Fresno County Employees' Retirement Association 3Q Fr… · halliburton company 43.6 0.74 sunoco...

Last QuarterReturn Rank One YearReturn Rank

Three YearsReturn Rank

Five YearsReturn Rank

Two QuartersReturn Rank

Three QuartersReturn Rank

Two YearsReturn Rank

Four YearsReturn Rank

Equity Style - Large Growth Date

5th Percentile 9.5 14.7 10.6 22.9 20.0 24.7 12.3 3.825th Percentile 6.7 11.1 6.4 17.3 15.2 19.9 9.5 -0.950th Percentile 5.0 8.1 3.7 14.2 12.2 15.3 6.2 -4.475th Percentile 3.4 6.2 1.7 11.4 9.7 13.4 3.9 -6.095th Percentile 1.8 2.9 -1.5 7.9 7.7 11.4 2.6 -10.9INTECH S&P BARRA 4.6 5.1 4.2 12.256 82 45 68S & P GROWTH INDEX 3.8 3.9 2.0 10.7 9.1 13.4 4.1 -5.569 89 71 79 81 76 72 67

Fresno County Employees' Retirement AssociationCumulative Performance Comparisons Period Ending: September 30, 2005

Wurts & Associates Performance Measurement System 1

INTECH S&P BARRAPortfolio

Total Number of SecuritiesTotal Market Value Average Market Capitalization (000's)Equity Segment YieldEquity Segment Price/Earnings RatioEquity Segment BetaPrice/Book Ratio5 Year Earnings Growth

129 176139,125,89383,174,463 121,050,000

1.47 1.5024.58 20.50

0.72 0.085.64 5.35

13.7% 14.0%

S & P GROWTH INDEX

Ten Worst PerformersSecurity Return Weight

H&R BLOCK INCORPORATED -17.4 0.20NETWORK APPLIANCE, INC. -16.0 0.02TJX COMPANIES, INCORPORATED -15.7 0.17HCA - THE HEALTHCARE COMPANY -15.2 2.48DELL INCORPORATED COMMON STOCK -13.3 0.22SYSCO -13.3 1.48ABBOTT LABS -13.0 1.11MERCK & COMPANY, INCORPORATED -10.5 0.29AUTOZONE INCORPORATED -10.0 0.87DOLLAR GENERAL CORP. -9.7 0.08

Ten Best PerformersSecurity Return Weight

APPLE COMPUTER, INCORPORATED 45.6 3.01HALLIBURTON COMPANY 43.6 0.74SUNOCO INCORPORATED 38.0 1.47BJ SERVICES COMPANY 37.4 0.02TXU CORPORATION 36.6 1.00QUALCOMM, INC. 35.9 0.49AUTODESK INCORPORATED 35.2 0.42XTO ENERGY INC 33.5 1.05BROADCOM CORPORATION-CLASS A 32.1 0.19EOG RESOURCES INCORPORATED 32.0 0.72

Ten Largest HoldingsSecurity Market Value Weight

EXXON MOBIL CORP. 7,186,374 5.17GENERAL ELECTRIC CO. 6,151,035 4.42MICROSOFT CORP. 5,091,967 3.66JOHNSON & JOHNSON 4,461,240 3.21UNITEDHEALTH GROUP INC. 4,377,980 3.15APPLE COMPUTER, INCORPORATED 4,181,580 3.01ALTRIA GROUP INCORPORATED 4,040,533 2.90HCA - THE HEALTHCARE COMPANY 3,445,448 2.48SLM CORPORATION 3,282,768 2.36GILLETTE COMPANY 3,148,620 2.26

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Period Ending: September 30, 2005


Price/Earnings Ratio 5 Year EarningsCapitalizationDividend Yield Price/Book RatioBetaValue Rank Value Rank Value Rank Value Rank Value Rank Value Rank

5th Percentile25th Percentile50th Percentile75th Percentile95th Percentile

26.7121.6717.4615.8213.24

2.331.801.130.700.19

93.1173.1943.55

2.551.08

24.8016.4011.85

9.165.06

1.461.261.080.990.85

5.724.283.612.772.22

Equity Funds - Equity Only

INTECH S&P BARRA 24.58 1.47 83.17 13.65 0.7213 37 15 40 99 5.64 6S & P GROWTH INDEX 20.50 1.50 121.05 14.02 0.0832 36 1 38 99 5.35 10

Fresno County Employees' Retirement AssociationPortfolio Characteristics - Equity Period Ending: September 30, 2005


As Of 9/30/044.6%GENERAL ELECTRIC CO.3.9%PFIZER,INC.3.6%MICROSOFT CORP.2.7%ZIMMER HOLDINGS, INC.2.5%GILLETTE COMPANY2.3%STARBUCKS CORPORATION2.3%AVON PRODUCTS INCORPORATED2.3%JOHNSON & JOHNSON2.2%QUALCOMM, INC.2.1%GUIDANT CORP.

Top Ten Total: 28.6%

As Of 3/31/055.6%EXXON MOBIL CORP.5.0%GENERAL ELECTRIC CO.3.4%MICROSOFT CORP.3.0%GILLETTE COMPANY2.8%JOHNSON & JOHNSON2.6%AVON PRODUCTS INCORPORATED2.5%STARBUCKS CORPORATION2.2%UNITEDHEALTH GROUP INC.2.0%WAL-MART STORES, INC.1.9%PROCTER & GAMBLE CO


As Of 6/30/055.6%EXXON MOBIL CORP.4.9%GENERAL ELECTRIC CO.4.1%MICROSOFT CORP.3.4%UNITED PARCEL SERVICE CLASS B3.0%UNITEDHEALTH GROUP INC.2.7%APPLE COMPUTER, INCORPORATED2.5%LOCKHEED MARTIN CORPORATION2.4%JOHNSON & JOHNSON2.4%STARBUCKS CORPORATION2.2%GILLETTE COMPANY


As Of 9/30/055.2%EXXON MOBIL CORP.4.4%GENERAL ELECTRIC CO.3.7%MICROSOFT CORP.3.2%JOHNSON & JOHNSON3.1%UNITEDHEALTH GROUP INC.3.0%APPLE COMPUTER, INCORPORATED2.9%ALTRIA GROUP INCORPORATED2.5%HCA - THE HEALTHCARE COMPANY2.4%SLM CORPORATION2.3%GILLETTE COMPANY


As Of 12/31/045.5%EXXON MOBIL CORP.4.6%GENERAL ELECTRIC CO.3.1%MICROSOFT CORP.3.0%GILLETTE COMPANY2.6%JOHNSON & JOHNSON2.5%STARBUCKS CORPORATION2.5%AVON PRODUCTS INCORPORATED2.4%BECTON, DICKINSON & COMPANY2.2%ST JUDE MEDICAL INCORPORATED2.2%WAL-MART STORES, INC.


Fresno County Employees' Retirement AssociationTop Ten Holding Period Ending: September 30, 2005


Price/Earnings Ratio Dividend Yield

Price/Book Ratio Five Year Earnings Growth

Return on Equity

INTECH S&P BARRA

S & P GROWTH INDEX

Total Number of Securities Average Market Capitalization ($Bill)

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Charts Period Ending: September 30, 2005


Consumer Discretionary - Weightings Consumer Discretionary - Returns

Consumer Staples - Weightings Consumer Staples - Returns

Energy - Weightings Energy - Returns

Fresno County Employees' Retirement AssociationEquity Only Sector Analysis Quarterly Period Ending: September 30, 2005


INTECH S&P BARRA S & P GROWTH INDEX


Financials - Weightings Financials - Returns

Health Care - Weightings Health Care - Returns

Industrials - Weightings Industrials - Returns




Information Technology - Weightings Information Technology - Returns

Materials - Weightings Materials - Returns

Miscellaneous - Weightings Miscellaneous - Returns




Telecommunications Services - Weightings Telecommunications Services - Returns

Utilities - Weightings Utilities - Returns



PortfolioMarket Value Return

SelectionStock IndustryMarket Value Return Total

A GFEDCB


Consumer Discretionary 17.5 -0.9 22.6 0.4 -0.2 0.2 0.0Consumer Staples 23.6 -1.2 2.4 2.4 -0.8 -0.3 -1.1Energy 8.2 15.1 8.5 15.0 0.0 0.0 0.0Financials 8.0 6.9 7.6 9.0 -0.2 0.0 -0.1Health Care 11.3 2.4 20.6 1.8 0.1 0.2 0.2Industrials 13.1 2.0 15.8 0.8 0.1 0.1 0.2Information Technology 14.4 14.5 15.7 3.9 1.5 0.0 1.5Materials 2.3 4.0 4.5 -0.3 0.1 0.1 0.2Telecommunications Services 0.1 2.7 0.3 7.4 0.0 0.0 0.0Utilities 1.5 36.6 2.0 23.9 0.2 -0.1 0.1

Stock

Industry

100.0 100.0 0.8 0.1 0.8

Information Technology

3.84.6

Contribution Detractors

Stock

Industry

Consumer StaplesUtilities Consumer DiscretionaryHealth Care Consumer StaplesConsumer Discretionary Utilities

Fresno County Employees' Retirement AssociationPerformance Attribution Geometric Period Ending: September 30, 2005


Shares PricePortfolio

Weight Market CapDividend

YieldPrice /

EarningsPrice /Book Beta

Quarterly ReturnINTECH S&P BARRA

Consumer Discretionary6,000 46.55 0.2 9.81 1.3 25.6 10.8 0.74 11.4AMERICAN STANDARD COMPANIES INCORPORATED

14,500 83.25 0.9 6.43 11.5 0.33 -10.0AUTOZONE INCORPORATED1,100 40.18 0.0 11.88 22.4 5.4 0.97 -3.8BED, BATH & BEYOND, INCORPORATED2,700 82.09 0.2 6.61 1.4 12.4 4.3 0.94 -8.3BLACK & DECKER CORP.2,700 31.36 0.1 11.92 31.4 11.5 1.57 -6.6COACH INC8,200 52.79 0.3 27.42 2.2 23.7 0.19 6.4COLGATE

23,500 34.94 0.6 4.55 0.5 17.5 8.6 0.71 -2.0EQUIFAX INCORPORATED1,600 81.33 0.1 11.87 1.8 15.6 3.9 0.31 -2.3FORTUNE BRANDS

181,500 33.67 4.4 356.93 2.6 19.8 3.2 0.74 -2.2GENERAL ELECTRIC CO.54,100 58.20 2.3 58.15 1.1 31.8 0.16 15.3GILLETTE COMPANY30,400 65.19 1.4 11.97 2.2 20.3 3.6 0.67 -9.1HARRAH'S ENTERTAINMENT, INCORPORATED2,100 22.32 0.0 8.50 0.7 23.2 3.4 1.08 -6.3HILTON HOTELS CORPORATION

200 38.14 0.0 81.63 1.0 15.4 3.5 1.46 -1.7HOME DEPOT, INC.2,800 35.64 0.1 3.35 2.1 17.7 3.7 0.53 -1.1INTERNATIONAL FLAVORS FRAGRANCE5,000 64.40 0.2 50.21 0.4 21.2 4.3 1.02 10.7LOWE'S COMPANIES INC

28,700 63.00 1.3 13.65 0.7 24.8 3.5 1.15 -7.5MARRIOTT INTERNATIONAL INCORPORATED13,000 48.04 0.5 17.96 1.4 23.5 6.1 0.62 8.9MCGRAW HILL COMPANIES, INC.8,800 22.65 0.1 6.24 3.7 83.9 3.5 0.60 -4.2NEWELL RUBBERMAID INC9,600 81.68 0.6 16.01 1.2 16.7 3.8 0.64 -5.4NIKE INCORPORATED

30,500 34.32 0.8 9.38 1.0 20.4 5.2 1.47 1.2NORDSTROM INCORPORATED10,300 44.07 0.3 6.12 1.9 14.0 3.8 0.35 -6.0SHERWIN WILLIAMS COMPANY11,800 20.48 0.2 9.54 1.2 15.8 6.0 0.61 -15.7TJX COMPANIES, INCORPORATED

14.5 33.64 1.7 22.2 4.2 0.67 -0.46

Fresno County Employees' Retirement AssociationPortfolio Holdings And Characteristics - Equity Period Ending: September 30, 2005




YieldPrice /



Consumer Staples54,300 73.71 2.9 152.98 4.3 15.1 4.9 0.57 14.6ALTRIA GROUP INCORPORATED2,900 43.04 0.1 33.43 2.5 15.9 12.7 -5.4ANHEUSER-BUSCH COMPANIES, INC.8,100 59.54 0.4 3.88 1.6 27.1 5.5 0.18 -1.1BROWN-FORMAN CORPORATION, CLASS B SHARES

13,300 29.75 0.3 12.23 2.4 17.4 13.9 0.38 -2.8CAMPBELL SOUP COMPANY24,500 55.54 1.0 8.43 2.0 19.3 0.30 0.2CLOROX COMPANY11,000 43.19 0.3 103.08 2.6 21.4 6.5 0.40 4.1COCA COLA COMPANY39,400 30.37 0.9 4.69 1.3 16.2 3.7 0.36 -7.9DARDEN RESTAURANTS, INCORPORATED5,700 18.34 0.1 5.89 1.0 17.3 3.6 0.80 -9.7DOLLAR GENERAL CORP.

12,900 48.20 0.5 17.64 2.7 14.7 3.1 0.00 3.8GENERAL MILLS, INC.45,900 56.31 1.9 10.36 1.7 25.6 12.7 -9.0HERSHEY FOODS CORPORATION37,500 46.13 1.2 19.06 2.4 20.3 8.4 0.13 4.4KELLOGG COMPANY5,500 32.63 0.1 3.89 2.0 21.6 5.0 0.4MCCORMICK & CO

14,300 83.63 0.9 15.23 1.1 20.3 3.8 0.99 5.0OMNICOM GROUP, INC.10,900 28.55 0.2 6.95 1.1 15.5 3.6 0.53 0.1PEPSI BOTTLING GROUP, INCORPORATED4,800 56.71 0.2 94.70 1.8 21.8 7.1 0.30 5.7PEPSICO INC

26,400 59.46 1.1 146.35 1.9 22.4 8.5 0.17 13.3PROCTER & GAMBLE CO89,600 18.95 1.2 14.87 4.2 21.1 5.1 0.03 -3.4SARA LEE CORP.29,400 50.10 1.1 19.25 43.6 8.0 0.62 -3.0STARBUCKS CORPORATION65,600 31.37 1.5 19.67 1.9 21.3 7.1 0.22 -13.3SYSCO2,900 51.93 0.1 45.94 0.8 21.5 3.6 0.94 -4.4TARGET CORP.

42,600 41.86 1.3 6.88 5.3 13.4 0.53 -7.1U S T INCORPORATED26,400 43.82 0.8 182.41 1.4 17.3 3.8 0.56 -8.8WAL-MART STORES, INC.36,700 43.45 1.2 44.13 0.6 28.6 5.4 0.35 -5.4WALGREEN CO.30,300 71.88 1.6 13.75 1.6 30.2 7.4 4.9WRIGLEY WILLIAM JR COMPANY29,800 48.41 1.0 13.82 1.0 19.1 8.8 0.43 -6.8YUM! BRANDS INC.

21.7 39.98 1.1 26.6 7.2 0.39 -1.51Energy

1,400 59.68 0.1 20.33 0.8 28.3 5.2 0.96 16.9BAKER HUGHES, INCORPORATED800 35.99 0.0 11.60 0.3 28.5 5.6 1.32 37.4BJ SERVICES COMPANY

13,300 74.90 0.7 17.98 0.2 22.0 6.3 0.69 32.0EOG RESOURCES INCORPORATED113,100 63.54 5.2 400.63 1.8 13.8 4.0 0.50 11.1EXXON MOBIL CORP.

15,100 68.52 0.7 34.83 0.7 73.7 7.7 1.42 43.6HALLIBURTON COMPANY14,700 96.16 1.0 11.78 3.1 21.2 4.1 0.45 16.6KINDER MORGAN, INC.11,900 84.38 0.7 49.64 1.0 30.8 8.1 1.38 11.4SCHLUMBERGER LTD26,200 78.20 1.5 10.68 0.5 17.5 6.7 0.56 38.0SUNOCO INCORPORATED32,333 45.32 1.1 16.37 0.4 23.0 6.1 0.35 33.5XTO ENERGY INC

11.0 63.76 1.4 21.7 5.3 0.62 21.03





YieldPrice /



Financials20,000 43.04 0.6 24.90 1.4 24.0 4.3 0.79 2.9AUTOMATIC DATA PROCESSING29,400 83.96 1.8 21.13 0.5 23.9 4.1 1.17 9.2FRANKLIN RESOURCES, INC.11,500 23.98 0.2 7.79 1.0 12.6 4.0 0.04 -17.4H&R BLOCK INCORPORATED41,200 51.08 1.5 15.37 0.4 32.4 0.20 13.8MOODY'S CORP3,100 37.08 0.1 14.06 1.4 35.7 10.1 0.57 14.5PAYCHEX3,700 104.77 0.3 20.66 0.1 13.4 4.5 0.47 6.1PROGRESSIVE COMPANY2,400 67.00 0.1 8.65 3.0 39.6 3.7 0.07 6.7PUBLIC STORAGE INCORPORATED

96,700 14.43 1.0 18.75 0.6 39.0 4.4 2.17 28.1SCHWAB CHARLES CP NEW24,000 74.12 1.3 16.65 3.8 59.3 4.6 0.25 3.2SIMON PROPERTY GROUP, INC.61,200 53.64 2.4 22.50 1.6 16.2 7.7 6.1SLM CORPORATION

600 65.30 0.0 8.47 1.4 23.5 5.0 1.47 4.7T ROWE PRICE GROUP INC9.3 16.27 2.4 31.3 6.6 0.28 5.05

Health Care36,300 42.40 1.1 65.91 2.6 19.1 4.6 0.18 -13.0ABBOTT LABS

800 91.62 0.1 12.30 0.4 38.2 10.8 0.50 7.6ALLERGAN3,600 79.67 0.2 98.30 36.2 5.1 0.76 31.8AMGEN, INCORPORATED

13,600 66.03 0.7 6.95 0.8 21.0 5.1 0.48 -0.5BARD C.R.18,200 39.87 0.5 24.82 1.5 26.6 6.7 0.46 7.5BAXTER INTERNATIONAL, INC.7,300 52.43 0.3 13.10 1.4 21.4 4.3 0.25 0.3BECTON, DICKINSON & COMPANY

39,000 24.06 0.7 47.06 4.7 19.5 4.6 0.45 -3.7BRISTOL-MYERS SQUIBB CO.2,400 86.02 0.2 9.28 20.2 6.4 0.09 21.6COVENTRY HEALTH CARE INCORPORATED

15,500 62.20 0.7 9.24 28.5 7.7 0.22 24.5EXPRESS SCRIPTS INCORPORATED48,200 38.97 1.4 13.25 17.2 4.3 0.35 0.3FOREST LABORATORIES INC2,000 71.64 0.1 18.39 4.1 1.12 19.2GENZYME

28,000 68.89 1.4 22.74 0.6 42.5 5.9 0.41 2.5GUIDANT CORP.71,900 47.92 2.5 20.65 1.3 15.9 4.6 -15.2HCA - THE HEALTHCARE COMPANY70,500 63.28 3.2 188.24 2.1 19.1 5.9 0.23 -2.1JOHNSON & JOHNSON6,800 53.52 0.3 60.68 2.8 47.4 5.5 0.50 -3.3LILLY ELI & CO.8,500 53.62 0.3 64.94 0.7 40.9 6.2 0.39 3.5MEDTRONIC, INC

14,600 27.21 0.3 59.74 5.6 11.6 3.5 0.35 -10.5MERCK & COMPANY, INCORPORATED1,500 50.54 0.1 10.26 0.7 19.6 4.3 0.69 -5.0QUEST DIAGNOSTICS INC.

15,200 21.05 0.2 31.08 1.0 5.1 0.64 10.7SCHERING-PLOUGH CORP.1,800 46.80 0.1 17.06 40.0 7.2 0.36 7.3ST JUDE MEDICAL INCORPORATED2,600 49.43 0.1 19.95 0.2 37.7 7.2 0.32 3.9STRYKER CORPORATION

77,900 56.20 3.2 70.99 0.0 24.9 6.8 0.01 7.8UNITEDHEALTH GROUP INC.12,300 46.27 0.4 62.06 2.2 36.7 6.3 0.77 4.5WYETH5,900 68.89 0.3 17.04 24.7 4.3 0.23 -9.6ZIMMER HOLDINGS, INC.

18.0 40.17 1.5 23.7 5.6 0.28 -0.05





YieldPrice /



Industrials14,900 36.74 0.4 4.01 1.1 14.0 3.8 2.4BALL CORPORATION4,200 67.95 0.2 55.76 1.5 32.5 4.8 0.88 3.3BOEING COMPANY

15,400 58.75 0.7 40.15 0.9 17.4 5.4 0.86 23.9CATERPILLAR, INCORPORATED5,900 53.83 0.2 16.61 0.1 20.9 3.6 0.67 2.9DANAHER CORPORATION

400 71.80 0.0 29.66 2.3 21.3 4.2 0.80 15.3EMERSON ELECTRIC CO400 64.38 0.0 5.58 1.0 42.9 4.1 0.75 12.1FLUOR CORPORATION

36,000 61.04 1.6 27.09 2.0 20.0 3.8 -5.5LOCKHEED MARTIN CORPORATION35,000 48.32 1.2 8.54 1.0 23.5 7.5 0.87 1.6ROCKWELL COLLINS31,200 52.90 1.2 9.61 1.7 19.7 5.2 1.05 9.1ROCKWELL INTERNATIONAL CORPORATION39,900 69.13 2.0 43.69 1.9 21.6 4.8 0.43 0.4UNITED PARCEL SERVICE CLASS B10,700 51.84 0.4 53.12 1.7 17.6 3.8 0.67 1.4UNITED TECHNOLOGIES CORP.

7.9 26.71 1.6 21.3 5.5 0.72 2.94Information Technology

1,100 29.85 0.0 14.67 27.0 10.2 1.79 4.3ADOBE SYSTEMS, INC.78,000 53.61 3.0 44.49 0.2 45.1 8.3 1.43 45.6APPLE COMPUTER, INCORPORATED12,600 46.44 0.4 10.61 39.7 1.36 35.2AUTODESK INCORPORATED5,500 46.91 0.2 13.24 83.8 6.5 2.87 32.1BROADCOM CORPORATION-CLASS A

34,900 25.14 0.6 4.28 27.9 4.6 2.23 16.1CITRIX SYSTEMS, INC.23,100 19.33 0.3 28.45 7.3 2.56 16.3CORNING INC.8,900 34.20 0.2 81.99 25.0 13.1 1.63 -13.3DELL INCORPORATED COMMON STOCK2,500 56.89 0.1 17.27 43.1 5.0 1.10 0.5ELECTRONIC ARTS INCORPORATED

55,700 24.65 1.0 150.19 1.3 18.8 4.0 2.25 -5.0INTEL CORP.14,300 80.22 0.8 128.01 1.0 16.6 4.4 1.48 8.4INTERNATIONAL BUSINESS MACHINES CORP.38,100 44.81 1.2 8.01 22.5 4.7 1.12 -0.7INTUIT INCORPORATED2,700 39.60 0.1 3.43 37.4 5.8 2.71 3.2MERCURY INTERACTIVE GROUP

197,900 25.73 3.7 275.64 1.2 23.0 5.7 1.26 3.9MICROSOFT CORP.46,600 26.30 0.9 9.06 0.5 25.0 4.4 2.22 19.0NATIONAL SEMICONDUCTOR CORP.1,000 23.74 0.0 8.73 37.7 5.2 2.63 -16.0NETWORK APPLIANCE, INC.6,500 34.28 0.2 5.78 28.8 4.9 2.58 28.3NVIDIA CORPORATION

115,100 12.39 1.0 63.88 22.1 5.9 1.44 -6.1ORACLE CORP.15,300 44.75 0.5 72.96 0.8 37.9 7.6 1.28 35.9QUALCOMM, INC.2,100 22.66 0.0 27.14 27.0 4.3 1.64 4.2SYMANTEC CORPORATION

59,800 33.90 1.5 55.02 0.3 28.0 4.5 2.13 20.9TEXAS INSTRUMENTS, INC.6,300 27.85 0.1 9.73 1.0 34.0 3.6 2.83 9.5XILINX INC.

15.9 49.17 0.8 29.4 5.9 1.63 15.77Materials

800 52.39 0.0 5.79 2.9 17.2 3.4 0.40 -0.4AVERY DENNISON CORP3,500 39.17 0.1 38.96 3.8 15.2 3.5 0.66 -8.1DUPONT DE NEMOURS AND CO.

22,100 31.93 0.5 8.17 1.1 25.5 5.3 0.18 -1.1ECOLAB, INCORPORATED2,600 47.93 0.1 15.50 1.5 20.7 4.3 0.66 3.2PRAXAIR

0.7 17.10 1.6 23.2 4.8 0.32 -1.46





YieldPrice /



Utilities8,400 16.43 0.1 10.73 25.7 6.5 1.37 0.3AES CORPORATION

12,200 112.88 1.0 27.10 2.0 92.5 0.26 36.6TXU CORPORATION1.1 18.91 2.0 86.5 6.5 0.36 33.35

100.0 83.17 1.6 24.7 5.6 0.72 6.15INTECH S&P BARRA



Start from Jun 30, 2005 INTECH S&P BARRADeletions

Security Name Shares Market Value Eliminated3M COMPANY 1,800 132,855 *ACCO BRANDS CORP 447 11,513 *ADOBE SYSTEMS, INC. 12,500 347,051AES CORPORATION 500 8,097ALLEGHENY TECHNOLOGIES INCORPORATED 8,800 241,652 *AMERICAN STANDARD COMPANIESINCORPORATED

3,400 145,851AMGEN, INCORPORATED 700 56,745ANHEUSER-BUSCH COMPANIES, INC. 39,100 1,762,704APOLLO GROUP, INC. 200 14,939 *APPLE COMPUTER, INCORPORATED 19,500 907,642AUTODESK INCORPORATED 5,800 229,048AUTOMATIC DATA PROCESSING 8,900 382,387AVERY DENNISON CORP 6,300 340,027AVON PRODUCTS INCORPORATED 25,400 909,504 *BAKER HUGHES, INCORPORATED 6,100 338,692BALL CORPORATION 4,600 170,202BECTON, DICKINSON & COMPANY 4,500 241,554BED, BATH & BEYOND, INCORPORATED 5,500 238,902BIOMET, INC. 4,500 169,258 *BJ SERVICES COMPANY 14,300 807,175BLACK & DECKER CORP. 14,800 1,284,023BOEING COMPANY 43,200 2,803,735CATERPILLAR, INCORPORATED 2,000 117,343CITIZENS COMMUNICATIONS CO. 8,500 114,691 *DANAHER CORPORATION 21,200 1,153,029DELL INCORPORATED COMMON STOCK 11,600 444,455DOLLAR GENERAL CORP. 46,800 910,174EBAY INCORPORATED 15,500 581,225 *ECOLAB, INCORPORATED 19,300 646,686ELECTRONIC ARTS INCORPORATED 5,100 298,378EMERSON ELECTRIC CO 2,800 187,778EXXON MOBIL CORP. 19,200 1,187,246

AdditionsSecurity Name Shares Market Value New

ABBOTT LABS 22,000 1,021,415AES CORPORATION 8,400 130,476 *ALTRIA GROUP INCORPORATED 28,900 1,969,892AMERICAN STANDARD COMPANIESINCORPORATED

1,600 71,048APPLE COMPUTER, INCORPORATED 10,800 404,172AUTODESK INCORPORATED 2,300 79,952AUTOZONE INCORPORATED 9,900 958,689BALL CORPORATION 7,700 291,646BRISTOL-MYERS SQUIBB CO. 29,100 722,451BROADCOM CORPORATION-CLASS A 4,500 201,135 *BROWN-FORMAN CORPORATION, CLASS BSHARES

5,700 331,924CAMPBELL SOUP COMPANY 2,500 75,862CATERPILLAR, INCORPORATED 2,600 252,112CITRIX SYSTEMS, INC. 34,900 823,163 *COACH INC 2,700 89,722 *COCA COLA COMPANY 7,500 321,829 *COLGATE 5,000 260,991 *CORNING INC. 20,200 396,382 *COVENTRY HEALTH CARE INCORPORATED 2,400 194,921 *DARDEN RESTAURANTS, INCORPORATED 35,800 1,155,492DUPONT DE NEMOURS AND CO. 2,700 111,764EOG RESOURCES INCORPORATED 7,400 466,878EQUIFAX INCORPORATED 15,700 545,194EXPRESS SCRIPTS INCORPORATED 13,400 787,293 *FOREST LABORATORIES INC 38,900 1,670,176 *FRANKLIN RESOURCES, INC. 24,500 1,969,800GENERAL ELECTRIC CO. 8,800 306,406GENERAL MILLS, INC. 4,800 221,678GENZYME 500 30,503GUIDANT CORP. 9,500 644,217HALLIBURTON COMPANY 11,000 606,002HARRAH'S ENTERTAINMENT, INCORPORATED 13,700 1,005,519

Fresno County Employees' Retirement AssociationEquity Activity Period Ending: September 30, 2005



FIRST DATA CORP 24,800 999,747 *FLUOR CORPORATION 1,300 79,310FORTUNE BRANDS 300 26,246FREEPORT - MCMORAN COPPER - B 8,200 326,121 *GENERAL ELECTRIC CO. 16,300 556,447GENERAL MILLS, INC. 1,100 52,376GENZYME 400 29,037GILEAD SCIENCES, INCORPORATED 11,100 489,229 *GILLETTE COMPANY 3,000 149,797GOODYEAR TIRE & RUBBER 24,400 389,564 *H&R BLOCK INCORPORATED 2,000 73,600H.J. HEINZ COMPANY 8,600 311,757 *HARLEY-DAVIDSON, INCORPORATED 5,100 262,523 *HERCULES, INC. 25,900 351,656 *HILTON HOTELS CORPORATION 7,400 176,236HOME DEPOT, INC. 31,600 1,294,556INTERNATIONAL FLAVORS FRAGRANCE 5,600 198,888KELLOGG COMPANY 9,300 423,180KIMBERLY-CLARK CORP. 6,500 409,381 *LEXMARK INTERNATIONAL GROUP, INC. CLASS 100 6,596 *LIMITED INCORPORATED 9,500 212,135 *LOCKHEED MARTIN CORPORATION 15,300 954,976LOWE'S COMPANIES INC 8,900 585,045MCCORMICK & CO 13,400 446,069MCGRAW HILL COMPANIES, INC. 2,900 136,319MEDIMUNE INCORPORATED 4,400 121,867 *MEDTRONIC, INC 3,000 162,822MERCK & COMPANY, INCORPORATED 900 27,273MEREDITH CORPORATION 1,400 68,804 *MICROSOFT CORP. 22,800 620,667MOODY'S CORP 3,600 175,904NATIONAL SEMICONDUCTOR CORP. 1,800 39,818NIKE INCORPORATED 3,600 296,818PEPSI BOTTLING GROUP, INCORPORATED 8,200 238,075PITNEY-BOWES INC. 17,700 773,898 *

HCA - THE HEALTHCARE COMPANY 61,500 3,128,104HERSHEY FOODS CORPORATION 4,600 278,531HOSPIRA INCORPORATED 10,500 399,580INTEL CORP. 23,600 604,985INTERNATIONAL BUSINESS MACHINES CORP. 8,100 663,099INTERNATIONAL FLAVORS FRAGRANCE 5,700 207,501INTUIT INCORPORATED 11,800 550,721JOHNSON & JOHNSON 17,900 1,141,336KINDER MORGAN, INC. 9,900 922,020LILLY ELI & CO. 4,000 217,976 *LOWE'S COMPANIES INC 1,500 86,604MCGRAW HILL COMPANIES, INC. 4,400 194,530MERCK & COMPANY, INCORPORATED 7,200 201,466MERCURY INTERACTIVE GROUP 2,700 100,541 *NATIONAL SEMICONDUCTOR CORP. 39,600 989,754NETWORK APPLIANCE, INC. 1,000 27,395 *NEWELL RUBBERMAID INC 6,500 147,273 *NORDSTROM INCORPORATED 22,500 835,608NVIDIA CORPORATION 2,300 63,743OMNICOM GROUP, INC. 12,400 1,016,560ORACLE CORP. 67,000 905,175PAYCHEX 3,100 107,016 *PEPSICO INC 3,800 209,228 *PUBLIC STORAGE INCORPORATED 2,400 160,708 *QUEST DIAGNOSTICS INC. 1,500 75,630 *ROCKWELL INTERNATIONAL CORPORATION 12,100 618,097SCHWAB CHARLES CP NEW 68,300 895,022SIMON PROPERTY GROUP, INC. 2,600 187,308SLM CORPORATION 14,100 710,035ST JUDE MEDICAL INCORPORATED 600 27,711STRYKER CORPORATION 1,300 66,617 *SUNOCO INCORPORATED 17,500 1,303,997SYSCO 62,100 2,114,093TEXAS INSTRUMENTS, INC. 18,200 599,073TJX COMPANIES, INCORPORATED 11,800 267,521 *Wurts & Associates Performance Measurement System 17

PRAXAIR 4,500 219,853PROCTER & GAMBLE CO 16,100 891,901PROGRESSIVE COMPANY 1,200 118,643QUALCOMM, INC. 25,800 1,058,518QUEST DIAGNOSTICS INC. 200 10,718ROBERT HALF INTERNATIONAL INCORPORATED 4,300 128,354 *SCHERING-PLOUGH CORP. 11,700 243,909SCHLUMBERGER LTD 7,100 586,158SHERWIN WILLIAMS COMPANY 7,100 330,348SLM CORPORATION 6,300 336,526ST JUDE MEDICAL INCORPORATED 2,700 118,720STARBUCKS CORPORATION 27,300 1,358,428SYMANTEC CORPORATION 22,300 491,070T ROWE PRICE GROUP INC 2,300 148,532TARGET CORP. 24,400 1,365,579TXU CORPORATION 11,600 1,118,438UNITED PARCEL SERVICE CLASS B 19,100 1,348,991UNITED TECHNOLOGIES CORP. 6,300 322,390WAL-MART STORES, INC. 19,000 888,742WATERS CORP. 3,200 126,792 *WRIGLEY WILLIAM JR COMPANY 2,500 178,290YAHOO! INCORPORATED 16,000 561,555 *

U S T INCORPORATED 5,400 235,066UNITEDHEALTH GROUP INC. 18,600 960,855WYETH 2,500 113,289XILINX INC. 6,300 172,541 *XTO ENERGY INC 27,400 1,021,188ZIMMER HOLDINGS, INC. 5,900 458,885 *



Fresno County Employees' Retirement Association 3Q Fr… · halliburton company 43.6 0.74 sunoco...

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