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 December 31, 2003 Batting Average Returns are gross of fees. Incept is December 31, 1997 to December 31, 2003 Batting Average Returns are gross of fees. Incept is December 31, 1997 to December 31, 2003 Batting Average Returns are gross of fees. Incept is December 31, 1997 to December 31, 2003 Batting Average
Account Reconciliation Trailing Returns through December 31, 2003 Worst Qtr Account Reconciliation Trailing Returns through December 31, 2003 Worst Qtr Account Reconciliation Trailing Returns through December 31, 2003 Worst Qtr Account Reconciliation Trailing Returns through December 31, 2003 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
12/31/2003 Return Beta 12/31/2003 Return Beta 12/31/2003 Return Beta 12/31/2003 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
37,048 Universe R-Squared 20,787 Universe R-Squared 15,230 Universe R-Squared 18,975 Universe R-Squared
-21 5th %-tile Sharpe Ratio -1,968 5th %-tile Sharpe Ratio -155 5th %-tile Sharpe Ratio -327 5th %-tile Sharpe Ratio
2,460 25th %-tile Treynor Ratio 2,448 25th %-tile Treynor Ratio 19 25th %-tile Treynor Ratio 925 25th %-tile Treynor Ratio
39,487 50th %-tile Tracking Error 21,268 50th %-tile Tracking Error 15,094 50th %-tile Tracking Error 19,572 50th %-tile Tracking Error
2003 75th %-tile Information Ratio 2003 75th %-tile Information Ratio 2003 75th %-tile Information Ratio 2003 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
40,590 2 Qtrs 5 24,192   2 Qtrs   5 15,276   2 Qtrs   2 17,914 2 Qtrs 5
-6,762 8.86   7 -7,992   16.74   7 -793   -0.16 10 -743 6.59   7
5,658 90 58.33 5,068   52   41.67 612   76   50 2,402 85 41.67
39,487 10.1   -7.44 21,268 17.02   -17.97 15,094 0.18 -0.29 19,572 8.21   -7.29
12/31/1997 63 8.62 12/31/1997 46 14.93 12/31/1997 61 5.39 12/31/1997 43 6.85
Incept 14.35 16.06 Incept 20.49 32.9 Incept 8.97 5.68 Incept 10.23 14.14
15,998 11.82 -9.47 10,999 18.21 -25.12 4,811 1.45 4.13 15,998 8.79 -7.44
13,117 10.51 10.29 6,301 16.85 21.72 4,099 0.41 3.95 -4,883 7.89 9.49
10,372 9.69 0.83 3,968    15.65 0.99 6,184    -0.14 0.95 8,457 6.91 0.91
39,487  39,487,000 8.26 0.35 21,268   21,268,000 13.36 0.04 15,094   15,094,000 -1.23 0.48 19,572  19,572,000 5.82 -1.93
Investment Policy 3 Qtrs 1 Investment Policy 3 Qtrs 1 Investment Policy 3 Qtrs 0.99 Investment Policy 3 Qtrs 0.94
Index 18.24 -0.09 Index 34.18 -0.27 Index 2.49 1.43 Index 13.89 -0.18
S&P 500 95 -1.08 S&P 500 62 -6 Lehman Aggregate Bond 47 5.95 S&P 500 93 -1.91
Lehman Aggregate Bond 21.7 2.23 MSCI EAFE 35.84 1.41 Total 2.68 0.46 Lehman Gov/Credit-Intermediate 18.59 2.51
MSCI EAFE 65 0.12 Total 43 0.06 Weight 43 0.3 Total 33 -0.88
Total 30.88 Policy Weight 42.29 Policy 100 19.26 LBAB Weight 22.5 Policy
Weight 25.26 5 83.3 38.26 5 100 4.58 3 55 19.17 6
50 22.55 7 16.7 35.26 7 Trailing Returns through December 31, 2003 2.36 9 45 17.07 6
40 21.06 41.67 100 32.81 58.33 Fund 1.22 50 100 15.82 58.33
10 17.56 -9.11 Trailing Returns through December 31, 2003 28.3 -17.68 LBAB 0.49 -0.6 Trailing Returns through December 31, 2003 13.34 -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 December 31, 2003 1 Yr FUND 16.85 0.1685 19.65 Policy 1 Yr FUND 29.32 0.2932 33.76 1 Yr 1 Yr FUND 4.13 0.0413 6.48 Policy 1 Yr FUND 13.64 0.1364 15.67
Fund UNIVERSE 91 -11.04 Diff UNIVERSE 56 -24.41 4.13 UNIVERSE 43 4.11 Diff UNIVERSE 92 -6.91
Policy POLICY 19.45 0.1945 12.38 1 Yr POLICY 30.42 0.3042 21.98 4.11 POLICY 4.11 0.0411 4.12 1 Yr POLICY 17.65 0.1765 10.07
Diff 56 1 29.32 42 1 0.02 43 1 13.64 47 1
1 Yr 30.32 0 30.42 36.33 0 2 Yr 26.58 0 17.65 22.83 0
16.85 22.87 1 -1.1 32.1 1 7.5 6.42 1 -4.01 19.28 1
19.45 19.8 -0.09 2 Yr 29.65 -0.27 7.47 3.67 1.34 2 Yr 17.37 0.05
-2.6 18.29 -1.16 1 27.38 -6.03 0.03 2.09 5.51 3.13 15.45 0.46
2 Yr 15.43 0 1.51 23.47 0 3 Yr 1.11 0 5.01 13.12 0
3.85 2 Yr Diff -0.51 2 Yr Diff 1/7/1900 2 Yr Diff -1.88 2 Yr Diff
4.2 3.85   0 3 Yr 1     0 7.79 7.5   -1 3 Yr 3.13   -1
-0.35 45 0 -3.66 60   0 0.14 26 1 0.54 48 1
3 Yr 4.2   16.66 -3.75 1.51     -16.66 4 Yr 7.47   0 2.74 5.01   -16.66
1.38 38 1.67 1/0/1900 53 -0.29 1/8/1900 26 0.31 -2.2 21 -1.21
1.12 7.48 -1.92 4 Yr 6.54 -1.15 8.81 12.54 -0.49 4 Yr 6.96 -2.74
1/0/1900 4.98 -3.59 -4.45 3.39 -0.86 -0.06 7.51 -0.8 1/0/1900 4.69 -1.53
4 Yr 3.54 1.57 -5.32 1.64 -0.71 5 Yr 6.12 0.02 2.36 3.01 -0.53
1.21 2.4 -2.09 0.87 -0.11 -0.26 6.68 4.78 -0.17 -1.59 1.64 -0.58
0.45 0.62 -0.17 5 Yr -2.63 -0.01 1/6/1900 2.37 -0.05 5 Yr -0.47 -0.09
0.76 3 Yr 0.35 -1.94 3 Yr 0.04 0.13 3 Yr 0.48 3.56 3 Yr -1.93
5 Yr 3 YR FUND 1.38 0.0138 0 -0.55 3 YR FUND -3.66 -0.0366 0 6 Yr 3 YR FUND 7.93 0.0793 -0.01 3.39 3 YR FUND 0.54 0.0054 -0.06
2.34 UNIVERSE 34 0 -1.39 UNIVERSE 52 0 1/7/1900 UNIVERSE 19 0.09 0.17 UNIVERSE 37 -0.23
2.56 POLICY 1.12 0.0112 0.08 6 Yr POLICY -3.75 -0.0375 0.03 1/7/1900 POLICY 7.79 0.0779 0.44 6 Yr POLICY 2.74 0.0274 -2.37
-0.22 38 2.23 1/2/1900 54 1.41 0.16 21 0.46 1/7/1900 11 2.51
6 Yr 4.55 4 Yr 3.8 2.77 4 Yr 7 Yr 8 Yr 9 Yr 10 Yr 10.87 4 Yr 1/5/1900 3.74 4 Yr
1/5/1900 1.91 # of Negative Qtrs -0.93 -1.56 # of Negative Qtrs 12/31/1997 7.51 # of Negative Qtrs 1/2/1900 1.3 # of Negative Qtrs
5.48 0.52 # of Positive Qtrs 7 Yr 8 Yr 9 Yr 10 Yr -3.58 # of Positive Qtrs Incept 6.48 # of Positive Qtrs 7 Yr 8 Yr 9 Yr 10 Yr -0.1 # of Positive Qtrs
0.11 -0.7 Batting Average 12/31/1997 -5.02 Batting Average 7.2 5.48 Batting Average 12/31/1997 -1.38 Batting Average
7 Yr 8 Yr 9 Yr 10 Yr -2.32 Worst Qtr Incept -8.17 Worst Qtr 7.04 3.53 Worst Qtr Incept -3.58 Worst Qtr
12/31/1997 4 Yr Best Qtr 1/2/1900 4 Yr Best Qtr 1/0/1900 4 Yr Best Qtr 1/7/1900 4 Yr Best Qtr
Incept 1.21 Range 3.8 -4.45 Range Calendar Year Returns 8.75 Range 5.32 0.77 Range
1/5/1900 28 Worst 4 Qtrs -0.93 48 Worst 4 Qtrs Fund 11 Worst 4 Qtrs 1/2/1900 27 Worst 4 Qtrs
5.48 0.45 Standard Deviation Calendar Year Returns -5.32 Standard Deviation LBAB 8.81 Standard Deviation Calendar Year Returns 2.36 Standard Deviation
0.11 41 Beta Fund 61 Beta Diff 10 Beta Fund 11 Beta
Calendar Year Returns 5.35 Annualized Alpha Policy 2.35 Annualized Alpha 12/31/2003 9.71 Annualized Alpha Policy 4.28 Annualized Alpha
Fund 1.54 R-Squared Diff -2.4 R-Squared Qtr 8.06 R-Squared Diff 0.88 R-Squared
Policy 0.04 Sharpe Ratio 12/31/2003 -4.6 Sharpe Ratio 0.14 7.08 Sharpe Ratio 12/31/2003 -0.36 Sharpe Ratio
Diff -1.27 Treynor Ratio Qtr -6.42 Treynor Ratio 0.32 5.68 Treynor Ratio Qtr -1.81 Treynor Ratio
12/31/2003 -3.34 Tracking Error 1/12/1900 -9.29 Tracking Error ################################## 3.33 Tracking Error 1/4/1900 -5.03 Tracking Error
Qtr 5 Yr Information Ratio 12.99 5 Yr Information Ratio 6/25/1905 5 Yr Information Ratio 6.63 5 Yr Information Ratio
1/6/1900 5 YR FUND 2.34 0.0234 Fund ################################## 5 YR FUND -1.94 -0.0194 Fund YTD 5 YR FUND 6.68 0.0668 Fund ################################ 5 YR FUND 3.56 0.0356 Fund
7.82 UNIVERSE 53 7 2003 UNIVERSE 84 8 4.13 UNIVERSE 13 2 2003 UNIVERSE 24 7
############################## POLICY 2.56 0.0256 9 YTD POLICY -0.55 -0.0055 8 4.11 POLICY 6.55 0.0655 14 YTD POLICY 3.39 0.0339 9
2003 46 68.75 1/29/1900 61 50 0.02 16 50 13.64 26 50
YTD 6.58 -7.44 30.42 7.06 -17.97 2002 7.38 -0.29 17.65 6.46 -7.29
16.85 3.8 8.62 -1.1 2.03 14.93 1/10/1900 6.17 5.39 -4.01 3.43 6.85
19.45 2.4 16.06 2002 -0.13 32.9 10.95 5.6 5.68 2002 2.17 14.14
-2.6 1.53 -9.99 -21.11 -1.36 -26 0.03 4.94 4.13 -6.4 1.04 -13.1
2002 -0.21 9.17 -21 -4.03 19.32 6/23/1905 3.14 3.65 -6.27 -1.15 8.94
-7.7 6 Yr 0.84 ################################## 6 Yr 0.99 0.0099 8.79 6 Yr 0.94   -0.13 6 Yr 0.95
-9.09 5.59 0.76   2001 2.87 0.87 8.43 7.2 0.46   2001 7.55 -1.42  
1/1/1900 27 0.99 -12.36 68 0.99 0.36 8 0.97 ################################ 4 0.89
2001 5.48 -0.22 ################################## 3.8 -0.4 2000 7.04 1.52 -1.65 5.32 -0.27
-3.37 30 -2.36 1/1/1900 47 -7.72 1/11/1900 9 5.91 -2.81 23 -2.55
-4.78 8.43 2.05 2000 9.03 1.82 11.95 7.42 0.64 2000 7.14 2.97
1/1/1900 5.68 0.37 -6.79 5.14 0.48 -0.71 6.39 -0.09 1/1/1900 5.09 -0.54
2000 4.75 Policy -9.85 3.66 Policy 1999 5.84 LBAB 1.22 3.97 Policy
0.7 3.74 8 3.06 2.36 8 -1.19 5.12 3 0.25 2.91 8
-1.52 1.7 8 1999 -0.34 8 ################################## 2.92 13 1999 0.37 8
2.22 7 Yr 31.25 8.77 7 Yr 50 0.86 7 Yr 50 15.52 7 Yr 50
1999 9.77 -9.11 21.04 11.18 -17.68 1998 7.75 -0.6 7.59 8.76 -6.08
6.98 7.91 10.54 -12.27 8.19 16.08 9.83 6.74 5.88 7.93 6.38 9.59
11.44 6.86 19.65 1998 7.01 33.76 9.53 6.18 6.48 1998 5.45 15.67
-4.46 5.89 -12.48 30.71 5.34 -26.85 0.3 5.46 4.11 29.92 4.58 -8.19
1998 4.23 10.88 28.58 2.42 19.39 1997 1996 1995 1994 4.11 3.83 15.57 2.85 8.89
23.44 8 Yr 1 2.13 8 Yr 1 Returns in Up Markets 8 Yr 1 14.35 8 Yr 1
21.37 10.34 0 1997 1996 1995 1994 12.27 0 Fund 7.38 0 1997 1996 1995 1994 8.81 0
2.07 8.67 1 Returns in Up Markets 9.71 1 LBAB 6.35 1 Returns in Up Markets 6.67 1
1997 1996 1995 1994 7.8 -0.25 Fund 8.55 -0.44 Ratio 5.87 1.47 Fund 5.88 -0.09
Returns in Up Markets 6.65 -2.74 Policy 6.81 -8.51 3 Yr 5.37 5.62 Policy 5.09 -0.83
Fund