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
51 Intermediate Fixed Income 55 30 Broad Fixed Income 34 31 Broad Large Cap Core 37
Inception date is December 31, 1997 53 3 Yr Inception date is March 31, 1998 32 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 June 30, 2004 Batting Average Returns are gross of fees. Incept is March 31, 1998 to June 30, 2004 Batting Average Returns are gross of fees. Incept is September 30, 1995 to June 30, 2003 Batting Average
Account Reconciliation Trailing Returns through June 30, 2004 Worst Qtr Account Reconciliation Trailing Returns through June 30, 2004 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
6/30/2004 Return Beta 6/30/2004 Return Beta 6/30/2003 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
7,601 Universe R-Squared 7,010 Universe R-Squared 5,552 Universe R-Squared
-58 5th %-tile Sharpe Ratio -151 5th %-tile Sharpe Ratio -154 5th %-tile Sharpe Ratio
-164 25th %-tile Treynor Ratio -159 25th %-tile Treynor Ratio 876 25th %-tile Treynor Ratio
7,380 50th %-tile Tracking Error 6,699 50th %-tile Tracking Error 6,274 50th %-tile Tracking Error
2004 75th %-tile Information Ratio 2004 75th %-tile Information Ratio 2003 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
8,420 2 Qtrs 4 6,983 2 Qtrs 5 5,774 2 Qtrs 7
-1,080 0.3   8 -301 0.22 7 -222 12.85 5
40 10 66.67 17 41 41.67 722 19 83.33
7,380 -0.1   -2.17 6,699 0.15 -2.29 6,274 11.76 -16.39
12/31/1997 56 4.89 3/31/1998 45 5.08 9/30/1995 34 15.95
Incept 0.39 7.06 Incept 1.85 7.37 Incept 15.38 32.34
  4,811 0.13 0.05 5,933 0.54 0.14 4,516 12.15 -22.68
-805 -0.06 4.22 -2,276 0.06 5.04 -2,249 11.4 16.97
3,374 -0.32 0.89 3,042 -0.24 1.08 0.0108 4,007 9.77 0.91
7,380    7,380,000 -0.58 0.59 6,699    6,699,000 -0.7 -1.17 6,274    6,274,000 7.8 2.63
Investment Policy 3 Qtrs 0.98 Investment Policy 3 Qtrs 0.95 Investment Policy 3 Qtrs 0.98
Index 0.35 1.17 Index 0.48 0.8 Index 19.73 -0.63
Lehman Gov/Credit-Intermediate 33 5.53 Lehman Aggregate Bond 50 3.72 S&P 500 52 -11.77
Total -0.04 0.83 Total 0.47 1.21 Total 21.19 3.13
Weight 61 -0.18 Weight 50 -0.6 Weight 26 1.16
100 1.05 LBIGC 100 8 LBAB 100 25.69 Policy
100 0.46 4 100 1.49 2 100 21.21 7
Trailing Returns through June 30, 2004 0.08 8 Trailing Returns through June 30, 2004 0.46 10 Trailing Returns through June 30, 2003 19.88 5
Fund -0.28 33.33 Fund -0.14 58.33 Fund 17.01 16.67
LBIGC -0.87 -2.52 LBAB -1 -2.44 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 0.05 0.0005 8.4 1 Yr 1 Yr FUND 0.14 0.0014 7.06 1 Yr 1 Yr FUND 0.1 0.001 32.67
0.05 UNIVERSE 41 -0.06 1/0/1900 UNIVERSE 62 0.33 1/0/1900 UNIVERSE 36 -26.62
-0.06 POLICY -0.06 -0.0006 4.7 0.33 POLICY 0.33 0.0033 4.54 0.25 POLICY 0.25 0.0025 18.42
0.11 48 1 -0.19 56 1 -0.15 31 1
2 Yr 0.98 0 2 Yr 10.95 0 2 Yr 5.38 0
5.54 0.35 1 1/4/1900 2.07 1 ############################### 0.69 1
5.91 -0.11 1.08 5.24 0.49 1.05 -9.32 -0.47 -0.78
-0.37 -0.72 5.07 -0.92 -0.38 4.75 1.47 -3.23 -14.35
3 Yr -1.22 0 3 Yr -1.81 0 3 Yr -6.37 0
1/6/1900 2 Yr Diff 1/5/1900 2 Yr Diff -7.56 2 Yr Diff
  6.68 5.54   0   1/6/1900 4.32   3 ############################### -7.85 0
  -0.15 17 0   -0.73 55 -3 3.64 27 0
  4 Yr 5.91   33.34   4 Yr 5.24   -16.66 4 Yr -9.32 66.66
1/7/1900 10 0.35 6.96 37 0.15 -5.14 47 0.89
7.76 6.28 -0.99 1/7/1900 14.75 0.46 ############################### -4.45 0.56
-0.04 5.18 -1.34 -0.6 6.49 0.31 1.77 -7.76 -0.33
5 Yr 4.29 0.11 5 Yr 4.59 -0.19 5 Yr   -9.53 3.94
7 3.13 -0.48 6.16 3.22 0.5 0.11 -10.74 -1.45
1/7/1900 1.48 -0.11 1/6/1900 1.67 0.08 -1.61 -13.99 -0.09
-0.07 3 Yr 0.59 -0.79 3 Yr -1.17 1.72 3 Yr 2.63
6 Yr 3 Yr FUND 6.53 0.0653 -0.02 6 Yr 3 Yr FUND 5.63 0.0563 -0.05 6 Yr 3 Yr FUND -7.56 -0.0756 -0.02
1/6/1900 UNIVERSE 9 0.09 1/5/1900 UNIVERSE 44 -0.25 1/4/1900 UNIVERSE 27 0.15
1/6/1900 POLICY 6.68 0.0668 0.46 6.3 POLICY 6.36 0.0636 -1.03 3.09 POLICY -11.2 -0.112 2.58
0.12 7 0.83 -0.75 26 1.21 1.08 54 3.13
7 Yr 8 Yr 9 Yr 10 Yr 6.8 5 Yr 5 Yr 7 Yr 8 Yr 9 Yr 10 Yr 9.29 5 Yr 7 Yr -0.31 5 Yr
12/31/1997 5.79 # of Negative Qtrs 3/31/1998 6.38 # of Negative Qtrs 7.92 -7.22 # of Negative Qtrs
Incept 4.9 # of Positive Qtrs Incept 5.34 # of Positive Qtrs 7.1 -11.07 # of Positive Qtrs
6.54 3.56 Batting Average 1/5/1900 4.3 Batting Average 1/0/1900 -12.32 Batting Average
6.51 0.78 Worst Qtr 6.44 2.6 Worst Qtr 8 Yr 9 Yr 10 Yr -16.52 Worst Qtr
1/0/1900 4 Yr Best Qtr ################################ 4 Yr Best Qtr 9/30/1995 4 Yr Best Qtr
Calendar Year Returns 7.72 Range Calendar Year Returns 6.96 Range Incept -5.14 Range
Fund 7 Worst 4 Qtrs Fund 32 Worst 4 Qtrs 9.43 35 Worst 4 Qtrs
LBIGC 7.76 Standard Deviation LBAB 7.56 Standard Deviation 8.54 -6.91 Standard Deviation
Diff 7 Beta Diff 17 Beta 1/0/1900 56 Beta
6/30/2004 7.94 Annualized Alpha 6/30/2004 8.71 Annualized Alpha Calendar Year Returns 1.34 Annualized Alpha
Qtr 7.03 R-Squared Qtr 7.19 R-Squared Fund -3.59 R-Squared
-2.17 6.17 Sharpe Ratio -2.29 6.33 Sharpe Ratio Policy -6.65 Sharpe Ratio
-2.52 4.65 Treynor Ratio -2.44 5.16 Treynor Ratio Diff -7.6 Treynor Ratio
1/0/1900 -0.01 Tracking Error 1/0/1900 3.23 Tracking Error 6/30/2003 -10.33 Tracking Error
2004 5 Yr Information Ratio 2004 5 Yr Information Ratio Qtr 5 Yr Information Ratio
YTD 5 Yr FUND 7 0.07 Fund Fund YTD 5 Yr FUND 6.16 0.0616 Fund Fund 15.95 5 Yr FUND 0.11 0.0011 Fund
0.3 UNIVERSE 10 4 0.22 UNIVERSE 36 6 15.39 UNIVERSE 28 10
-0.1 POLICY 7.07 0.0707 16 0.15 POLICY 6.95 0.0695 14 0.56 POLICY -1.61 -0.0161 10
0.4 10 Batting Average 70 0.07 15 Batting Average 40 2003 47 Batting Average 75
2003 7.69 -2.17 2003 7.77 -2.46 YTD 5.06 -16.39
1/4/1900 6.37 4.89 1/3/1900 6.49 5.08 12.85 0.55 22.02
4.38 5.75 7.06 1/4/1900 5.77 7.54 1/11/1900 -1.76 38.41
-0.13 4.51 0.05 -0.41 4.85 0.14 1.09 -2.74 -22.68
2002 0.22 Standard Deviation 3.67 2002 3.16 Standard Deviation 4.46 2002 -4.94 Standard Deviation 17.74
1/10/1900 6 Yr   Beta 0.86 8.82 6 Yr   Beta 1.08 -20.28 6 Yr Beta 0.93
10.95 6.45 Annualized Alpha 0.93 0.0093 10.27 5.55 Annualized Alpha -1.29 -0.0129 -22.1 4.17 Annualized Alpha 1.6 0.016
-0.63 8   R-Squared 0.94 -1.45 34   R-Squared 0.9 1.82 25 R-Squared 0.96
2001 6.33 1.05 2001 6.3 0.68 2001 3.09 -0.21
1/8/1900 9 4.5 7.64 11 2.81 -7.51 39 -4.06
8.43 6.78 1.09 8.42 6.68 1.44 -11.88 7.91 3.8
0.37 5.69 -0.06 -0.78 5.78 -0.55 4.37 4.13 0.45
2000 5.2 Policy LBIGC 2000 5.24 Policy LBAB 2000 2.75 Policy Policy
10.45 4.46 5 12.32 4.57 3 -5.45 1.56 10
11.95 -0.57 15 11.63 2.41 17 -9.11 -0.83 10
-1.5 7 Yr 30 0.69 7 Yr 60 3.66 7 Yr 25
1999 7.29 -2.52 1999 7.35 -2.44 1999 7.92 -17.28
-0.08 6.16 5.88 -3.85 6.36 0.0636 4.62 14.58 21 21.3
############################### 5.67 8.4 ################################ 5.74 7.06 21.04 7.1 38.58
1.97 4.78 -0.06 -3.02 4.99 0.0499 0.33 -6.46 30 -26.62
1998 0.8 Standard Deviation 4.16 1998 1997 1996 1995 3.62 3.91 1998 10.73 Standard Deviation 18.79
9 8 Yr 1 Returns in Up Markets 8 Yr 1 27.24 7.45   1
1/9/1900 8.12 0 Fund 7.46 0 28.58 6.43 0
-0.53 6.45 1 LBAB 6.56 1 -1.34 4.95   1
1997 1996 1995 5.86 0.95 Ratio 5.98 0.98 1997 2.39 -0.29
Returns in Up Markets 5.06   3.94 3 Yr 5.3   3.82 32.62 8 Yr -5.5
Fund 2.56 0 7.9 4.32 0 33.36 12.02 0
LBIGC Calendar Year Returns   Diff 8.8 Calendar Year Returns   Diff -0.74 9.37 Diff
Ratio Fund -1 89.9 Fund 3 1996 8.35 0
3 Yr Return   1 5 Yr Return   -3 22.92 7.02 0
11.5 %-tile 40 8.6 %-tile -20 22.96 4.23 50
12 LBIGC   0.35 8.9 LBAB   -0.02 -0.04 Calendar Year Returns 0.89
95.9 Return -0.99 96.2 Return 0.46 1995 1994 Fund 0.72
5 Yr %-tile -1.34 6 Yr %-tile 0.48 Returns in Up Markets Return -0.17
10.2 Universe 0.11 8.8 Universe -0.19 Fund %-tile 3.94
10.6 5th %-tile   -0.49 9 5th %-tile   0.55 Policy Policy -1.05
96 25th %-tile -0.14 98.2 25th %-tile 0.08 Ratio Return -0.07
6 Yr 50th %-tile   0.93 3/31/1998 50th %-tile   -1.29 3 Yr %-tile 1.6
10.2 75th %-tile -0.06 Incept 75th %-tile -0.1 34.7 Universe -0.04
10.6 95th %-tile   0.1 8.9 95th %-tile   -0.3 36.1 5th %-tile 0.08
96.3 Qtr 0.56 9 Qtr -1.01 96 25th %-tile 1.44
12/31/1997 QU. FUND -2.17 -0.0217 1.09 98.9 QU. FUND -2.29 -0.0229 1.44 5 Yr 50th %-tile 3.8
Incept UNIVERSE 20 6 Yr Returns in Down Markets UNIVERSE 61 6 Yr 36.3 75th %-tile 7 Yr
9.9 POLICY -2.52 -0.0252 # of Negative Qtrs Fund POLICY -2.44 -0.0244 # of Negative Qtrs 40.9 95th %-tile # of Negative Qtrs
10.4 70 # of Positive Qtrs LBAB 70 # of Positive Qtrs 88.8 Qtr # of Positive Qtrs
95.7 -1.78   Batting Average Ratio 0.2   Batting Average 7 Yr QU. FUND 15.95 0.1595 Batting Average
Returns in Down Markets -2.24 Worst Qtr 3 Yr -0.91 Worst Qtr 33.6 UNIVERSE 29 Worst Qtr
Fund -2.43   Best Qtr -2.6 -1.89   Best Qtr 37 POLICY 15.39 0.1539 Best Qtr
LBIGC -2.56 Range -2.6 -2.51 Range 90.6 39 Range
Ratio -2.79   Worst 4 Qtrs 4/10/1900 -3.47   Worst 4 Qtrs 9/30/1995 20.16 Worst 4 Qtrs
3 Yr YTD Standard Deviation 5 Yr YTD Standard Deviation Incept 16.36 Standard Deviation
-2.7 0.3   Beta -5 0.22   Beta 32.2 15.16 Beta
-3.2 10 Annualized Alpha -2.7 41 Annualized Alpha 34.9 13.52 Annualized Alpha
85.9 -0.1   R-Squared 185.6 0.15 R-Squared 92.3 10.81 R-Squared
5 Yr 56 Sharpe Ratio 6 Yr 45 Sharpe Ratio Returns in Down Markets YTD Sharpe Ratio
-2 0.39   Treynor Ratio -6 1.85 Treynor Ratio Fund 12.85 Treynor Ratio
-2.8 0.13 Tracking Error -3.2 0.54 Tracking Error Policy 19 Tracking Error
70.1 -0.06   Information Ratio 183.4 0.06   Information Ratio Ratio 11.76 Information Ratio
6 Yr -0.32 Fund 3/31/1998 -0.24 Fund 3 Yr 34 Fund
-2.1 -0.58   6 Incept -0.7   9 -29.4 15.38 10
-3.3 2003 18 -6 2003 15 -34.5 12.15 18
64.2 2003 FUND 4.25 0.0425 66.67 -3.2 2003 FUND 3.7 0.037 Standard Deviation 37.5 85 11.4 64.29
12/31/1997 UNIVERSE 39 -2.17 183.4 UNIVERSE 50 -2.46 5 Yr 9.77 -16.39
Incept POLICY 4.38 0.0438 4.89 POLICY 4.11 0.0411 5.29 -26.5 7.8 22.02
-2.1 36 7.06 43 7.75 -31.3 2002 38.41
-3.3 8.45   -0.14 26.58 -3.85 84.6 2002 FUND -20.28 -0.2028 -22.68
64.2 4.91 3.87 6.42 4.48 7 Yr UNIVERSE 27 17.12
3.91   0.86 3.67   1.1 -26.5 POLICY -22.1 -0.221 0.94
2.96 0.95 0.0095 2.09 -1.33 -0.0133 -31.3 46 1.27
1.62   0.95 1.11   0.91 84.6 -14.75 0.96
2002 0.79 2002 0.48 9/30/1995 -20.18 0.21
2002 FUND 10.32 0.1032 3.55 2002 FUND 8.82 0.0882 1.95 Incept -22.25 3.87
UNIVERSE 13 1.05 UNIVERSE 34 1.39 -26.5 -23.65 3.42
POLICY 10.95 0.1095 0.11 POLICY 10.27 0.1027 -0.54 -31.3 -26.76 0.24
8 LBIGC 13 LBAB 84.6 2001 Policy
11.57   7 11.72 5 2001 FUND -7.51 -0.0751 10
9.27 17 9.31 19 UNIVERSE 20 18
7.75   33.33 7.69   62.5 POLICY -11.88 -0.1188 35.71
4.01 -2.52 4.45 -2.44 49 -17.28
-3   5.88 -2.07   4.62 0.14 21.3
2001 8.4 2001 7.06 -9.12 38.58
2001 FUND 8.8 0.088 -2.05 2001 FUND 7.64 0.0764 -0.83 -12.04 -26.62
UNIVERSE 13 4.36 UNIVERSE 41 3.88 -13.76 17.96
POLICY 8.43 0.0843 1 POLICY 8.42 0.0842   1 -19.01 1
21 0 19 0 2000 0
9.89 1 9.68 1 2000 FUND -5.45 -0.0545 1
8.2 0.67 8.13 0.75 UNIVERSE 42 0.16
7.34   2.93 7.33   2.9 POLICY -9.11 -0.0911 2.82
6.16 0 6.21 0 63 0
-0.31   Diff 0.36   Diff 8.88 Diff
2000 -1 2000 4 -1.49 0
2000 FUND 10.45 0.1045 1 2000 FUND 12.32 0.1232 -4 -7.17 0
UNIVERSE 42 33.34 UNIVERSE 10 -25 -9.71 28.58
POLICY 11.95 0.1195 0.35 POLICY 11.63 0.1163 -0.02 -15.31 0.89
13 -0.99 17 0.67 1999 0.72
13.17 -1.34 13.05 0.69 1999 FUND 14.58 0.1458 -0.17
11.28 1.91 11.01 -3.02 UNIVERSE 61 3.94
9.74   -0.49 9.44   0.6 POLICY 21.04 0.2104 -0.84
7.07 -0.14 7.02 0.1 23 -0.06
-8.94   0.95 -8.83   -1.33 29.06 1.27
1999 -0.05 1999 -0.09 20.79 -0.04
1999 FUND -0.08 -0.0008 0.12 1999 FUND -3.85 -0.0385 -0.27 17.27 0.05
UNIVERSE 59 0.62 UNIVERSE 95 -0.95 10.05 1.05
POLICY -2.05 -0.0205 1.05 POLICY -0.83 -0.0083 1.39 1.04 3.42
87 Incept 66 Incept 1998 Incept
15.13 # of Negative Qtrs 7 # of Negative Qtrs 1998 FUND 27.24 0.2724 # of Negative Qtrs
3.43 # of Positive Qtrs 2.72 # of Positive Qtrs UNIVERSE 33 # of Positive Qtrs
0.75 Batting Average 0.33 Batting Average POLICY 28.58 0.2858 Batting Average
-1.2 Worst Qtr -1.4 Worst Qtr 19 Worst Qtr
-3.46   Best Qtr -3.93   Best Qtr 35.39 Best Qtr
1998 Range 1998 Range 28.17 Range
9   Worst 4 Qtrs 9.93   Worst 4 Qtrs 23.31 Worst 4 Qtrs
11 Standard Deviation 8.09 Standard Deviation 14.65 Standard Deviation
9.53 Beta 6.94 Beta 6.14 Beta
7 Annualized Alpha 5.76 Annualized Alpha 1997 Annualized Alpha
10.8 R-Squared -0.13 R-Squared 32.62 R-Squared
7.89 Sharpe Ratio 1997 Sharpe Ratio 23 Sharpe Ratio
6.85 Treynor Ratio 14.34 Treynor Ratio 33.36 Treynor Ratio
5.39 Tracking Error 9.77 Tracking Error 14 Tracking Error
-1.28 Information Ratio 8.72 Information Ratio 35.83 Information Ratio
1997 Fund 7.12 Fund 32.4 Fund
21.95 6 5.89 9 29.2 10
10.51 20 1996 16 26.22 21
8.83 65.38 13.49 40 19.15 64.52
7.07 -2.17 5.37 -2.46 1996 -16.39
5.17 4.89 3.97 5.29 22.92 22.02
1996 7.06 2.83 7.75 27 38.41
19.85 -0.14 1.19 -3.85 22.96 -22.68
6.18 3.72 4.41 26 16.39
4.17 0.86 1.11 27.28 0.94
3.15 0.92 -1.28 23.01 1.44
1.75 0.95 0.91 21.51 0.96
0.81 0.52 18.9 0.31
3.5 2.06 15.28 5.37
1.04 1.37 1995 3.34
0.03 -0.5 38.57 0.27
LBIGC LBAB 36.55 Policy
7 5 33.47 10
19 20 30.16 21
34.62 60 24.43 35.48
-2.52 -2.44 -17.28
5.88 4.62 21.3
8.4 7.06 38.58
-2.05 -0.83 -26.62
4.21 3.8 17.17
1 1 1
0 0 0
1 1 1
0.71 0.78 0.24
2.98 2.97 4.16
0 0 0
Diff Diff Diff
-1 4 0
1 -4 0
30.76 -20 29.04
0.35 -0.02 0.89
-0.99 0.67 0.72
-1.34 0.69 -0.17
1.91 -3.02 3.94
-0.49 0.61 -0.78
-0.14 0.11 -0.06
0.92 -1.28 1.44
-0.05 -0.09 -0.04
0.1 -0.26 0.07
0.52 -0.91 1.21
1.04 1.37 3.34