Hollywood Police Officers' Pension Fund
Alpha & Beta: 5-Years Trailing (or Inception if Less)
December 31, 2004
BETA
				Current
				Policy	Dec-04	Sep-04	Jun-04	Mar-04	Dec-03	Sep-03	Jun-03	Mar-03
	Total Fund			*	0.92	0.94	0.93	0.94	0.94	0.94	0.95	0.97
	Managers, Equities
	Davis, Hamilton, Jackson			S&P500	0.90	0.89	0.89	0.88	0.89	0.89	0.89	0.89
	Inverness			S&P500	0.95	0.96	0.96	0.96	0.95	0.96	0.96	0.96
	Eagle			R2000	0.56	0.56	0.49	0.53	0.46	0.45
	Buckhead			R1000V	0.96
	Inverness Fixed Income		50% LBGC, 50% LBGCI		0.89	0.89	0.90	0.91	0.92	0.93	0.97
ALPHA
	Total Fund			*	-0.23%	0.47%	1.06%	0.92%	0.91%	0.96%	0.44%	0.83%
	Managers, Equities
	Davis, Hamilton, Jackson			S&P500	-1.61%	-2.29%	-1.68%	-1.84%	-1.40%	-0.96%	-1.42%	-0.26%
	Inverness			S&P500	0.37%	1.56%	2.45%	2.28%	2.03%	2.30%	2.30%	1.92%
	Eagle			R2000	10.24%	7.51%	12.01%	8.58%	15.30%
	Buckhead			R1000V	-3.33%
	Inverness Fixed Income		50% LBGC, 50% LBGCI		1.06%	1.09%	1.06%	0.78%	0.73%	0.37%
* 43% S&P500, 23% LBIGC, 23% LBGC, 7% R1000V, 4% R2000
	ASSET CONSULTING GROUP
	a division of Gabriel, Roeder, Smith, & Co.											Page 20