SUNRISE POLICE
LOCK TOTAL FUND EXECUTIVE HERE LOCK LOCK TOTAL FUND UNIVERSE HERE LOCK LOCK TOTAL FUND RISK MEASURES LOCK LOCK TOTAL EQUITY EXECUTIVE HERE LOCK LOCK TOTAL EQUITY UNIVERSE HERE LOCK LOCK TOTAL EQUITY RISK HERE LOCK LOCK TOTAL FIXED EXECUTIVE HERE LOCK LOCK TOTAL FIXED UNIVERSE HERE LOCK LOCK TOTAL FIXED RISK HERE LOCK LOCK DHJ TOTAL FUND EXECUTIVE HERE LOCK LOCK DHJ TOTAL FUND UNIVERSE HERE LOCK LOCK DHJ TOTAL FUND RISK MEASURES LOCK
START @B3 Sunrise Police START @E3 Sunrise Police % START @H3 Sunrise Police % START @K3 Sunrise Police START @N3 Sunrise Police % Sunrise Police Sunrise Police Sunrise Police Sunrise Police START @B3  Sunrise Police START @E3 Sunrise Police % START @H3 Sunrise Police %
Total Fund Total Account Total Fund Total Account Total Fund Total Account Total Equity Total Equity Total Equity Total Equity Total Equity Total Fixed Income Total Fixed Income Total Fixed Income Total Fund DHJ Total (Equity + Fixed Income + Cash) Total Fund DHJ Total (Equity + Fixed Income + Cash) Total Fund DHJ Total (Equity + Fixed Income + Cash)
Executive Summary Universe Universe Comparisons Risk Measures Risk Measures Executive Summary Universe Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Universe Comparisons Risk Measures Risk Measures
2 50% BLC Core Eq., 10% Int'l. Equity, 40% BFI 17 20 83.3% Brd. LC Core Equity, 16.7% Intl. Equity 22 25 Broad Fixed Income 27 47 55% Broad Large Cap Core Equity, 45% Broad FI 51
Inception date is December 31, 1997 4 3 Yr Inception date is December 31, 1997 21 3 Yr Inception date is December 31, 1997 26 3 Yr Inception date is December 31, 1997 49 3 Yr
All dollar values are shown in thousands. 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. # of Negative Qtrs All dollar values are shown in thousands. 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. # of Negative Qtrs
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. # of Positive Qtrs 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. # of Positive Qtrs
Returns are gross of fees. Incept is December 31, 1997 to March 31, 2004 Batting Average Returns are gross of fees. Incept is December 31, 1997 to March 31, 2004 Batting Average Returns are gross of fees. Incept is December 31, 1997 to March 31, 2004 Batting Average Returns are gross of fees. Incept is December 31, 1997 to March 31, 2004 Batting Average
Account Reconciliation Trailing Returns through March 31, 2004 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2004 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2004 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2004 Worst Qtr
Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr Beginning Value Fund Best Qtr
Net Flows Return Range Net Flows Return Range Net Flows Return Range Net Flows Return Range
Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs
Ending Value Policy Standard Deviation Ending Value Policy Standard Deviation Ending Value LBAB Standard Deviation Ending Value Policy Standard Deviation
3/31/2004 Return Beta 3/31/2004 Return Beta 3/31/2004 Return Beta 3/31/2004 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
39,487 Universe R-Squared 21,268 Universe R-Squared 15,094 Universe R-Squared 19,572 Universe R-Squared
-134 5th %-tile Sharpe Ratio 2,785 5th %-tile Sharpe Ratio -1,113 5th %-tile Sharpe Ratio -319 5th %-tile Sharpe Ratio
823 25th %-tile Treynor Ratio 440 25th %-tile Treynor Ratio 380 25th %-tile Treynor Ratio 125 25th %-tile Treynor Ratio
40,176 50th %-tile Tracking Error 24,492 50th %-tile Tracking Error 14,362 50th %-tile Tracking Error 19,378 50th %-tile Tracking Error
2004 75th %-tile Information Ratio 2004 75th %-tile Information Ratio 2004 75th %-tile Information Ratio 2004 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
39,487 2 Qtrs 4 21,268   2 Qtrs   4 15,094   2 Qtrs   2 19,572 2 Qtrs 4
-134 8.89   8 2,785   14.58   8 -1,113   2.71 10 -319 5.58   8
823 87 50 440   68   41.67 380   46   50 125 94 41.67
40,176 10.36   -7.44 24,492 15.41   -17.97 14,362 2.98 -0.29 19,378 8.82   -5.61
12/31/1997 53 8.62 12/31/1997 50 14.93 12/31/1997 38 5.39 12/31/1997 19 6.85
Incept 13.43 16.06 Incept 20.31 32.9 Incept 8.2 5.68 Incept 10.9 12.46
15,998 11.6 -9.47 10,999 16.67 -25.12 4,811 3.66 4.13 15,998 8.53 -7.44
12,983 10.44 9.66 9,085 15.37 20.49 2,987 2.57 3.91 -5,202 7.78 8.33
11,195 9.48 0.82 4,407    14.06 0.98 6,564    1.74 0.95 8,582 6.8 0.85
40,176  40,176,000 7.92 0.55 24,492   24,492,000 11.77 0.16 14,362   14,362,000 0.8 0.46 19,378  19,378,000 5.47 -0.96
Investment Policy 3 Qtrs 1 Investment Policy 3 Qtrs 1 Investment Policy 3 Qtrs 0.99 Investment Policy 3 Qtrs 0.96
Index 11.13 0.22 Index 19.22 -0.03 Index 2.41 1.49 Index 7.27 0.17
S&P 500 88 2.61 S&P 500 61 -0.54 Lehman Aggregate Bond 51 6.15 S&P 500 89 1.68
Lehman Aggregate Bond 12.69 2.2 MSCI EAFE 19.53 1.41 Total 2.83 0.47 Lehman Gov/Credit-Intermediate 10.44 2.18
MSCI EAFE 59 -0.03 Total 56 0.11 Weight 38 0.23 Total 31 -0.78
Total 18.39 Policy Weight 27.85 Policy 100 11.29 LBAB Weight 14.87 Policy
Weight 15.16 4 83.3 22.12 4 100 3.59 3 55 10.71 5
50 13.18 8 16.7 19.86 8 Trailing Returns through March 31, 2004 2.42 9 45 9.63 7
40 11.88 50 100 18.08 58.33 Fund 1.51 50 100 8.39 58.33
10 10.23 -9.11 Trailing Returns through March 31, 2004 14.86 -17.68 LBAB 0.81 -0.6 Trailing Returns through March 31, 2004 6.52 -6.08
100 1 Yr 10.54 Fund   1 Yr   16.08 Diff   1 Yr   5.88 Fund 1 Yr 9.59
Trailing Returns through March 31, 2004 1 Yr FUND 20.7 0.207 19.65 Policy 1 Yr FUND 37.02 0.3702 33.76 1 Yr 1 Yr FUND 5.13 0.0513 6.48 Policy 1 Yr FUND 14.62 0.1462 15.67
Fund UNIVERSE 95 -11.04 Diff UNIVERSE 70 -24.41 5.13 UNIVERSE 44 4.11 Diff UNIVERSE 94 -6.91
Policy POLICY 24.56 0.2456 11.73 1 Yr POLICY 38.75 0.3875 20.81 5.4 POLICY 5.4 0.054 4.08 1 Yr POLICY 21.03 0.2103 9.57
Diff 65 1 37.02 54 1 -0.27 40 1 14.62 32 1
1 Yr 34.34 0 38.75 50.6 0 2 Yr 21.28 0 21.03 26.91 0
20.7 29.29 1 -1.73 42.88 1 9.02 7.59 1 -6.41 21.61 1
24.56 25.9 0.19 2 Yr 39.12 -0.03 9.22 4.76 1.4 2 Yr 19.18 0.33
-3.86 23.59 2.21 1.29 36.31 -0.68 -0.2 2.83 5.73 3 17.19 3.14
2 Yr 20.46 0 2.41 31.06 0 3 Yr 1.45 0 6.15 14.29 0
4.54 2 Yr Diff -1.12 2 Yr Diff 1/7/1900 2 Yr Diff -3.15 2 Yr Diff
5.27 4.54   0 3 Yr 1.29     0 7.62 9.02   -1 3 Yr 3   -1
-0.73 49 0 1.36 73   0 0.11 25 1 3.32 76 1
3 Yr 5.27   0 1.21 2.41     -16.66 4 Yr 9.22   0 5.03 6.15   -16.66
4.03 35 1.67 1/0/1900 54 -0.29 1/8/1900 23 0.31 -1.71 25 0.47
4.1 8.1 -1.92 4 Yr 8.56 -1.15 8.79 13.36 -0.49 4 Yr 8.54 -2.74
############################## 5.87 -3.59 -5.03 4.22 -0.86 0.15 8.89 -0.8 ################################ 6.05 -3.21
4 Yr 4.46 1.57 -5.27 2.59 -0.71 5 Yr 7.43 0.02 2.21 4.36 -0.53
0.87 3.35 -2.07 0.24 1.13 -0.32 7.41 5.36 -0.17 -2.53 3.07 -1.24
0.5 1.55 -0.18 5 Yr -1.08 -0.02 1/7/1900 2.7 -0.05 5 Yr 1.1 -0.15
0.37 3 Yr 0.55 -2.02 3 Yr 0.16 0.04 3 Yr 0.46 2.97 3 Yr -0.96
5 Yr 3 YR FUND 4.03 0.0403 0 -1.09 3 YR FUND 1.36 0.0136 0 6 Yr 3 YR FUND 7.73 0.0773 -0.01 3.67 3 YR FUND 3.32 0.0332 -0.04
2.47 UNIVERSE 30 0.03 -0.93 UNIVERSE 54 0 1/7/1900 UNIVERSE 19 0.09 -0.7 UNIVERSE 42 -0.16
2.53 POLICY 4.1 0.041 0.4 6 Yr POLICY 1.21 0.0121 0.14 1/7/1900 POLICY 7.62 0.0762 0.42 6 Yr POLICY 5.03 0.0503 -1.46
-0.06 30 2.2 1/0/1900 56 1.41 0.13 20 0.47 1/5/1900 16 2.18
6 Yr 6.69 5 Yr 5 Yr 1.93 8.82 5 Yr 5 Yr 7 Yr 8 Yr 9 Yr 10 Yr 10.06 5 Yr 5 Yr 1/4/1900 6.05 5 Yr 5 Yr
1/4/1900 4.31 # of Negative Qtrs -0.94 3.24 # of Negative Qtrs 12/31/1997 7.23 # of Negative Qtrs 1/1/1900 4.24 # of Negative Qtrs
4.39 3.26 # of Positive Qtrs 7 Yr 8 Yr 9 Yr 10 Yr 1.57 # of Positive Qtrs Incept 6.21 # of Positive Qtrs 7 Yr 8 Yr 9 Yr 10 Yr 2.94 # of Positive Qtrs
-0.1 2.27 Batting Average 12/31/1997 0.25 Batting Average 7.34 5.05 Batting Average 12/31/1997 1.72 Batting Average
7 Yr 8 Yr 9 Yr 10 Yr 0.62 Worst Qtr Incept -2.06 Worst Qtr 7.2 3.01 Worst Qtr Incept -0.2 Worst Qtr
12/31/1997 4 Yr Best Qtr 1/3/1900 4 Yr Best Qtr 1/0/1900 4 Yr Best Qtr 1/7/1900 4 Yr Best Qtr
Incept 0.87 Range 4 -5.03 Range Calendar Year Returns 8.94 Range 5.45 -0.32 Range
1/5/1900 34 Worst 4 Qtrs -0.9 54 Worst 4 Qtrs Fund 10 Worst 4 Qtrs 1/1/1900 41 Worst 4 Qtrs
5.65 0.5 Standard Deviation Calendar Year Returns -5.27 Standard Deviation LBAB 8.79 Standard Deviation Calendar Year Returns 2.21 Standard Deviation
0.06 41 Beta Fund 58 Beta Diff 13 Beta Fund 10 Beta
Calendar Year Returns 4.36 Annualized Alpha Policy 3.45 Annualized Alpha 3/31/2004 9.74 Annualized Alpha Policy 3.06 Annualized Alpha
Fund 1.42 R-Squared Diff -2.14 R-Squared Qtr 8.16 R-Squared Diff 0.68 R-Squared
Policy -0.12 Sharpe Ratio 3/31/2004 -4.67 Sharpe Ratio 2.57 7.22 Sharpe Ratio 3/31/2004 -1.07 Sharpe Ratio
Diff -1.33 Treynor Ratio Qtr -6.4 Treynor Ratio 2.65 5.87 Treynor Ratio Qtr -2.34 Treynor Ratio
3/31/2004 -3.38 Tracking Error 1/2/1900 -9.57 Tracking Error ################################## 3.48 Tracking Error 1/0/1900 -4.85 Tracking Error
Qtr 5 Yr Information Ratio 2.15 5 Yr Information Ratio 6/26/1905 5 Yr Information Ratio 2.06 5 Yr Information Ratio
1/2/1900 5 YR FUND 2.47 0.0247 Fund ################################## 5 YR FUND -2.02 -0.0202 Fund YTD 5 YR FUND 7.41 0.0741 Fund ################################ 5 YR FUND 2.97 0.0297 Fund
2.35 UNIVERSE 44 8 2004 UNIVERSE 74 9 2.57 UNIVERSE 12 4 2004 UNIVERSE 29 8
############################## POLICY 2.53 0.0253 12 YTD POLICY -1.09 -0.0109 11 2.65 POLICY 7.37 0.0737 16 YTD POLICY 3.67 0.0367 12
2004 43 Batting Average 60 1/2/1900 59 Batting Average 40 -0.08 12 Batting Average 50 0.64 24 Batting Average 50
YTD 7.57 -7.44 2.15 7.64 -17.97 2003 8.22 -1.07 2.06 6.8 -7.29
2.09 3.73 8.62 -0.03 1.36 14.93 1/4/1900 6.76 5.39 -1.42 3.45 10.46
2.35 2.15 16.06 2003 -0.51 32.9 4.11 6.04 6.46 2003 1.88 17.75
-0.26 1.27 -9.99 29.32 -2.1 -26 0.02 5.16 1.47 13.64 0.76 -13.1
2003 -0.27 Standard Deviation 9.11 30.42 -4.5 Standard Deviation 18.3   6/24/1905 3.13 Standard Deviation 3.7 17.65 -1.28 Standard Deviation 9.32
16.85 6 Yr Beta 0.84 ################################## 6 Yr Beta 0.94   10.98 6 Yr Beta 0.94   -4.01 6 Yr Beta 1.02
19.45 4.29 Annualized Alpha 0.27 0.0027 2002 0.99 Annualized Alpha -1.02 -0.0102 10.95 7.35 Annualized Alpha 0.48 0.0048 2002 5.98 Annualized Alpha -0.7 -0.007
############################## 29 R-Squared 0.97 -21.11 69 R-Squared 0.96 0.03 9 R-Squared 0.98 ################################ 7 R-Squared 0.87
2002 4.39 -0.09 ################################## 1.93 -0.29 2001 7.22 1.11 -6.27 4.79 -0.04
-7.7 26 -1.01 ################################## 52 -5.68 1/8/1900 10 4.35 -0.13 21 -0.34
-9.09 6.74 2.21 2001 7.16 3.64 8.43 7.67 0.6 2001 6.12 3.34
1/1/1900 4.4 -0.03 -12.36 3.38 -0.26 0.36 6.53 0.07 ################################ 4.34 -0.21
2001 3.57 Policy Policy -13.47 1.98 Policy Policy 2000 5.92 Policy LBAB -1.65 3.3 Policy Policy
-3.37 2.62 9 1.11 0.79 9 11.24 5.11 5 -2.81 2.11 9
-4.78 1.02 11 2000 -1.65 11 1/11/1900 2.56 15 2000 -0.45 11
1.41 7 Yr 40 -6.79 7 Yr 60 -0.71 7 Yr 50 1.47 7 Yr 50
2000 9.98 -9.11 -9.85 11.38 -17.68 1999 8.4 -1.06 1.22 8.24 -6.08
0.7 7.97 10.54 3.06 8.25 16.08 -1.19 7.2 5.88 0.25 6.58 9.59
-1.52 7.14 19.65 1999 7.09 33.76 -2.05 6.56 6.94 1999 5.68 15.67
2.22 6.13 -12.48 8.77 5.7 -26.85 0.86 5.6 1.86 15.52 4.78 -8.19
1999 4.46 Standard Deviation 10.67 21.04 3.11 Standard Deviation 19.13 1998 4.26 Standard Deviation 3.9 7.59 2.62 Standard Deviation 8.51
6.98 8 Yr 1 -12.27 8 Yr 1 9.83 8 Yr 1 7.93 8 Yr 1
11.44 9.64 0 1998 11.35 0 9.53 7.93 0 1998 8.41 0
-4.46 8.35 1 30.71 9.28 1 0.3 6.93 1 29.92 6.68 1
1998 7.72 -0.07 28.58 8.35 -0.23 1997 1996 1995 6.34 1.04 15.57 5.84 0.04
23.44 6.85 -0.79 2.13 6.86 -4.41 Returns in Up Markets 5.59 4.05 14.35 5.1 0.35
21.37 5