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 December 31, 2007 Fiscal Year Returns Ending September Batting Average Returns are net of fees. Incept is March 31, 2000 to December 31, 2007 Fiscal Year Returns Ending September Batting Average Returns are net of fees. Incept is March 31, 2003 to December 31, 2007 Fiscal Year Returns Ending September Batting Average Returns are net of fees. Incept is December 31, 2003 to December 31, 2007 Fiscal Year Returns Ending September Batting Average
Account Reconciliation Trailing Returns through December 31, 2007 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through December 31, 2007 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through December 31, 2007 5-25th %tile 25-50th %tile 50-75th %tile Worst Qtr Account Reconciliation Trailing Returns through December 31, 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
12/31/2007 Return -10.00% Beta 12/31/2007 Return 0.00% Beta 12/31/2007 Return 25.00% Beta 12/31/2007 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
79,422 Universe 10.00% R-Squared 27,634 Universe 50.00% R-Squared 11,345 Universe 75.00% R-Squared 15,453 Universe 20.00% R-Squared
-39 5th %-tile 20.00% Sharpe Ratio 1 5th %-tile 75.00% Sharpe Ratio 5 5th %-tile 100.00% Sharpe Ratio -1 5th %-tile 30.00% Sharpe Ratio
-2,385 25th %-tile 30.00% Treynor Ratio 10 25th %-tile Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 Treynor Ratio -163 25th %-tile Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 Treynor Ratio -1,248 25th %-tile 40.00% Treynor Ratio
76,998 50th %-tile 40.00% Tracking Error 27,645 50th %-tile Fiscal Year Returns Ending September Tracking Error 11,186 50th %-tile Fiscal Year Returns Ending September Tracking Error 14,203 50th %-tile Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 Tracking Error
2008 75th %-tile 50.00% Information Ratio 2008 75th %-tile Fund Information Ratio 2008 75th %-tile Fund Information Ratio 2008 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
79,422 1 Yr Fiscal Year Returns Ending September 4 27,634 2 Qtrs %-tile 2 11,345 2 Qtrs %-tile 4 15,453 2 Qtrs Return 2
-39 17.27 0.1727 Fund 8 1 5.85 R1000G 10 5 -2.98 FR2000 4 -1 -8.68 %-tile 2
-2,385 1   Return 66.67 10 68 Return 50 -163 31 Return Batting Average 75 -1,248 100 R1000V 25
76,998 5.49 0.0549 %-tile -2.96 27,645 3.41 %-tile -3.78 11,186 -7.53 %-tile -2.78 14,203 -6.03 Return -8.08
9/30/1992 40 S&P 500 9.72 3/31/2000 87 Universe 5.84 3/31/2003 54 Universe 11.93 12/31/2003 88 %-tile 5.58
Incept 13.55 Return 12.68 Incept 12.85 5th %-tile 9.62 Incept 5.69 5th %-tile 14.71 Incept 2.13 Universe 13.66
  18,638 7.56 %-tile 7.98 10,795 10.45 25th %-tile 3.67 4,822 -1.59 25th %-tile 9.69 7,800 -1.29 5th %-tile -2.64  
-33,129 5.25 Universe 8.01 14,205 6.43 50th %-tile 8.14 93 -7.06 50th %-tile Standard Deviation 10.35 3,184 -3.37 25th %-tile 9.82
91,489 3.9 5th %-tile 0.94 2,645 5.14 75th %-tile 0.92 6,270 -10.24 75th %-tile Beta 0.79 3,220 -4.44 50th %-tile BETA 0.96
76,998  76,998,000                                                                                                              0 25th %-tile 5.32 27,645  27,645,000 1.66 95th %-tile -0.28 11,186  11,186,000 -14.8 95th %-tile Annualized Alpha 7.57 0.0757 14,203           14,203,000 -7.38 75th %-tile ALPHA -2.46 -0.0246 #REF!
Investment Policy 2 Yr 50th %-tile 0.82 Investment Policy 3 Qtrs Qtr 0.92 Investment Policy 3 Qtrs Qtr R-Squared 0.94 Investment Policy 3 Qtrs 95th %-tile 0.93
Index 16.83 75th %-tile 1.2 Index 12.03 QU. FUND -3.66 -0.0366 0.43 Index 3.69 QU. FUND -2.59 -0.0259 0.93 Index -3.58 Qtr -0.75
S&P 500 1 95th %-tile 10.26 Russell 1000 Growth 70 UNIVERSE 39   3.76 Russell 2000 30 UNIVERSE 12   12.13 Russell 1000 Value 100 -0.49 -0.0049 -7.69
Total 10.53 Qtr 3.41 Total 10.5 POLICY -3.9 -0.039 2.36 Total -3.44 POLICY -5.02 -0.0502 3.67 Total -1.4 36   2.54
Weight 39 -1.55 -0.0155 1.52 Weight 85 46 -0.45 Weight 63 54 1.74 Weight 95 0.59 0.0059 -0.97
100 1 Yr FUND 14.6 QU. FUND 41   S&P 500 100 20.86 -1.39 R1000G 100 16.36 -1.91 Policy FR2000 100 10.78 13 R1000V
100 UNIVERSE 11.15 UNIVERSE -1.44 -0.0144 3 100 17.68 -3.05 3 100 5.67 -3.39 3 100 4.89 1.73 2
Trailing Returns through December 31, 2007 POLICY 10.27 POLICY 30 9 Trailing Returns through December 31, 2007 13.46 -4.08   9 Trailing Returns through December 31, 2007 -1.23 -4.84   5 Trailing Returns through December 31, 2007 2.77 -0.06 2
Fund 9.7 0.64 33.33 Fund 11.49 -5.16 50 Fund -5.61 -6.35 25 Fund 1.89 -1.29 75
S&P 500 7.22 -1.19 -3.33 R1000G 8.61 -6.87   -4.09 FR2000 -11.17 -9.22   -5.02 R1000V -1.49 -1.6 -5.8
Diff 3 Yr -1.85 6.7 Diff 1 Yr YTD 6.86 Diff 1 Yr YTD 13.93 Diff 1 Yr -3.2   4.92
1 Yr 13.8 0.138 -3.28   10.03 1 Yr 14.93 0.1493 2.22 10.95 1 Yr 9.69 0.0969 10.76 18.95 1 Yr -2.64 -0.0264 YTD 10.72 1 Yr FUND #REF!
17.27 2   -5.66 4.91 1/14/1900 46 64 5.26 1/9/1900 26 20 -1.56 ############################################### 100   6.81   -0.17 UNIVERSE
5.49 8.62 0.0862 YTD   7.68 11.81 11.81 0.1181 2.02 8.54 -1.56 -1.56 -0.0156 9.44 Standard Deviation 12.76 -0.17 -0.17 -0.0017 24 9.89 POLICY #REF!
11.78 48 6.94 1 3.12 84 67 1 11.25 68 28 1 -2.47 94 7.91 1
2 Yr 13 16 0 2 Yr 23.01 8.65 0 2 Yr 20.22 13.84 0 2 Yr 12.7 13 0
16.83 9.75 4.85 1 1/9/1900 19 5.33 1 1/14/1900 9.78 9.78 1 1/6/1900 6.78 9.32 1
10.53 8.55 42 0.58 10.43 14.03 2.98 0.53 7.94 2.48 7.83 0.25 10.47 3.86 6.74 -0.5
6.3 8.07 8.45 4.46 -1.23 12.7 1.38 4.52 6.39 -2.56 5.58 3.19 -4.24 2.59 4.82 -4.91
3 Yr 6.35 5.82 0 3 Yr 10.19 -1.66 0 3 Yr -8.9 1.51 0 3 Yr -0.29   4.38 0
1/13/1900 4 Yr 4.67 Diff 7.62 2 Yr 2005   Diff 1/11/1900 INCEPTION 2 Yr 2005   Diff 1/5/1900 2 Yr 1.98 Diff
Incept ROR 8.62 12.62 3.13 1   1/8/1900 9.2 2004 FUND 13.12 0.1312 -1 1/6/1900 UNIVERSE 14.33 2004 FUND 21.9 0.219 1 1/9/1900 6.23 0.0623 2005 0     
Fund 5.18 8 0.06 -1   -1.06 100 UNIVERSE 55   1 5.11 POLICY 16 UNIVERSE 23   -1 -3.63 100 11.9 0.119 0     
Policy 4 Yr 9.18 2005 33.34   4 Yr 10.43 POLICY 11.6 0.116 0 4 Yr 7.94 POLICY 17.95 0.1795 50 4 Yr 10.47 0.1047 62   -50    
12.62 49 14.04   0.37 1/7/1900 84 71 0.31 1/14/1900 49 63 2.24 1/7/1900 49 16.69 0.1669 -2.28
9.18 3 Yr FUND 13.23 2004 FUND 38 3.02 1/8/1900 1 Yr FUND 15.23 25.77 -1.02 1/9/1900 17.94 26.4 -2 1/11/1900 15.47 23 0.66
3.44 UNIVERSE 10.2 UNIVERSE 12.25 2.65 -0.83 UNIVERSE 12.12 18.07 -1.33 4.64 11.71 21.72 -4.24 -3.96 12.56 24.1 2.94
5 Yr POLICY 9.09 POLICY 57 3.07 5 Yr POLICY 10.96 13.56   -1.59 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr   7.74 19.25   11.25 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 10.41 16.12 -2.47
15.75 8.6 22.88 0.33 1/10/1900 10.77 11.02 -0.4 3/31/2003 5.21 16.53 -2.41 12/31/2003 9.6 12.74   -0.07
12.83 7.13 15.79 -0.06 12.1 9.93 7.76   -0.08 Incept 0.35 11.14   -0.21 Incept 8 11.06 -0.04
2.92 5 Yr   12.59 5.32 -2.06 3 Yr 2004   -0.28 19.17 3 Yr 2004   7.57 7.11 3 Yr 7.98   -2.46
6 Yr 15.75 0.1575 11.47 -0.18 6 Yr 7.62 0.0762 2003 FUND 4.69 0.0469 -0.08 18.31 3 Yr FUND 11.91 0.1191 2003 FUND 22.46 0.2246 -0.06 11.07 5.69 0.0569 2004   -0.07 3 Yr FUND #REF!
9.71 8   7.61 0.62 4.53 100 UNIVERSE 87   -0.1 1/0/1900 UNIVERSE 18 UNIVERSE 26   0.68 ############################################### 100 23.92 0.2392 -0.25  N/A
6.07 12.83 0.1283 2004 5.8 1/4/1900 8.68 0.0868 POLICY 7.51 0.0751 -0.76 Fiscal Year Returns Ending September POLICY 6.8 0.068 POLICY 18.78 0.1878 8.94 Fiscal Year Returns Ending September 9.32 0.0932 18.34   -2.78   #REF!
3.64 46 13.63 3.41 0.37 92 61 2.36 Fund 61 54 3.67 Fund 45 14.42 0.1442 2.54
7 Yr 16.54 2003 FUND 39 5 Yr 7 Yr 13.13 15.25 5 Yr FR2000 15.34 28.92 3 Yr R1000V 13.84 13.02 2 Yr
6.85 13.81 UNIVERSE 13.87 5 Yr # of Negative Qtrs 1/1/1900 11.02   11.67 # of Negative Qtrs Diff 10.49 22.49 # of Negative Qtrs Diff 10.7 8.08 # of Negative Qtrs
1/3/1900 12.7 POLICY 35 # of Positive Qtrs 1/0/1900 9.7 8.28 # of Positive Qtrs 12/31/2007 7.66 19.1 # of Positive Qtrs 12/31/2007 9.02 2003 # of Positive Qtrs
3.55   12.23 19.71 Batting Average 1/1/1900 9.22 6.32 Batting Average Qtr 5.71 16.07 Batting Average Qtr 8.07 27.67 Batting Average
8 Yr   10.86 14.67 Worst Qtr 8 Yr 9 Yr 10 Yr 8.26 2.06 Worst Qtr -1.44 2.55 8.02 Worst Qtr -8.08 6.98 23.98 Worst Qtr
1/3/1900 6 Yr 13.19 Best Qtr 3/31/2000 4 Yr 2003   Best Qtr ############################################### 4 Yr 2003   Best Qtr ############################################### 4 Yr 21.95 Best Qtr
1.66 9.71 10.23 Range Incept 7.25 2002 FUND 19.31 0.1931 Range 1/3/1900 14.21 0.1421 2002 FUND 48.25 0.4825 Range ############################################### 7.11 0.0711 19.27   Range
2.08 6 5.93 Worst 4 Qtrs -0.06 100 UNIVERSE 63   Worst 4 Qtrs 2008 15 UNIVERSE 34.58   Worst 4 Qtrs 2008 100 15.84 Worst 4 Qtrs
9 Yr 6.07 2003 Standard Deviation -3.88 8.08 POLICY 25.91 0.2591 Standard Deviation YTD 9.57 0.0957 POLICY 30.01 0.3001 Standard Deviation YTD 11.07 0.1107 2002   Standard Deviation 5 Yr FUND
6.17 50 20.49 Beta 1/3/1900 96 17 Beta ############################################### 60 25.9 Beta ############################################### 29 -6.38 Beta  N/A
3.57 5 Yr FUND 9.72 2002 FUND 73 Annualized Alpha Fiscal Year Returns Ending September 3 Yr FUND 13.4 30.61 Annualized Alpha -4.58 16.43 19.17 Annualized Alpha -5.8 13.69 -15.42 Annualized Alpha  
2.6 UNIVERSE 7.28 UNIVERSE 24.4 R-Squared Fund UNIVERSE 10.19 23.77 R-Squared 3.14 12.32 2002 R-Squared -2.28 11.34 -18.95 R-Squared
10 Yr POLICY 6.03 POLICY 25 Sharpe Ratio R1000G POLICY 9.21 20.39   Sharpe Ratio 2007 10.29 6.59   Sharpe Ratio 2007 9.97 -20.72 Sharpe Ratio
8.03 5.53 29.75 Treynor Ratio Diff 8.81 18.37 Treynor Ratio 22.24 8.76 -1.82 Treynor Ratio 13.09 8.95 -24.03   Treynor Ratio
1/5/1900 3.79 24.33 Tracking Error 12/31/2007 8.11 14.19   Tracking Error 1/12/1900 6.49 -7.42   Tracking Error 1/14/1900 8.18 2001 Tracking Error
2.11 7 Yr 23.28 Information Ratio Qtr 5 Yr 2002   Information Ratio 9.9 5 Yr -12.12   Information Ratio -1.36 5 Yr 5.47   Information Ratio
9/30/1992 6.85 20.05 Fund Fund 0.04 10.04 0.1004 2001 FUND -17.07 -0.1707 Fund 2006 5 Yr FUND 22.12 2001 FUND -19.94 -0.1994 Fund 2006 17.11 -5.14   Fund #REF!
Incept 11 14.08 6 -0.77 100 UNIVERSE 15   5 1/9/1900 N/A 18.11 UNIVERSE 2001   5 1/11/1900 14.48 -13.19 -0.27 3
12.04 3.3 2002 14 0.81 12.1 0.121 POLICY -22.51 -0.2251 15 9.92   16.47 POLICY 9.26 0.0926 7 14.62 13.28 -23.01   5 #REF!
10.77 50 -7.86 Batting Average 55 2008 53 63 40 ############################################### 15.04 -2.9 75 ############################################### 12.6 -27 0.2225 12.5
1.27 7.22 2001 FUND 1 -2.96 YTD 16.47 -12.11 -5.04 2005 12.12 -15.03 -3.38 2005 11.89 2000 -8.08
Fiscal Year Returns Ending September 4.78 UNIVERSE -20.49 12.92 0.04 13.32 -19.07 10.88 1/20/1900 6 Yr -25.09 11.93 1/11/1900 6 Yr 22.25 6.77
Fund 3.27 POLICY 60 15.88 ############################################### 12.17 -21.45 15.92 1/17/1900 15.69 -41.08 15.31 1/16/1900 10.95 13.38 14.85
S&P 500 2.81 -10.38 5.29 0.81   11.84 -23.71 3.43 3 11.87 2000 7.22 -5.4 8.38 8.39 -2.64
Diff 0.76 -17.12 Standard Deviation 8.48 2007   11.28 -29.04 8.56 2004 10.26 62.14 10.95 2004 2003 2002 2001 2000 1999 7.55 3.08 8.24
12/31/2007 8 Yr -19.82 Beta 0.92 18.2 6 Yr 2001   0.92 1/21/1900 8.35 39.49   Beta 0.8 Returns in Up Markets 6.65 -3.5 0.9
Qtr 3.74 -21.16 Annualized Alpha 3.62 0.0362 19.35 4.53 2000 FUND -30.23 -0.3023 -0.92 -0.0092 18.78 6 2000 FUND 30.15 0.3015 Alpha 6.06 0.0606   Fund 5.82 1999   -2.89 -0.0289  
-2.96 33 -25.68 R-Squared 0.86   -1.15 77 UNIVERSE 7   0.93 2.72 7 Yr UNIVERSE 19.95   0.93 R1000V 7 Yr 28.08 0.1547 0.86
-3.33 1.66 2001 1.51 2006 4.16 POLICY -45.64 -0.4564 0.83 2003 2002 2001 2000 1999 15.26 POLICY 9.11 0.0911 0.71 Ratio 7.87 20.54   0.18
0.37 57 -31.06 13.91 3.97 88 84 7.71 Returns in Up Markets 12.1 1999 9.69 1 Yr 6.71 15.47 0.0446 1.64
2008 7.93 2000 FUND 84 3.22 6.03 5 Yr FUND 8.52 -29.08 2.39 Fund 9.43 50.94 3.82 6.6 5.43 11.7 3.2
YTD 4.83 UNIVERSE -26.62 0.91 -2.06 UNIVERSE 5.83 -35.09 -0.86 FR2000 7.3 31.67 1.34 1/6/1900 4.58 4.46 -1.33
-2.96 1.91 POLICY 52 Policy S&P 500 2005 POLICY 4.92 -38.5 R1000G Ratio 3.7 21.4 FR2000 106.3 3.35 1998 R1000V
-3.33 1.33 -12.56 5 1/12/1900 4.59 -43.41 5 2 Yr 8 Yr 11.57 4 2 Yr 8 Yr 9.83 2
0.37 -0.14 -20.73 15 11.6 3.97 -51.41 15 29.8 15.9 1.61 8 15.2 9.27 6.07 6
2007 9 Yr -26.57 45 0.84 7 Yr 2000 60 25.4 13.03 1998 25 19 7.29 1.83 87.5
26.79 6.17 -28.89 -3.33 2004 1.56 46.3 -5.23 117.6 10.06 -1.61 -5.34 79.7 5.83 -0.8 -5.8
16.44 20 -35.02 15.39 4.17 45 27.14 14.31 3 Yr 5.44 -9.72 13.93 3 Yr 4.35 -5.82 8
1/10/1900 3.57 2000 18.72 7.51 0.23 20.88 19.54 1/24/1900 -1.15 -16.12 19.27 10.8 1.49 13.8
2006 59 16.14 4.91 -3.34 78 14.34 1.16 21 Fiscal Year Returns Ending September -20.15 -1.56 1/14/1900 Fiscal Year Returns Ending September -0.17
13.06 8.24 30 8.54 2003   4.64 8.45 9.01 114.1 Fund -27.66 13.16 76.8 Fund 8.49
1/10/1900 5.76 13.28 Standard Deviation 1 1/18/1900 2.24 1999 1 4 Yr Return   1 12/31/2003 Return 1
1/2/1900 3.87 46 0 25.91 1.26 38.21 0 1/26/1900 %-tile 0 Incept %-tile 0
2005 3.31 27.56 1 -7.18 0.4 31.55 1 23.4 FR2000   1 1/11/1900 R1000V 1
14.04 2.22 17 1.16 2002 -0.43 27.96 1.02 111.8 Return 0.2 14.8 Return 0.67
12.25 10 Yr 13.02 9.88 -17.5 8 Yr 26.33 9.15 3/31/2003 %-tile 2.64 74.5 %-tile #VALUE! 5.72 QU. FUND #REF!
1.79 8.03 9.15 0 -22.51 5 20.01 0 Incept Universe 0 Returns in Down Markets Universe 0 UNIVERSE
2004 13 1.34 Diff 5.01 1.02 1998 Diff 30.9 5th %-tile Diff Fund 5th %-tile #VALUE! Diff POLICY #REF!
13.63 5.92 1999 1 2001 -0.62 16.52 0 33.5 25th %-tile 1 R1000V 25th %-tile 1
13.87 42 30.59 -1 ############################################### -1.19 9.1 0 92.1 50th %-tile #VALUE! -1 Ratio 50th %-tile #VALUE! -1
-0.24 9.1 19 10 -45.64 -2.88 7.45 -20 Returns in Down Markets 75th %-tile 50 1 Yr 75th %-tile -75
2003 6.88 26.68 0.37 15.09 Fiscal Year Returns Ending September 2.95 0.19 Fund 95th %-tile #VALUE! 1.96 -8.7 95th %-tile #VALUE! -2.28
20.49 5.76 41 -2.47 2000 1999 Fund -4.96 -3.43 FR2000 Qtr -2 -6 Qtr -1.23
24.4 5.39 36.18   -2.84 Returns in Up Markets Return -3.62 Ratio QU. FUND -1.44 -0.0144   -3.96 143.9 -8.08 -0.0808 1.05
-3.91 4.05 28.77 0.38 Fund %-tile 2.27 2 Yr UNIVERSE 18 8.78 2 Yr 100 -2.47
2002 Fiscal Year Returns Ending September 24.51   -0.06 R1000G R1000G -0.45 -5.7 POLICY -4.58 -0.0458   -2.21 -8.7 -5.8 -0.058 -0.25
-7.86 Fund 16.71 -0.08 Ratio Return -0.08 -12.2 50 -0.2 -6 91 -0.1
-20.49 Return 9.03 3.62 3 Yr %-tile -0.92 46.7 1.39 6.06 143.9 -1.01 -2.89
12.63 %-tile 1998 -0.14 1/13/1900 Universe -0.07 3 Yr -2.46 -0.07 3 Yr -2.48 -0.14
2001 S&P 500 6.61 0.35 16.3 5th %-tile -0.19 -8.9 -4.59 0.51 -8.7 -3.6 -0.49
-31.06 Return 31 4.03 84.5 25th %-tile -1.44 -16.9 -6.5 7.05 -6 -4.84 -4.08
-26.62 %-tile 10.1 3.22 5 Yr 50th %-tile #VALUE! 2.39 52.6 -8.85 3.82 143.9 -6.15 3.2
############################################### Universe 13 10 Yr 1/17/1900 75th %-tile 7 Yr 4 Yr YTD 4 Yr 12/31/2003 YTD 3 Yr Incept
2000 5th %-tile 15.53 # of Negative Qtrs 21.3 95th %-tile #VALUE! # of Negative Qtrs -8.3 -1.44 # of Negative Qtrs Incept -8.08 # of Negative Qtrs
16.14 25th %-tile 7.46 # of Positive Qtrs 83.9 Qtr # of Positive Qtrs -15.7 18 # of Positive Qtrs -8.7 100 # of Positive Qtrs
13.28 50th %-tile 3.17   Batting Average 7 Yr 0.04 0.0004 Batting Average 53.2 -4.58 Batting Average -6 -5.8 Batting Average 2002 FUND #REF!
2.86 75th %-tile -0.89 Worst Qtr 19.7 59 Worst Qtr 3/31/2003 50 Worst Qtr 143.9 91 Worst Qtr UNIVERSE
1999 95th %-tile -8.95   Best Qtr 25.3 -0.77 -0.0077 Best Qtr Incept 1.39 Best Qtr -1.01 Best Qtr POLICY #REF!
30.59 Qtr 27.93 Range 77.9 85 Range -8.3 -2.46 Range -2.48 Range
26.68 -2.96 -0.0296 Worst 4 Qtrs 3/31/2000 3.19 Worst 4 Qtrs ############################################### -4.59 Worst 4 Qtrs -3.6 Worst 4 Qtrs
3.91 34 Standard Deviation Incept 2.42 Standard Deviation 53.2 -6.5 Standard Deviation -4.84 Standard Deviation
Returns in Up Markets -3.33 -0.0333 Beta 19.7 0.4 Beta -8.85 Beta -6.15 Beta
Fund 49 Annualized Alpha 25.3 -0.27 Annualized Alpha 2007 Annualized Alpha 2007 Annualized Alpha
S&P 500 -0.96   R-Squared 77.9 -1.76 R-Squared 2002 FUND 22.24   R-Squared 13.09 R-Squared
Ratio -2.56 Sharpe Ratio Returns in Down Markets YTD Sharpe Ratio UNIVERSE 20 Sharpe Ratio 86 Sharpe Ratio
3 Yr -3.35   Treynor Ratio Fund 0.04 Treynor Ratio POLICY 12.34   Treynor Ratio 14.45 Treynor Ratio 2001 FUND #REF!
21.3 -3.71 Tracking Error R1000G 59 Tracking Error 72 Tracking Error 78 Tracking Error UNIVERSE
15.2 -5.6   Information Ratio Ratio -0.77 Information Ratio 29.81 Information Ratio 22.93 Information Ratio POLICY #REF!
140.5 YTD Fund 3 Yr 85 Fund 20.77 Fund 17.32 Fund
5 Yr -2.96 15 -6.7 3.19 9 15.19 6 16.09 3
24 34 25 -8.5 2.42 19 11.98 10 14.63 9  
21.3 -3.33 55 78.2 0.4 46.43 8.13 75 10.97 25 Batting Average
112.5 49 -15.47 5 Yr -0.27 -14.83 2006 -3.38 2006 -8.08
10 Yr -0.96   22.14 -10.5 -1.76 10.88 2001 FUND 9.79   14.17 11.63 6.77
30.5 -2.56 37.61 -11.6 2007 25.71 UNIVERSE 30 17.55 46 14.85
27.8 -3.35   -31.06 90.8 18.2 -22.33 POLICY 9.92   7.22 14.62 -2.64 2000 FUND #REF!
109.5 -3.71 14.59 7 Yr 84 12.18 29 10.74 9 7.64  N/A Standard Deviation
9/30/1992 -5.6   0.96 -24.5 19.35 0.7 14.58 0.76 15.53 0.84   #REF! Beta
Incept 2007 2.31   -33 55 1.19 0.0119 10.38 6.45 0.0645 13.04 -1.96 -0.0196 Annualized Alpha #REF!
26.8 26.79 0.91 74.3 24.53 0.87 7.72 0.91 11.24 0.79 R-Squared
25.5 1 0.3 3/31/2000 21.4 -0.11 4.83 1 10.32 0.2
105.1 16.44 4.59 Incept 19.49 -1.96 2.19 14.2 7.31 1.82
Returns in Down Markets 43 4.3 -22.2 18.83 6.62 2005 4.6 2005 3.7
Fund 22.84   0.49 -33.4 17.14 0.2 2000 FUND 20.95   1.01 11.29 -0.98
S&P 500 17.81 S&P 500 66.3 2006 R1000G UNIVERSE 35 FR2000 73 R1000V Policy
Ratio 16.27   14 3.97 10 POLICY 17.95   5 16.69 2 1999 FUND #REF!
3 Yr 15.53 26 78 18 63 11 23 10  N/A
-4.6 12.47   45 6.03 53.57 26.4 25 24.1 75   #REF!
-6.8 2006 -17.28 59 -20.9 21.72 -5.34 16.12 -5.8
68.4 13.06 21.13 12.28 15.14 19.25 14.09 12.74 8
5 Yr 9 38.41 10.11 36.04 16.53 19.43 11.06 13.8
-5.8 10.79 -26.62 6.63 -27.89 11.14 -1.56 7.98 -0.17
-9.2 29 14.57 4.5 16.33 2004 13.44 2004 8.06 Standard Deviation
62.6 13.68   1 0.01 1 1999 FUND 21.5   1 23.92 1
10 Yr 10.94 0 2005 0 N/A 31 0 18.34 0
-23.9 10.25   1 12.44 1   18.78   1 14.42 1 1998 FUND #REF!
-25.3 7.48 0.16 65 -0.17 54 0.46 13.02 0.64  N/A
94.5 2.85   2.3 11.6 -2.7 28.92 6.15 8.08 5.16   #REF!
9/30/1992 2005 0 71 0 22.49 0 2003 0
Incept 14.04 Diff 25.06 Diff 19.1 Diff 27.67 Diff
-23.4 38 1 17.68 -1 16.07 1 23.98 1
-24.5 12.25 -1 13.67 1 8.02 -1 21.95 -1
95.4 57 10 10.23 -7.14 2003 50 19.27 -50
22.88 1.81 6.73 6.07 1998 FUND 48.25 1.96 15.84 -2.28
15.79 1.01 2004 -4.26 N/A 34.58 0.08 2002 -1.23
12.59   -0.8 4.17 -10.33   30.01   -1.88 -6.38 1.05 #REF!
11.47 -4.44 94 5.56   25.9 8.78 -15.42 -2.47
7.61   0.02 7.51 -4.15 19.17   -2.7 -18.95 -0.42 #REF!
2004 -0.04 73 -0.3 2002 -0.24 -20.72 -0.16
13.63 2.31 18.36 1.19 6.59 6.45 -24.03 -1.96
39 -0.09 12.29 -0.13 -1.82 -0.09 2001 -0.21
13.87 0.14 10.02 0.06 -7.42 0.54 5.47 -0.44
35 2.29 7.03 0.74 -12.12 8.05 -5.14 -3.34
19.71 4.3 3.61 6.62 -19.94 4.6 -13.19 3.7
14.67 Incept Incept 2003 Incept Incept 2001 Incept -23.01 Incept
13.19   # of Negative Qtrs 18.73 # of Negative Qtrs 9.26   # of Negative Qtrs -27 # of Negative Qtrs  
10.23 # of Positive Qtrs 70 # of Positive Qtrs -2.9 # of Positive Qtrs 2000 # of Positive Qtrs
5.93   Batting Average 25.91 Batting Average -15.03   Batting Average 22.25 Batting Average  
2003 Worst Qtr 8 Worst Qtr -25.09 Worst Qtr 13.38 Worst Qtr
20.49 Best Qtr 26.39 Best Qtr -41.08 Best Qtr 8.39 Best Qtr
73 Range 23.7 Range 2000 Range 3.08 Range
24.4 Worst 4 Qtrs 21.45 Worst 4 Qtrs 62.14 Worst 4 Qtrs -3.5 Worst 4 Qtrs
25 Standard Deviation 17.27 Standard Deviation 39.49 Standard Deviation Standard Deviation
29.75 Beta 11.31 Beta 30.15 Beta Beta
24.33 Annualized Alpha 2002 Annualized Alpha 19.95 Annualized Alpha Annualized Alpha
23.28 R-Squared -17.5 R-Squared 9.11 R-Squared R-Squared
20.05 Sharpe Ratio 31 Sharpe Ratio Sharpe Ratio Sharpe Ratio
14.08 Treynor Ratio -22.51 Treynor Ratio Treynor Ratio Treynor Ratio
2002 Tracking Error 76 Tracking Error Tracking Error Tracking Error
-7.86 Information Ratio -9.79 Information Ratio Information Ratio Information Ratio
1 Fund Fund -16.66 Fund Fund Fund Fund
-20.49 16 -19.49 11 6 5
60   45 -22.37 20 13 11
-10.38 Batting Average 52.46 -28.93 Batting Average 51.61 63.16 25
-17.12 -15.47 2001 -14.83 -3.38 -8.08
-19.82 22.14 -30.55 10.88 14.26 9.38
-21.16 37.61 45 25.71 17.64 17.46
-25.68 -31.06 -45.64 -30.55 7.22 -2.64
2001 Standard Deviation 13.44 100 Standard Deviation 12.82 10.72 7.57
-31.06 Beta 0.96 -25.35 Beta 0.68 0.69 0.86
84 Annualized Alpha 1.64 0.0164 -28.09 Annualized Alpha 2.39 0.0239 5.96 0.0596 0.000596 -2.18 -0.0218
-26.62 R-Squared 0.9 -31.08 R-Squared 0.87 0.87 0.8
52 0.6 -33.4 -0.26 1.5 0.49
-12.56 8.41 -36.39 -4.85 23.38 4.29
-20.73 4.19 2000 7.38 5.92 3.59
-26.57 0.3 33.35 0.52 0.15 -1.1
-28.89 Policy S&P 500 16.1 Policy R1000G FR2000 R1000V
-35.02 15 12.97 13 5 2
2000 46 12.4 18 14 14
16.14 47.54 6.57 48.39 36.84 75
30 -17.28 -21.35 -5.34 -5.8
13.28 21.13 15.14 23.42 10.38
46 38.41 36.49 28.76 16.18
27.56 -26.62 -45.64 -1.56 -0.17
17 Standard Deviation 13.34 Standard Deviation 17.63 14.42 7.81
13.02 1 1 1 1
9.15 0 0 0 0
1.34 1 1 1 1
0.51 -0.4 1.06 0.98
6.8 -7.12 15.27 7.65
0 0 0 0
Diff Diff Diff Diff
1 -2 1 3
-1 2 -1 -3
4.92 3.22 26.32 -50
1.81 6.52 1.96 -2.28
1.01 -4.26 -9.16 -1
-0.8 -10.78 -11.12 1.28
-4.44 15.09 8.78 -2.47
0.1 -4.81 -3.7 -0.24
-0.04 -0.32 -0.31 -0.14
1.64 2.39 5.96 -2.18
-0.1 -0.13 -0.13 -0.2
0.09 0.14 0.44 -0.49
1.61 2.27 8.11 -3.36
4.19 7.38 5.92 3.59
-0.09
0.02
0.64
4.32