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
44 Intermediate Fixed Income 48 30 Broad Fixed Income 34 31 Broad Large Cap Core 37
Inception date is December 31, 1997 46 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 March 31, 2005 Batting Average Returns are gross of fees. Incept is March 31, 1998 to March 31, 2005 Batting Average Returns are gross of fees. Incept is September 30, 1995 to June 30, 2003 Batting Average
Account Reconciliation Trailing Returns through March 31, 2005 Worst Qtr Account Reconciliation Trailing Returns through March 31, 2005 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 A+ Standard Deviation Ending Value Policy Standard Deviation
3/31/2005 Return Beta 3/31/2005 Return Beta 6/30/2003 Return Beta
Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha Qtr %-tile Annualized Alpha
6,617 Universe R-Squared 6,663 Universe R-Squared 5,552 Universe R-Squared
-133 5th %-tile Sharpe Ratio -89 5th %-tile Sharpe Ratio -154 5th %-tile Sharpe Ratio
-22 25th %-tile Treynor Ratio -20 25th %-tile Treynor Ratio 876 25th %-tile Treynor Ratio
6,462 50th %-tile Tracking Error 6,555 50th %-tile Tracking Error 6,274 50th %-tile Tracking Error
2005 75th %-tile Information Ratio 2005 75th %-tile Information Ratio 2003 75th %-tile Information Ratio
YTD 95th %-tile Fund YTD 95th %-tile Fund YTD 95th %-tile Fund
6,617 2 Qtrs 3 6,663 2 Qtrs 4 5,774 2 Qtrs 7
-133 0.35   9 -89 0.69 8 -222 12.85 5
-22 39 75 -20 43 66.67 722 19 83.33
6,462 -0.45   -2.17 6,555 0.51 -2.29 6,274 11.76 -16.39
12/31/1997 87 4.6 3/31/1998 52 5.08 9/30/1995 34 15.95
Incept 0.84 6.77 Incept 3.57 7.37 Incept 15.38 32.34
  4,811 0.45 0.05 5,933 1.12 0.14 4,516 12.15 -22.68
-1,960 0.21 3.77 -2,665 0.54 4.08 -2,249 11.4 16.97
3,611 -0.19 0.86 3,287 0.05 1.04 0.0104 4,007 9.77 0.91
6,462    6,462,000 -0.68 0.9 6,555    6,555,000 -0.54 -0.42 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 3.28 1.25 Index 3.7 1.02 Index 19.73 -0.63
Lehman Gov/Credit-Intermediate 45 5.48 LBAB (A+) 36 4 S&P 500 52 -11.77
Total 2.24 0.88 Total 3.54 0.99 Total 21.19 3.13
Weight 78 0.14 Weight 40 -0.2 Weight 26 1.16
100 4 LBIGC 100 8.2 LBAB 100 25.69 Policy
100 3.49 3 100 4.33 A+ 100 21.21 7
Trailing Returns through March 31, 2005 3.12 9 Trailing Returns through March 31, 2005 3.27 3 Trailing Returns through June 30, 2003 19.88 5
Fund 2.31 25 Fund 1.7 9 Fund 17.01 16.67
LBIGC 1.39 -2.52 LBAB A+ 0.78 33.33 Policy 11.68 -17.28
Diff 1 Yr 5.88 Diff 1 Yr -2.3 Diff 1 Yr 15.39
1 Yr 1 Yr FUND 1.04 0.0104 8.4 1 Yr 1 Yr FUND 1.33 0.0133 4.78 1 Yr 1 Yr FUND 0.1 0.001 32.67
1.04 UNIVERSE 23 -0.34 1/1/1900 UNIVERSE 44 7.08 1/0/1900 UNIVERSE 36 -26.62
-0.34 POLICY -0.34 -0.0034 4.3 1.16 POLICY 1.16 0.0116 0.21 0.25 POLICY 0.25 0.0025 18.42
1.38 82 1 0.17 48 3.8 -0.15 31 1
2 Yr 1.64 0 2 Yr 7.3 1 2 Yr 5.38 0
3.07 0.98 1 1/3/1900 2.25 0 ############################### 0.69 1
2.44 0.53 1.07 2.92 1.06 1 -9.32 -0.47 -0.78
0.63 -0.16 4.59 0.15 0.14 1.15 1.47 -3.23 -14.35
3 Yr -1.05 0 3 Yr -0.87 4.36 3 Yr -6.37 0
1/6/1900 2 Yr Diff 1/5/1900 2 Yr 0 -7.56 2 Yr Diff
   5.97 3.07   0   1/5/1900 3.07   Diff ############################### -7.85 0
   0.12 28 0   -0.2 44 1 3.64 27 0
  4 Yr 2.44   50   4 Yr 2.92   -1 4 Yr -9.32 66.66
1/5/1900 58 0.35 5.21 47 33.34 -5.14 47 0.89
5.6 3.71 -1.28 1/5/1900 14.31 0.01 ############################### -4.45 0.56
0.28 3.16 -1.63 -0.44 4.58 0.3 1.77 -7.76 -0.33
5 Yr 2.63 0.39 5 Yr 2.75 0.29 5 Yr   -9.53 3.94
7.21 1.9 -0.53 6.66 1.61 -0.07 0.11 -10.74 -1.45
1/6/1900 0.93 -0.14 1/7/1900 0.74 0.28 -1.61 -13.99 -0.09
0.29 3 Yr 0.9 -0.36 3 Yr 0.04 1.72 3 Yr 2.63
6 Yr 3 Yr FUND 6.09 0.0609 -0.03 6 Yr 3 Yr FUND 5.54 0.0554 -0.42 6 Yr 3 Yr FUND -7.56 -0.0756 -0.02
1/6/1900 UNIVERSE 10 0.18 1/5/1900 UNIVERSE 42 -0.06 1/4/1900 UNIVERSE 27 0.15
1/6/1900 POLICY 5.97 0.0597 0.89 6.16 POLICY 5.74 0.0574 -0.13 3.09 POLICY -11.2 -0.112 2.58
0.16 11 0.88 -0.62 37 -0.36 1.08 54 3.13
7 Yr 6.52 5 Yr 5 Yr 7 Yr 10.88 0.99 7 Yr -0.31 5 Yr
1/6/1900 5.4 # of Negative Qtrs 1/5/1900 6.47 5 Yr 7.92 -7.22 # of Negative Qtrs
6.12 4.64 # of Positive Qtrs 6.22 5.18 # of Negative Qtrs 7.1 -11.07 # of Positive Qtrs
0.18 3.47 Batting Average ################################ 3.74 # of Positive Qtrs 1/0/1900 -12.32 Batting Average
8 Yr 9 Yr 10 Yr 1.83 Worst Qtr 8 Yr 9 Yr 10 Yr 2.01 Batting Average 8 Yr 9 Yr 10 Yr -16.52 Worst Qtr
12/31/1997 4 Yr Best Qtr 3/31/1998 4 Yr Worst Qtr 9/30/1995 4 Yr Best Qtr
Incept 5.88 Range Incept 5.21 Best Qtr Incept -5.14 Range
6.32 7 Worst 4 Qtrs 5.68 43 Range 9.43 35 Worst 4 Qtrs
6.14 5.6 Standard Deviation 6.22 5.65 Worst 4 Qtrs 8.54 -6.91 Standard Deviation
0.18 12 Beta ################################ 30 Standard Deviation 1/0/1900 56 Beta
Calendar Year Returns 5.98 Annualized Alpha Calendar Year Returns 8.85 Beta Calendar Year Returns 1.34 Annualized Alpha
Fund 5.14 R-Squared Fund 5.88 Annualized Alpha Fund -3.59 R-Squared
LBIGC 4.53 Sharpe Ratio LBAB A+ 4.92 R-Squared Policy -6.65 Sharpe Ratio
Diff 3.63 Treynor Ratio Diff 3.93 Sharpe Ratio Diff -7.6 Treynor Ratio
3/31/2005 1.5 Tracking Error 3/31/2005 2.52 Treynor Ratio 6/30/2003 -10.33 Tracking Error
Qtr 5 Yr Information Ratio Qtr 5 Yr Tracking Error Qtr 5 Yr Information Ratio
############################### 5 Yr FUND 7.21 0.0721 Fund Fund -0.3 5 Yr FUND 6.66 0.0666 Information Ratio 15.95 5 Yr FUND 0.11 0.0011 Fund
-0.88 UNIVERSE 5 5 -0.36 UNIVERSE 30 Fund Fund 15.39 UNIVERSE 28 10
0.53 POLICY 6.92 0.0692 15 0.06 POLICY 7.02 0.0702 6 0.56 POLICY -1.61 -0.0161 10
2005 11 Batting Average 75 2005 20 14 2003 47 Batting Average 75
YTD 7.2 -2.17 YTD 8.28 Batting Average 55 YTD 5.06 -16.39
############################### 6.38 4.89 ################################ 6.81 -2.29 12.85 0.55 22.02
-0.88 5.71 7.06 ################################ 6.01 5.08 1/11/1900 -1.76 38.41
0.53 4.62 0.05 0.06 4.87 7.37 1.09 -2.74 -22.68
2004 0.96 Standard Deviation 3.77 2004 3.33 0.14 2002 -4.94 Standard Deviation 17.74
1/3/1900 6 Yr   Beta 0.88 4.24 6 Yr   Standard Deviation 4.09 -20.28 6 Yr Beta 0.93
3.04 6.22 Annualized Alpha 1.08 0.0108 4.13 5.54 Beta 1.07   -22.1 4.17 Annualized Alpha 1.6 0.016
0.91 6   R-Squared 0.98 0.11 38   Annualized Alpha -0.78 -0.0078 1.82 25 R-Squared 0.96
2003 6.06 1.21 2003 6.16 R-Squared 0.96 2001 3.09 -0.21
1/4/1900 8 5.19 3.7 18 0.98 -7.51 39 -4.06
4.38 6.24 0.78 3.33 7.39 3.76 -11.88 7.91 3.8
-0.13 5.56 0.37 0.37 5.89 0.83 4.37 4.13 0.45
2002 5.06 Policy LBIGC 2002 5.22 -0.43 2000 2.75 Policy Policy
10.32 4.24 5 8.82 4.41 Policy LBAB -5.45 1.56 10
10.95 0.44 15 10.44 3.38 A+ -9.11 -0.83 10
-0.63 7 Yr 25 -1.62 7 Yr 4 3.66 7 Yr 25
2001 6.3 -2.52 2001 5.68 16 1999 7.92 -17.28
8.8 5 5.88 7.64 28 0.28 45 14.58 21 21.3
1/8/1900 6.12 8.4 1/8/1900 6.22 -2.3 21.04 7.1 38.58
0.37 7 -0.34 -0.67 13 0.13 4.78 -6.46 30 -26.62
2000 6.18 Standard Deviation 4.22 2000 6.75 7.08 1998 10.73 Standard Deviation 18.79
10.45 5.59 1 12.32 5.75 0.21 27.24 7.45   1
1/11/1900 5.16 0 11.95 5.19 3.77 28.58 6.43 0
-1.5 4.45 1 0.37 4.5 1 -1.34 4.95   1
1999 0.15 1.01 1999 3.24 0 1997 2.39 -0.29
-0.08 8 Yr   4.28 -3.85 8 Yr   1 32.62 8 Yr -5.5
############################### 6.99 0 -0.81 7.63 1.16 33.36 12.02 0
1.97 6.21   Diff -3.04 6.5   4.38 -0.74 9.37 Diff
1998 5.74 0 1998 1997 1996 5.88 0 1996 8.35 0
9 4.98   0 Returns in Up Markets 5.01   Diff 22.92 7.02 0
9.53 2.83 50 Fund 4.03 2 22.96 4.23 50
-0.53 Calendar Year Returns   0.35 LBAB A+ Calendar Year Returns   -2 -0.04 Calendar Year Returns 0.89
1997 1996 Fund -0.99 Ratio Fund 10 1995 1994 Fund 0.72
Returns in Up Markets Return -1.34 3 Yr Return 0.01 Returns in Up Markets Return -0.17
Fund %-tile 0.39 8.9 %-tile 0.3 Fund %-tile 3.94
LBIGC LBIGC   -0.45 9.1 LBAB A+   0.29 Policy Policy -1.05
Ratio Return -0.12 97.5 Return -0.07 Ratio Return -0.07
3 Yr %-tile   1.08 5 Yr %-tile   0.32 3 Yr %-tile 1.6
9.6 Universe -0.02 9.4 Universe 0.07 34.7 Universe -0.04
9.7 5th %-tile   0.2 9.6 5th %-tile   -0.78 36.1 5th %-tile 0.08
98.8 25th %-tile 0.91 97.1 25th %-tile -0.04 96 25th %-tile 1.44
5 Yr QU. FUND 50th %-tile 0.78 6 Yr QU. FUND 50th %-tile -0.18 5 Yr 50th %-tile 3.8
10.6 UNIVERSE 75th %-tile 7 Yr 9.2 UNIVERSE 75th %-tile -0.62 36.3 75th %-tile 7 Yr
10.5 POLICY 95th %-tile # of Negative Qtrs 9.2 POLICY 95th %-tile 0.83 40.9 95th %-tile # of Negative Qtrs
101 Qtr # of Positive Qtrs 99.6 Qtr 6 Yr 88.8 Qtr # of Positive Qtrs
7 Yr -0.35 -0.0035 Batting Average 3/31/1998 -0.3 -0.003 # of Negative Qtrs 7 Yr QU. FUND 15.95 0.1595 Batting Average
9.8 16 Worst Qtr Incept 36 # of Positive Qtrs 33.6 UNIVERSE 29 Worst Qtr
10.2 -0.88 -0.0088 Best Qtr 9.4 -0.36 -0.0036 Batting Average 37 POLICY 15.39 0.1539 Best Qtr
96.7 94 Range 9.3 42 Worst Qtr 90.6 39 Range
12/31/1997 -0.19   Worst 4 Qtrs 4/10/1900 0.51   Best Qtr 9/30/1995 20.16 Worst 4 Qtrs
Incept -0.42 Standard Deviation Returns in Down Markets -0.19 Range Incept 16.36 Standard Deviation
9.7 -0.55   Beta Fund -0.46   Worst 4 Qtrs 32.2 15.16 Beta
10 -0.69 Annualized Alpha LBAB A+ -0.81 Standard Deviation 34.9 13.52 Annualized Alpha
97 -0.92   R-Squared Ratio -1.74 Beta 92.3 10.81 R-Squared
Returns in Down Markets YTD Sharpe Ratio 3 Yr YTD Annualized Alpha Returns in Down Markets YTD Sharpe Ratio
Fund -0.35   Treynor Ratio -2.9 -0.3 R-Squared Fund 12.85 Treynor Ratio
LBIGC 16 Tracking Error -2.8 36 Sharpe Ratio Policy 19 Tracking Error
Ratio -0.88   Information Ratio 102.5 -0.36   Treynor Ratio Ratio 11.76 Information Ratio
3 Yr 94 Fund 5 Yr 42 Tracking Error 3 Yr 34 Fund
-2.8 -0.19 7 -3.5 0.51   Information Ratio -29.4 15.38 10
-3.4 -0.42 21 -2.9 -0.19 Fund -34.5 12.15 18
82.9 2003 FUND -0.55 67.86 122.8 2003 FUND -0.46 Standard Deviation 8 85 11.4 64.29
5 Yr UNIVERSE -0.69 -2.17 6 Yr UNIVERSE -0.81 16 5 Yr 9.77 -16.39
-2.5 POLICY -0.92   4.89 -4.7 POLICY -1.74 54.17 -26.5 7.8 22.02
-3.3 2004 7.06 -2.6 2004 -2.46 -31.3 2002 38.41
76.3 3.95 0.0395 -0.14 183.7 4.24 0.0424 5.08 84.6 2002 FUND -20.28 -0.2028 -22.68
7 Yr 30 3.71 3/31/1998 38 7.54 7 Yr UNIVERSE 27 17.12
############################### 3.04 0.0304 0.86 Incept 4.13 0.0413 0.13 -26.5 POLICY -22.1 -0.221 0.94
-3.3 67 1 0.01 -4.8 40 4.25 0.0425 -31.3 46 1.27
60.8 4.62   0.95 -2.5 10.91 1.11 84.6 -14.75 0.96
12/31/1997 4.05 0.81 7/9/1900 5.09 -1.24 9/30/1995 -20.18 0.21
Incept 2002 FUND 3.52   3.5 2002 FUND 3.7   0.93 Incept -22.25 3.87
-2 UNIVERSE 2.66 1.02 UNIVERSE 2.1 0.59 -26.5 -23.65 3.42
-3.3 POLICY 1.71   0.18 POLICY 0.87   2.26 -31.3 -26.76 0.24
60.8 2003 LBIGC 2003 1.22 84.6 2001 Policy
4.25 0.0425 8 3.7 0.037 -0.51 2001 FUND -7.51 -0.0751 10
33 20 50 LBAB UNIVERSE 20 18
4.38 0.0438 32.14 3.33 0.0333 A+ POLICY -11.88 -0.1188 35.71
29 -2.52 55 6 49 -17.28
7.99   5.88 26.58 18 0.14 21.3
4.58 8.4 6.42 45.83 -9.12 38.58
2001 FUND 3.65   -2.05 2001 FUND 3.67   -2.3 -12.04 -26.62
UNIVERSE 2.85 4.21 UNIVERSE 2.09 4.78 -13.76 17.96
POLICY 1.71   1 POLICY 1.11     7.08 -19.01 1
2002 0 2002 0.21 2000 0
10.32 0.1032 1 8.82 0.0882 3.68 2000 FUND -5.45 -0.0545 1
10 0.67 34 1 UNIVERSE 42 0.16
10.95 0.1095 2.83 10.44 0.1044 0 POLICY -9.11 -0.0911 2.82
7 0 11 1 63 0
11.13 Diff 11.72 0.85 8.88 Diff
9.27 -1 9.31 3.13 -1.49 0
2000 FUND 7.3   1 2000 FUND 7.69   0 -7.17 0
UNIVERSE 4.45 35.72 UNIVERSE 4.45 Diff -9.71 28.58
POLICY -3.1   0.35 POLICY -2.07   2 -15.31 0.89
2001 -0.99 2001 -2 1999 0.72
8.8 0.088 -1.34 7.64 0.0764 8.34 1999 FUND 14.58 0.1458 -0.17
12 1.91 41 -0.16 UNIVERSE 61 3.94
8.43 0.0843 -0.5 8.31 0.0831 0.3 POLICY 21.04 0.2104 -0.84
18 -0.14 22 0.46 23 -0.06
9.68 1 9.68 -0.08 29.06 1.27
8.17 -0.05 8.13 0.57 20.79 -0.04
1999 FUND 7.38   0.14 1999 FUND 7.33   0.11 17.27 0.05
UNIVERSE 6.28 0.67 UNIVERSE 6.21 -1.24 10.05 1.05
POLICY -0.42   1.02 POLICY 0.36   -0.07 1.04 3.42
2000 Incept 2000 -0.26 1998 Incept
10.45 0.1045 # of Negative Qtrs 12.32 0.1232 -0.87 1998 FUND 27.24 0.2724 # of Negative Qtrs
34 # of Positive Qtrs 10 1.22 UNIVERSE 33 # of Positive Qtrs
11.95 0.1195 Batting Average 11.95 0.1195 Incept POLICY 28.58 0.2858 Batting Average
12 Worst Qtr 13 # of Negative Qtrs 19 Worst Qtr
12.77 Best Qtr 13.05 # of Positive Qtrs 35.39 Best Qtr
11.06 Range 11.01 Batting Average 28.17 Range
9.5 Worst 4 Qtrs 9.44 Worst Qtr 23.31 Worst 4 Qtrs
7.13 Standard Deviation 7.02 Best Qtr 14.65 Standard Deviation
-7.48   Beta -8.83   Range 6.14 Beta
1999 Annualized Alpha 1999 Worst 4 Qtrs 1997 Annualized Alpha
-0.08   R-Squared -3.85   Standard Deviation 32.62 R-Squared
55 Sharpe Ratio 95 Beta 23 Sharpe Ratio
-2.05 Treynor Ratio -0.81 Annualized Alpha 33.36 Treynor Ratio
83 Tracking Error 66 R-Squared 14 Tracking Error
7.03 Information Ratio 7 Sharpe Ratio 35.83 Information Ratio
2.59 Fund 2.72 Treynor Ratio 32.4 Fund
0.39 7 0.33 Tracking Error 29.2 10
-1.4 22 -1.4 Information Ratio 26.22 21
-3.75 68.97 -3.93 Fund 19.15 64.52
1998 -2.17 1998 10 1996 -16.39
9 4.89 9.93 18 22.92 22.02
10 7.06 8.09 53.57 27 38.41
9.53 -0.14 6.94 -2.46 22.96 -22.68
6 3.64 5.76 5.29 26 16.39
9.76 0.86 -0.13 7.75 27.28 0.94
8.11 1.02 1997 -3.85 23.01 1.44
6.97 0.95 14.34 4.39 21.51 0.96
5.77 0.82 9.77 1.15 18.9 0.31
-0.13 3.45 8.72 -1.39 15.28 5.37
1997 1.01 7.12 0.94 1995 3.34
14.47 0.18 5.89 0.54 38.57 0.27
9.77 LBIGC 2.08 36.55 Policy
8.76 8 1.24 33.47 10
7.18 21 -0.44 30.16 21
5.82 31.03 LBAB 24.43 35.48
-2.52 A+ -17.28
5.88 7 21.3
8.4 21 38.58
-2.05 46.43 -26.62
4.13 -2.3 17.17
1 4.78 1
0 7.08 0
1 -0.81 1
0.68 3.7 0.24
2.79 1 4.16
0 0 0
Diff 1 Diff
-1 0.79 0
1 2.93 0
37.94 0 29.04
0.35 Diff 0.89
-0.99 3 0.72
-1.34 -3 -0.17
1.91 7.14 3.94
-0.49 -0.16 -0.78
-0.14 0.51 -0.06
1.02 0.67 1.44
-0.05 -3.04 -0.04
0.14 0.69 0.07
0.66 0.15 1.21
1.01 -1.39 3.34
-0.06
-0.25
-0.85
1.24