SUNRISE POLICE
LOCK DHJ FIXED EXECUTIVE HERE LOCK LOCK DHJ FIXED UNIVERSE HERE LOCK LOCK DHJ FIXED RISK HERE LOCK LOCK INVESCO FIXED EXECUTIVE HERE LOCK LOCK INVESCO FIXED UNIVERSE HERE LOCK LOCK INVESCO FIXED RISK HERE LOCK LOCK N/A LOCK LOCK N/A LOCK N/A LOCK
Sunrise Police Sunrise Police % Sunrise Police Sunrise Police Sunrise Police Sunrise Police % Clair T.Singerman Retirement System Clair T.Singerman Retirement System Clair T.Singerman Retirement System %
DHJ Fixed Income DHJ Fixed Income DHJ Fixed Income Invesco (Fixed Income + Cash) Invesco (Fixed Income + Cash) Invesco (Fixed Income + Cash) Weiss,Peck & Greer - Equity Weiss,Peck & Greer - Equity Weiss,Peck & Greer - Equity
Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures Executive Summary Universe Comparisons Risk Measures
61 Intermediate Fixed Income 65 40 Broad Fixed Income 44 31 Broad Large Cap Core 37
Inception date is December 31, 1997 63 3 Yr Inception date is March 31, 1998 42 3 Yr Inception date is September 30, 1995 34 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
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 March 31, 1998 to December 31, 2003 Batting Average Returns are gross of fees. Incept is September 30, 1995 to June 30, 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 June 30, 2003 Worst 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
Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs Investment G/L %-tile Worst 4 Qtrs
Ending Value LBIGC Standard Deviation Ending Value LBAB Standard Deviation Ending Value Policy Standard Deviation
12/31/2003 Return Beta 12/31/2003 Return Beta 6/30/2003 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
8,504 Universe R-Squared 7,123 Universe R-Squared 5,552 Universe R-Squared
-86 5th %-tile Sharpe Ratio -158 5th %-tile Sharpe Ratio -154 5th %-tile Sharpe Ratio
2 25th %-tile Treynor Ratio 18 25th %-tile Treynor Ratio 876 25th %-tile Treynor Ratio
8,420 50th %-tile Tracking Error 6,983 50th %-tile Tracking Error 6,274 50th %-tile Tracking Error
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
8,799 2 Qtrs 3 7,083 2 Qtrs 4 5,774 2 Qtrs 7
-730 -0.25   9 -355 -0.08 8 -222 12.85 5
350 57 66.67 254 73 33.33 722 19 83.33
8,420 0.04   -0.3 6,983 0.18 -0.66 6,274 11.76 -16.39
12/31/1997 35 4.89 3/31/1998 61 5.08 9/30/1995 34 15.95
Incept 0.72 5.19 Incept 8.97 5.74 Incept 15.38 32.34
  4,811 0.18 4.25 5,933 1.45 3.07 4,516 12.15 -22.68
275 -0.17 3.67 -1,975 0.41 4.81 -2,249 11.4 16.97
3,334 -0.51 0.87 3,025 -0.14 1.11 0.0111 4,007 9.77 0.91
8,420    8,420,000 -0.92 0.85 6,983    6,983,000 -1.23 -1.63 6,274    6,274,000 7.8 2.63
Investment Policy 3 Qtrs 0.97 Investment Policy 3 Qtrs 0.94 Investment Policy 3 Qtrs 0.98
Index 2.55 1.49 Index 2.21 0.92 Index 19.73 -0.63
Lehman Gov/Credit-Intermediate 38 6.3 Lehman Aggregate Bond 53 3.97 S&P 500 52 -11.77
Total 2.76 0.84 Total 2.68 1.23 Total 21.19 3.13
Weight 27 -0.14 Weight 43 -0.72 Weight 26 1.16
100 3.99 LBIGC 100 19.26 LBAB 100 25.69 Policy
100 2.79 3 100 4.58 1 100 21.21 7
Trailing Returns through December 31, 2003 2.35 9 Trailing Returns through December 31, 2003 2.36 11 Trailing Returns through June 30, 2003 19.88 5
Fund 1.25 33.33 Fund 1.22 66.67 Fund 17.01 16.67
LBIGC 0.69 -0.6 LBAB 0.49 -0.14 Policy 11.68 -17.28
Diff 1 Yr 5.88 Diff 1 Yr 4.62 Diff 1 Yr 15.39
1 Yr 1 Yr FUND 4.25 0.0425 6.48 1 Yr 1 Yr FUND 3.7 0.037 4.76 1 Yr 1 Yr FUND 0.1 0.001 32.67
4.25 UNIVERSE 36 4.38 1/3/1900 UNIVERSE 50 4.11 1/0/1900 UNIVERSE 36 -26.62
4.38 POLICY 4.38 0.0438 4.14 4.11 POLICY 4.11 0.0411 4.2 0.25 POLICY 0.25 0.0025 18.42
-0.13 33 1 -0.41 43 1 -0.15 31 1
2 Yr 8.41 0 2 Yr 26.58 0 2 Yr 5.38 0
7.24 4.84 1 1/6/1900 6.42 1 ############################### 0.69 1
7.61 3.68 1.35 7.14 3.67 1.26 -9.32 -0.47 -0.78
-0.37 2.56 5.6 -0.91 2.09 5.29 1.47 -3.23 -14.35
3 Yr 1.58 0 3 Yr 1.11 0 3 Yr -6.37 0
1/7/1900 2 Yr Diff 1/6/1900 2 Yr Diff -7.56 2 Yr Diff
  7.88 7.24   0   1/7/1900 6.23   3 ############################### -7.85 0
  -0.12 10 0   -0.88 48 -3 3.64 27 0
  4 Yr 7.61   33.34   4 Yr 7.14   -33.34 4 Yr -9.32 66.66
1/8/1900 6 0.3 8.07 29 -0.52 -5.14 47 0.89
8.88 7.63 -0.99 1/8/1900 12.54 0.46 ############################### -4.45 0.56
-0.45 6.36 -1.29 -0.5 7.51 0.98 1.77 -7.76 -0.33
5 Yr 5.32 -0.13 5 Yr 6.12 -1.04 5 Yr   -9.53 3.94
6.67 3.96 -0.47 5.58 4.78 0.61 0.11 -10.74 -1.45
1/6/1900 1.72 -0.13 1/6/1900 2.37 0.11 -1.61 -13.99 -0.09
0.07 3 Yr 0.85 -1.04 3 Yr -1.63 1.72 3 Yr 2.63
6 Yr 3 Yr FUND 7.76 0.0776 -0.03 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 3 Yr FUND 6.69 0.0669 -0.06 6 Yr 3 Yr FUND -7.56 -0.0756 -0.02
1/7/1900 UNIVERSE 8 0.14 3/31/1998 UNIVERSE 45 -0.34 1/4/1900 UNIVERSE 27 0.15
1/7/1900 POLICY 7.88 0.0788 0.7 Incept POLICY 7.57 0.0757 -1.32 3.09 POLICY -11.2 -0.112 2.58
-0.04 7 0.84 6.24 24 1.23 1.08 54 3.13
7 Yr 8 Yr 9 Yr 10 Yr 8.15 4 Yr 6.99 10.87 4 Yr 7 Yr -0.31 5 Yr
12/31/1997 6.93 # of Negative Qtrs ################################ 7.51 # of Negative Qtrs 7.92 -7.22 # of Negative Qtrs
Incept 6.11 # of Positive Qtrs Calendar Year Returns 6.48 # of Positive Qtrs 7.1 -11.07 # of Positive Qtrs
7.05 4.68 Batting Average Fund 5.48 Batting Average 1/0/1900 -12.32 Batting Average
7.09 1.34 Worst Qtr LBAB 3.53 Worst Qtr 8 Yr 9 Yr 10 Yr -16.52 Worst Qtr
############################### 4 Yr Best Qtr Diff 4 Yr Best Qtr 9/30/1995 4 Yr Best Qtr
Calendar Year Returns 8.43 Range 12/31/2003 8.07 Range Incept -5.14 Range
Fund 13 Worst 4 Qtrs Qtr 25 Worst 4 Qtrs 9.43 35 Worst 4 Qtrs
LBIGC 8.88 Standard Deviation 0.26 8.57 Standard Deviation 8.54 -6.91 Standard Deviation
Diff 7 Beta 1/0/1900 14 Beta 1/0/1900 56 Beta
12/31/2003 9.15 Annualized Alpha ################################ 9.71 Annualized Alpha Calendar Year Returns 1.34 Annualized Alpha
Qtr 7.84 R-Squared 2003 8.06 R-Squared Fund -3.59 R-Squared
0.05 7 Sharpe Ratio YTD 7.08 Sharpe Ratio Policy -6.65 Sharpe Ratio
0.06 5.23 Treynor Ratio 3.7 5.68 Treynor Ratio Diff -7.6 Treynor Ratio
############################### -0.99 Tracking Error 1/4/1900 3.33 Tracking Error 6/30/2003 -10.33 Tracking Error
2003 5 Yr Information Ratio -0.41 5 Yr Information Ratio Qtr 5 Yr Information Ratio
YTD 5 Yr FUND 6.67 0.0667 Fund 2002 5 Yr FUND 5.58 0.0558 Fund 15.95 5 Yr FUND 0.11 0.0011 Fund
4.25 UNIVERSE 8 3 8.82 UNIVERSE 52 4 15.39 UNIVERSE 28 10
4.38 POLICY 6.6 0.066 13 10.27 POLICY 6.62 0.0662 12 0.56 POLICY -1.61 -0.0161 10
-0.13 9 62.5 -1.45 15 37.5 2003 47 Batting Average 75
2002 7.01 -0.3 2001 7.38 -0.66 YTD 5.06 -16.39
1/10/1900 6.03 4.89 1/7/1900 6.17 5.08 12.85 0.55 22.02
10.95 5.54 5.19 1/8/1900 5.6 5.74 1/11/1900 -1.76 38.41
-0.63 4.89 4.25 -0.78 4.94 3.07 1.09 -2.74 -22.68
2001 0.77 3.43 2000 3.14 4.43 2002 -4.94 Standard Deviation 17.74
1/8/1900 6 Yr   0.85 12.32 6 Yr   1.1 -20.28 6 Yr Beta 0.93
8.43 7.05 0.82   11.63 7.42 -1.28   -22.1 4.17 Annualized Alpha 1.6 0.016
0.37 10   0.92 0.69 6.39   0.95 1.82 25 R-Squared 0.96
2000 7.09 1.53 1999 5.84 1.1 2001 3.09 -0.21
1/10/1900 9 6.16 -3.85 5.12 4.44 -7.51 39 -4.06
11.95 7.82 1.13 -0.83 2.92 1.11 -11.88 7.91 3.8
-1.5 6.39 -0.4 -3.02 7 Yr -0.45 4.37 4.13 0.45
1999 5.81 LBIGC 1998 1997 1996 1995 1994 7.75 LBAB 2000 2.75 Policy Policy
-0.08 4.96 3 Returns in Up Markets 6.74 1 -5.45 1.56 10
-2.05 0.5 13 Fund 6.18 15 -9.11 -0.83 10
1.97 7 Yr 37.5 LBAB 5.46 62.5 3.66 7 Yr 25
1998 7.97 -0.6 Ratio 4.11 -0.14 1999 7.92 -17.28
9 6.68 5.88 3 Yr 8 Yr #VALUE! 4.62 14.58 21 21.3
1/9/1900 6.16 6.48 1/7/1900 7.38 4.76 21.04 7.1 38.58
-0.53 5.23 4.38 8.3 6.35 0.0635 4.11 -6.46 30 -26.62
1997 1996 1995 1994 1.92 3.85 89.4 5.87 3.91 1998 10.73 Standard Deviation 18.79
Returns in Up Markets 8 Yr 1 4 Yr 5.37 1 27.24 7.45   1
Fund 8.7 0 8.7 4.42 0 28.58 6.43 0
LBIGC 6.43 1 9.2 Calendar Year Returns 1 -1.34 4.95   1
Ratio 5.87 1.48 94.8 Fund 1.38 1997 2.39 -0.29
3 Yr 5.26   5.69 5 Yr Return   5.38 32.62 8 Yr -5.5
1/10/1900 3.22 0 8.5 %-tile 0 33.36 12.02 0
11 Calendar Year Returns   Diff 8.8 LBAB   Diff -0.74 9.37 Diff
98 Fund 0 96.4 Return 3 1996 8.35 0
4 Yr Return   0 3/31/1998 %-tile   -3 22.92 7.02 0
10.7 %-tile 25 Incept Universe -25 22.96 4.23 50
11.3 LBIGC   0.3 8.8 5th %-tile   -0.52 -0.04 Calendar Year Returns 0.89
94.6 Return -0.99 8.9 25th %-tile 0.46 1995 1994 Fund 0.72
5 Yr %-tile -1.29 4/8/1900 50th %-tile 0.98 Returns in Up Markets Return -0.17
10.1 Universe -0.13 Returns in Down Markets 75th %-tile -1.04 Fund %-tile 3.94
10.6 5th %-tile   -0.42 Fund 95th %-tile   0.52 Policy Policy -1.05
95.7 25th %-tile -0.15 LBAB Qtr 0.1 Ratio Return -0.07
12/31/1997 50th %-tile   0.82 Ratio QU. FUND 0.26 0.0026 -1.28 3 Yr %-tile 1.6
Incept 75th %-tile -0.08 3 Yr UNIVERSE 57 -0.05 34.7 Universe -0.04
9.9 95th %-tile   0.05 -0.3 POLICY 0.32 0.0032 -0.28 36.1 5th %-tile 0.08
10.4 Qtr 0.47 -0.1 51 -0.94 96 25th %-tile 1.44
95.4 QU. FUND 0.05 0.0005 1.13 235.7 6.07   1.11 5 Yr 50th %-tile 3.8
Returns in Down Markets UNIVERSE 58 5 Yr 5 Yr 4 Yr 1.03 5 Yr 5 Yr 36.3 75th %-tile 7 Yr
Fund POLICY 0.06 0.0006 # of Negative Qtrs -0.3 0.33 # of Negative Qtrs 40.9 95th %-tile # of Negative Qtrs
LBIGC 58 # of Positive Qtrs -0.1 0.05 # of Positive Qtrs 88.8 Qtr # of Positive Qtrs
Ratio 0.61   Batting Average 235.7 -0.46   Batting Average 7 Yr QU. FUND 15.95 0.1595 Batting Average
3 Yr 0.34 Worst Qtr 5 Yr YTD Worst Qtr 33.6 UNIVERSE 29 Worst Qtr
-0.6 0.1   Best Qtr -5.2 3.7   Best Qtr 37 POLICY 15.39 0.1539 Best Qtr
-0.7 -0.13 Range -1.6 50 Range 90.6 39 Range
84.3 -0.4   Worst 4 Qtrs 11/12/1900 4.11   Worst 4 Qtrs 9/30/1995 20.16 Worst 4 Qtrs
4 Yr YTD Standard Deviation 3/31/1998 43 Standard Deviation Incept 16.36 Standard Deviation
-0.6 4.25   Beta Incept 26.58   Beta 32.2 15.16 Beta
-0.7 36 Annualized Alpha -5.2 6.42 Annualized Alpha 34.9 13.52 Annualized Alpha
84.3 4.38   R-Squared -1.6 3.67 R-Squared 92.3 10.81 R-Squared
5 Yr 33 Sharpe Ratio 11/12/1900 2.09 Sharpe Ratio Returns in Down Markets YTD Sharpe Ratio
-1 8.41   Treynor Ratio 1.11 Treynor Ratio Fund 12.85 Treynor Ratio
-2.2 4.84 Tracking Error 2002 Tracking Error Policy 19 Tracking Error
46.6 3.68   Information Ratio 2002 FUND 8.82 0.0882 Information Ratio Ratio 11.76 Information Ratio
12/31/1997 2.56 Fund Fund UNIVERSE 34 Fund Fund 3 Yr 34 Fund
Incept 1.58   5 POLICY 10.27 0.1027 7 -29.4 15.38 10
-1 2002 15 13 13 -34.5 12.15 18
-2.2 2002 FUND 10.32 0.1032 Batting Average 70 11.72   Batting Average 35 85 11.4 64.29
46.6 UNIVERSE 9 -0.83 9.31 -2.46 5 Yr 9.77 -16.39
POLICY 10.95 0.1095 4.89 7.69 5.08 -26.5 7.8 22.02
7 5.72 4.45 7.54 -31.3 2002 38.41
11.21   -0.08 -2.07 -3.85 84.6 2002 FUND -20.28 -0.2028 -22.68
9.02 Standard Deviation 3.54 2001 Standard Deviation 4.5 7 Yr UNIVERSE 27 17.12
7.42   Beta 0.83 2001 FUND 7.64 0.0764 Beta 1.12 -26.5 POLICY -22.1 -0.221 0.94
4.18 Annualized Alpha 1.14 0.0114 UNIVERSE 41 Annualized Alpha -1.72 -0.0172 -31.3 46 1.27
-2.76   R-Squared 0.93 POLICY 8.42 0.0842 R-Squared 0.91 84.6 -14.75 0.96
2001 0.9 19 0.46 9/30/1995 -20.18 0.21
2001 FUND 8.8 0.088 3.82 9.68   1.86 Incept -22.25 3.87
UNIVERSE 12 1.14 8.13 1.45 -26.5 -23.65 3.42
POLICY 8.43 0.0843 0.06 7.33 -0.72 -31.3 -26.76 0.24
20 Policy LBIGC 6.21 Policy LBAB 84.6 2001 Policy
9.73   6 0.36 4 2001 FUND -7.51 -0.0751 10
8.2 14 2000 16 UNIVERSE 20 18
7.33   30 2000 FUND 12.32 0.1232 65 POLICY -11.88 -0.1188 35.71
6.09 -1.2 UNIVERSE 10 -0.88 49 -17.28
-0.71   5.88 POLICY 11.63 0.1163 4.62 0.14 21.3
2000 7.08 17 5.5 -9.12 38.58
2000 FUND 10.45 0.1045 -2.05 13.05   -0.83 -12.04 -26.62
UNIVERSE 36 Standard Deviation 4.1 11.01 Standard Deviation 3.83 -13.76 17.96
POLICY 11.95 0.1195 1 9.44   1 -19.01 1
11 0 7.02 0 2000 0
13.26 1 -8.83 1 2000 FUND -5.45 -0.0545 1
11.01 0.76 1999 0.81 UNIVERSE 42 0.16
9.4   3.1 1999 FUND -3.85 -0.0385 3.12 POLICY -9.11 -0.0911 2.82
6.7 0 UNIVERSE 95 0 63 0
-9.46   Diff POLICY -0.83 -0.0083 Diff 8.88 Diff
1999 -1 66 3 -1.49 0
1999 FUND -0.08 -0.0008 1 7   -3 -7.17 0
UNIVERSE 56 40 2.72 -30 -9.71 28.58
POLICY -2.05 -0.0205 0.37 0.33 -1.58 -15.31 0.89
83 -0.99 -1.4 0.46 1999 0.72
7.84 -1.36 -3.93 2.04 1999 FUND 14.58 0.1458 -0.17
2.92 1.97 1998 -3.02 UNIVERSE 61 3.94
0.38   -0.56 1998 FUND 9.93 0.0993 0.67 POLICY 21.04 0.2104 -0.84
-1.43 -0.17 UNIVERSE 8.09 0.12 23 -0.06
-3.87   1.14 POLICY 6.94 0.0694 -1.72 29.06 1.27
1998 -0.07 5.76 -0.09 20.79 -0.04
1998 FUND 9 0.09 0.14 -0.13   -0.35 17.27 0.05
UNIVERSE 10 0.72 1997 -1.26 10.05 1.05
POLICY 9.53 0.0953 1.14 14.34 1.45 1.04 3.42
8 Incept 9.77 Incept 1998 Incept
10.52 # of Negative Qtrs 8.72 # of Negative Qtrs 1998 FUND 27.24 0.2724 # of Negative Qtrs
8.01 # of Positive Qtrs 7.12 # of Positive Qtrs UNIVERSE 33 # of Positive Qtrs
6.84 Batting Average 5.89 Batting Average POLICY 28.58 0.2858 Batting Average
5.14 Worst Qtr 1996 Worst Qtr 19 Worst Qtr
-0.13   Best Qtr 13.49   Best Qtr 35.39 Best Qtr
1997 Range 5.37 Range 28.17 Range
17.48   Worst 4 Qtrs 3.97   Worst 4 Qtrs 23.31 Worst 4 Qtrs
9.67 Standard Deviation 2.83 Standard Deviation 14.65 Standard Deviation
8.58 Beta 1.19 Beta 6.14 Beta
6.86 Annualized Alpha 1995 Annualized Alpha 1997 Annualized Alpha
5.06 R-Squared 23.05 R-Squared 32.62 R-Squared
1996 Sharpe Ratio 18.43 Sharpe Ratio 23 Sharpe Ratio
20.38 Treynor Ratio 16.26 Treynor Ratio 33.36 Treynor Ratio
6.58 Tracking Error 12.82 Tracking Error 14 Tracking Error
4.14 Information Ratio 8.28 Information Ratio 35.83 Information Ratio
3.14 Fund Fund 32.4 Fund
1.3 5 8 29.2 10
1995 19 15 26.22 21
34.8 62.5 39.13 19.15 64.52
18.82 -0.83 -2.46 1996 -16.39
16.26 4.89 5.29 22.92 22.02
12.11 5.72 7.75 27 38.41
5.65 -0.14 -3.85 22.96 -22.68
3.52 4.41 26 16.39
0.85 1.13 27.28 0.94
1.02 -1.58 23.01 1.44
0.94 0.91 21.51 0.96
0.94 0.58 18.9 0.31
3.88 2.26 15.28 5.37
1.07 1.42 1995 3.34
-0.04 -0.53 38.57 0.27
LBIGC LBAB 36.55 Policy
6 4 33.47 10
18 19 30.16 21
37.5 60.87 24.43 35.48
-1.2 -0.88 -17.28
5.88 4.62 21.3
7.08 5.5 38.58
-2.05 -0.83 -26.62
4.02 3.71 17.17
1 1 1
0 0 0
1 1 1
0.83 0.89 0.24
3.34 3.3 4.16
0 0 0
Diff Diff Diff
-1 4 0
1 -4 0
25 -21.74 29.04
0.37 -1.58 0.89
-0.99 0.67 0.72
-1.36 2.25 -0.17
1.91 -3.02 3.94
-0.5 0.7 -0.78
-0.15 0.13 -0.06
1.02 -1.58 1.44
-0.06 -0.09 -0.04
0.11 -0.31 0.07
0.54 -1.04 1.21
1.07 1.42 3.34