63 Worst Qtr UNIVERSE
1998 95th %-tile -8.95   Best Qtr 19.7 4.2 0.042 Best Qtr 29.81 Best Qtr 10.97 Best Qtr POLICY #REF!
6.61 Qtr 27.93 Range 25.3 86 Range 20.77 Range 2006 Range
10.1 6.84 0.0684 Worst 4 Qtrs 3/17/1900 9.36 Worst 4 Qtrs 15.19 Worst 4 Qtrs 11.63 Worst 4 Qtrs
-3.49 1 Standard Deviation Returns in Down Markets 8.08 Standard Deviation 11.98 Standard Deviation 46 Standard Deviation
Returns in Up Markets 2.03 0.0203 Beta Fund 5.54 Beta 8.13 Beta 14.62 Beta
Fund 32 Annualized Alpha R1000G 4.56 Annualized Alpha 2006 Annualized Alpha 9 Annualized Alpha
S&P 500 5.55   R-Squared Ratio 3.07 R-Squared 2002 FUND 9.79   R-Squared 15.53 R-Squared
Ratio 2.11 Sharpe Ratio 3 Yr YTD Sharpe Ratio UNIVERSE 30 Sharpe Ratio 13.04 Sharpe Ratio
3 Yr 1.83   Treynor Ratio -6.7 18.2 Treynor Ratio POLICY 9.92   Treynor Ratio 11.24 Treynor Ratio 2001 FUND #REF!
22.6 0.94 Tracking Error -7.8 84 Tracking Error 29 Tracking Error 10.32 Tracking Error UNIVERSE
17.7 -1.48   Information Ratio 85.8 19.35 Information Ratio 14.58 Information Ratio 7.31 Information Ratio POLICY #REF!
127.8 YTD Fund 5 Yr 55 Fund 10.38 Fund 2005 Fund
5 Yr 26.79 14 -13 24.53 10 7.72 5 11.29 2
23.7 1 26 -13.6 21.4 18 4.83 11 73 10  
22.3 16.44 55 95.7 19.49 46.43 2.19 68.75 16.69 25 Batting Average
106.1 43 -15.47 7 Yr 18.83 -14.83 2005 -3.38 23 -0.66
10 Yr 22.84   22.14 -28.3 17.14 10.88 2001 FUND 20.95   14.26 24.1 9.38
29.8 17.81 37.61 -38.9 2006 25.71 UNIVERSE 35 17.64 16.12 10.04
27.2 16.27   -31.06 72.7 3.97 -30.55 POLICY 17.95   7.22 12.74 4.62 2000 FUND #REF!
109.5 15.53 14.58 3/31/2000 78 12.94 63 10.69 11.06 7.16  N/A Standard Deviation
9/30/1992 12.47   0.96 Incept 6.03 0.7 26.4 0.76 7.98 0.82   #REF! Beta
Incept 2006 2.32   -23.8 59 1.64 0.0164 21.72 6.71 0.0671 2004 -0.38 -0.0038 Annualized Alpha #REF!
26.8 13.06 0.91 -35.5 12.28 0.87 19.25 0.9 23.92 0.79 R-Squared
25.5 9 0.34 3/7/1900 10.11 -0.26 16.53 1.43 18.34 1.12
105.1 10.79 5.24 6.63 -4.74 11.14 20.11 14.42 9.79
Returns in Down Markets 29 4.31 4.5 6.99 2004 4.64 13.02 3.57
Fund 13.68   0.49 0.01 0.39 2000 FUND 21.5   0.82 8.08 -0.91
S&P 500 10.94 S&P 500 2005 R1000G UNIVERSE 31 FR2000 2003 R1000V Policy
Ratio 10.25   13 12.44 10 POLICY 18.78   4 27.67 1 1999 FUND #REF!
3 Yr 7.48 27 65 18 54 12 23.98 11  N/A
-1.7 2.85   45 11.6 53.57 28.92 31.25 21.95 75   #REF!
-3.6 2005 -17.28 71 -21.35 22.49 -5.34 19.27 -0.24
48 14.04 21.13 25.06 15.14 19.1 14.52 15.84 10.38
5 Yr 38 38.41 17.68 36.49 16.07 19.86 2002 10.62
-4.3 12.25 -26.62 13.67 -45.64 8.02 4.55 -6.38 7.05
-8.3 57 14.59 10.23 17.29 2003 13.34 -15.42 7.7 Standard Deviation
51.8 22.88   1 6.73 1 1999 FUND 48.25   1 -18.95 1
10 Yr 15.79 0 2004 0 N/A 34.58 0 -20.72 0
-24.8 12.59   1 4.17 1   30.01   1 -24.03 1 1998 FUND #REF!
-26.2 11.47 0.2 94 -0.35 25.9 0.86 2001 1.46  N/A
94.7 7.61   2.93 7.51 -6.07 19.17 11.46 5.47 11.28   #REF!
9/30/1992 2004 0 73 0 2002 0 -5.14 0
Incept 13.63 Diff 18.36 Diff 6.59 Diff -13.19 Diff
-24.2 39 1 12.29 0 -1.82 1 -23.01 1
-25.3 13.87 -1 10.02 0 -7.42 -1 -27 -1
95.6 35 10 7.03 -7.14 -12.12 37.5 2000 -50
19.71 1.81 3.61 6.52 1998 FUND -19.94 1.96 22.25 -0.42
14.67 1.01 2003 -4.26 N/A 2001 -0.26 13.38 -1
13.19   -0.8 18.73 -10.78   9.26   -2.22 8.39 -0.58 #REF!
10.23 -4.44 70 15.09   -2.9 2.67 3.08 -2.43
5.93   -0.01 25.91 -4.35 -15.03   -2.65 -3.5 -0.54 #REF!
2003 -0.04 8 -0.3 -25.09 -0.24 1999 -0.18
20.49 2.32 26.39 1.64 -41.08 6.71 28.08 -0.38
73 -0.09 23.7 -0.13 2000 -0.1 20.54 -0.21
24.4 0.14 21.45 0.09 62.14 0.57 15.47 -0.34
25 2.31 17.27 1.33 39.49 8.65 11.7 -1.49
29.75 4.31 11.31 6.99 30.15 4.64 4.46 3.57
24.33 Incept Incept 2002 Incept Incept 19.95 Incept Incept
23.28   # of Negative Qtrs -17.5 # of Negative Qtrs 9.11   # of Negative Qtrs # of Negative Qtrs  
20.05 # of Positive Qtrs 31 # of Positive Qtrs 1999 # of Positive Qtrs # of Positive Qtrs
14.08   Batting Average -22.51 Batting Average 50.94   Batting Average Batting Average  
2002 Worst Qtr 76 Worst Qtr 31.67 Worst Qtr Worst Qtr
-7.86 Best Qtr -9.79 Best Qtr 21.4 Best Qtr Best Qtr
1 Range -16.66 Range 11.57 Range Range
-20.49 Worst 4 Qtrs -19.49 Worst 4 Qtrs 1.61 Worst 4 Qtrs Worst 4 Qtrs
60 Standard Deviation -22.37 Standard Deviation Standard Deviation Standard Deviation
-10.38 Beta -28.93 Beta Beta Beta
-17.12 Annualized Alpha 2001 Annualized Alpha Annualized Alpha Annualized Alpha
-19.82 R-Squared -30.55 R-Squared R-Squared R-Squared
-21.16 Sharpe Ratio 45 Sharpe Ratio Sharpe Ratio Sharpe Ratio
-25.68 Treynor Ratio -45.64 Treynor Ratio Treynor Ratio Treynor Ratio
2001 Tracking Error 100 Tracking Error Tracking Error Tracking Error
-31.06 Information Ratio -25.35 Information Ratio Information Ratio Information Ratio
84 Fund Fund -28.09 Fund Fund Fund Fund
-26.62 15 -31.08 11 5 4
52   45 -33.4 19 13 11
-12.56 Batting Average 51.67 -36.39 Batting Average 50 61.11 26.67
-20.73 -15.47 2000 -14.83 -3.38 -1.13
-26.57 22.14 33.35 10.88 14.26 9.38
-28.89 37.61 16.1 25.71 17.64 10.51
-35.02 -31.06 12.97 -30.55 7.22 4.62
2000 Standard Deviation 13.48 12.4 Standard Deviation 12.93 10.52 7.07
16.14 Beta 0.96 6.57 Beta 0.68 0.69 0.84
30 Annualized Alpha 1.66 0.0166 1999 Annualized Alpha 2.39 0.0239 6.02 0.0602 0.000602 -1.17 -0.0117
13.28 R-Squared 0.9 38.73 R-Squared 0.87 0.86 0.77
46 0.63 29.66 -0.25 1.69 0.94
27.56 8.88 25.66 -4.82 25.7 7.92
17 4.22 20.21 7.48 5.98 3.58
13.02 0.3 17.15 0.51 0.01 -1.01
9.15 Policy S&P 500 Policy R1000G FR2000 R1000V
1.34 14 12 4 1
1999 46 18 14 14
30.59 48.33 50 38.89 73.33
19 -17.28 -21.35 -5.34 -0.24
26.68 21.13 15.14 23.42 10.38
41 38.41 36.49 28.76 10.62
36.18 -26.62 -45.64 4.55 7.05
28.77 Standard Deviation 13.38 Standard Deviation 17.83 14.19 7.39
24.51 1 1 1 1
16.71 0 0 0 0
9.03 1 1 1 1
0.54 -0.4 1.25 1.39
7.25 -7.12 17.68 10.25
0 0 0 0
Diff Diff Diff Diff
1 -1 1 3
-1 1 -1 -3
3.34 0 22.22 -46.66
1.81 6.52 1.96 -0.89
1.01 -4.26 -9.16 -1
-0.8 -10.78 -11.12 -0.11
-4.44 15.09 2.67 -2.43
0.1 -4.9 -3.67 -0.32
-0.04 -0.32 -0.31 -0.16
1.66 2.39 6.02 -1.17
-0.1 -0.13 -0.14 -0.23
0.09 0.15 0.44 -0.45
1.63 2.3 8.02 -2.33
4.22 7.48 5.98 3.58
-0.09
0.02
0.64
4.32