Hollywood Police Officers' Pension Fund
Alpha & Beta: 5-Years Trailing (or Inception if Less)
December 31, 2003
BETA
				Current
				Policy	Dec-03	Sep-03	Jun-03	Mar-03	Dec-02	Sep-02	Jun-02	Mar-02
	Total Fund			*	0.94	0.94	0.95	0.97	0.97	0.99	1.03	1.05
	Managers, Equities
	Davis, Hamilton, Jackson			S&P500	0.89	0.89	0.89	0.89	0.88	0.88	0.91	0.79
	Inverness			S&P500	0.95	0.96	0.96	0.96	0.96	0.97	0.98	1.00
	Eagle			R2000	0.46	0.45
	Inverness Fixed Income		50% LBGC, 50% LBGCI		0.92	0.93	0.97
ALPHA
	Total Fund			*	0.91%	0.96%	0.44%	0.83%	1.05%	1.45%	0.68%	0.40%
	Managers, Equities
	Davis, Hamilton, Jackson			S&P500	-1.40%	-0.96%	-1.42%	-0.26%	-0.70%	-0.27%	-0.34%	-0.57%
	Inverness			S&P500	2.03%	2.30%	2.30%	1.92%	1.46%	2.21%	1.15%	0.29%
	Eagle			R2000	15.30%
	Inverness Fixed Income		50% LBGC, 50% LBGCI		0.78%	0.73%	0.37%
* 54% S&P500, 23% LBIGC, 23% LBGC, 5% Cash
	ASSET CONSULTING GROUP
	a division of Gabriel, Roeder, Smith, & Co.											Page 17