Hollywood Police Officers' Pension Fund
Alpha & Beta: 5-Years Trailing (or Inception if Less)
December 31, 2002
BETA
				Current
				Policy	Dec-02	Sep-02	Jun-02	Mar-02	Dec-01	Sep-01	Jun-01	Mar-01
	Total Fund			*	0.97	0.99	1.03	1.05	1.05	1.05	1.07	1.07
	Managers, Total Fund
	Inverness			50/45/5	0.97	0.99	1.03	1.05	1.06	1.06	1.08	1.08
	Managers, Equities
	Davis, Hamilton, Jackson			S&P500	0.88	0.88	0.91	0.79	0.79	0.82	0.81	0.80
	Inverness			S&P500	0.96	0.97	0.98	1.00	1.00	0.99	1.00	0.99
ALPHA
	Total Fund			*	1.05%	1.45%	0.68%	0.40%	0.19%	-0.10%	-0.42%	-0.28%
	Managers, Total Fund
	Inverness			50/45/5	1.22%	1.62%	0.79%	0.33%	0.10%	-0.26%	-0.66%	-0.58%
	Managers, Equities
	Davis, Hamilton, Jackson			S&P500	-0.70%	-0.27%	-0.34%	-0.57%	-1.42%	0.46%	1.79%	2.92%
	Inverness			S&P500	1.46%	2.21%	1.15%	0.29%	-0.12%	-1.40%	-1.29%	-1.27%
* 54% S&P500, 20.5% LBIGC, 20.5% LBGC, 5% Cash
	ASSET CONSULTING GROUP
	a division of Gabriel, Roeder, Smith, & Co.											Page 18