Hollywood Police Officers' Pension Fund
Compliance Report
June 30, 2004
YES NO
TOTAL FUND RETURNS
           
1. Did the total 3-year return exceed the policy, which is comprised of 43% S&P500, 7% R1000V,   4% R2000, 23% LBIGC and 23% LBGC? [4.50 vs. 3.27]
2. Did the total 5-year return exceed the policy, which is comprised of 43% S&P500, 7% R1000V,   4% R2000, 23% LBIGC and 23% LBGC? [3.32 vs. 2.42]
COMBINED EQUITY
1. Is the amount invested in all issuing companies less than 5% of the Fund's total market value?
2. Is the aggregate investment in all companies less than 5% of the outstanding stock of the company?
3. Is the amount invested in foreign securities less than or equal to 10% of the Fund's total assets?
INDIVIDUAL  EQUITY
Inverness
1. Did the equity return equal or exceed the S&P500 over the trailing 3-year period?[2.83 vs. -0.69]
2. Did the equity return equal or exceed the S&P500 over the trailing 5-year period?[0.19 vs. -2.24]
3. Is Inverness' trailing 5-year standard deviation below the standard deviation of the S&P500?          [16.57 vs. 16.55]
4. Did the 3-year equity return rank in the top 50% of the Mobius Broad Large Cap Core Universe? [9th.]
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INDIVIDUAL EQUITY (continued)
5. Did the 5-year equity return rank in the top 50% of the Mobius Broad Large Cap Core Universe? [25th]
6. Did the equity return rank in the top 75% of the Mobius Broad Large Cap Core Universe for one of the last 2 quarters or for the last year?
7. Did Inverness' equity performance fall outside the southeast quadrant of the risk/return scattergram over the 3-year period?
8. Did Inverness' equity performance fall outside the southeast quadrant of the risk/return scattergram over the 5-year period?
9. Has Inverness' trailing 3-year equity return outperformed its index for at least 1 of the last 4 quarters?
10. Has Inverness' trailing 5-year equity return outperformed its index for at least 1 of the last 4 quarters?
11. Has Inverness' equity annualized alpha been positive for the last 3 years? [3.46]
Davis Hamilton Jackson
1. Did the equity return equal or exceed its S&P500 index during the trailing  1-year period?                           [13.87 vs. 19.11]
2. Did the equity return equal or exceed its S&P500 index during the trailing  3-year period?                           [-1.84 vs. -0.69]
3. Is DHJ trailing 3-year standard deviation below the standard deviation of its  S&P500 index?                                                                                               [13.65 vs. 16.27]
4. Does the 3-year equity return rank in the top 50% of the Mobius Broad Large Cap Growth Universe? [32nd.]
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INDIVIDUAL EQUITY (continued)
5. Did the equity return rank in the top 75% of the Mobius Broad Large Cap Growth Universe for one of the last 2 quarters or for the last year?
6. Has DHJ equity performance fallen outside the southeast quadrant of the risk/return scattergram over the 3-year period?
7. Has DHJ quarterly equity return outperformed its index for at least 1 of the last 4 quarters?
8. Has DHJ equity annualized alpha been positive for the last 3 years? [-1.44]
INVERNESS FIXED INCOME
1. Did the 3-year fixed income return exceed the policy (50% LBIGC, 50% LBGC)?[7.19 vs.6.47]
2. Did the 5-year fixed income return exceed the policy (50% LBIGC, 50% LBGC)? [7.32 vs. 6.93]
3. Did the 3-year total fixed income return rank in the top 50% of the Mobius Broad Fixed Income Universe? [7th]
4. Did the 5-year total fixed income return rank in the top 50% of the Mobius Broad Fixed Income Universe? [2nd]
5. Are all fixed income investments ranked in the highest four categories by Standard and Poors, Moody's, or Fitch's Manual?
6. Has Inverness' fixed income performance fallen outside the southeast quadrant of the risk/return scattergram over the 5-year period?
7. Has Inverness' trailing 3-year fixed income returns outperformed its index for at least 1 of the last 4 quarters?
8. Has Inverness' trailing 5-year fixed income returns outperformed its index for at least 1 of the last 4 quarters?
9. Has Inverness' fixed income annualized alpha been positive over rolling 3-year periods? [1.46]
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INDIVIDUAL MANAGERS
Inverness
1. Have there been any material changes in Inverness' organization, investment philosophy and/or personnel?
2. Have there been any changes in the Inverness' professional staff?
3. Has Inverness experienced any significant loss of business?
4. Has Inverness experienced any significant increase in business?
5. Has Inverness undergone any change in ownership and/or control?
Davis Hamilton Jackson
1. Have there been any material changes in DHJ's organization, investment philosophy and/or personnel?
2. Have there been any changes in the DHJ's professional staff?
3. Has DHJ's experienced any significant loss of business?
4. Has DHJ's experienced any significant increase in business?
5. Has DHJ's undergone any change in ownership and/or control?
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