fresno county employees' retirement association...pepco holdings, inc. 56,400 1,144,865 * pepsi...

NORTHEAST UTILITIES 39,000 736,743 *NUCOR CORPORATION 5,800 452,052PACIFICARE HEALTH SYSTEMS, INC. 21,400 678,129 *PANAMSAT CORPORATION COM 41,100 965,850 *PHELPS DODGE 10,100 755,375 *PLANTRONICS, INCORPORATED 2,400 93,962PRECISION DRILLING 17,300 851,140 *PRINCIPAL FINANCIAL GROUP 28,400 967,565RADIOSHACK CORP. 23,600 647,569 *RENAISSANCERE HOLDINGS LIMITED 26,700 1,407,324 *RENT-A-CENTER INC 23,750 711,533 *TEXAS GENCO HOLDINGS, INC. 4,500 209,163TIME WARNER INCORPORATED 75,800 1,284,287 *TORCHMARK CORPORATION 17,900 897,574 *TYSON FOODS INCORPORATED-CLASS A 39,400 649,691W.W. GRAINGER INC. 9,900 524,181WACHOVIA CORP 22,000 975,501WASHINGTON MUTUAL, INCORPORATED 37,300 1,436,016 *ZIONS BANK INCORPORATED 16,700 978,180 *

NORTHROP GRUMMAN CORPORATION 21,700 1,149,219PACCAR, INC. 36,000 2,128,140 *PEPCO HOLDINGS, INC. 56,400 1,144,865 *PEPSI BOTTLING GROUP, INCORPORATED 26,700 816,219 *PETROKAZAKHSTAN INCORPORATED- CLASS A 23,800 699,006PNC FINANCIAL SERVICES GROUP 12,600 667,296POTASH 15,900 1,588,322 *PROVIDIAN CORP 55,100 868,101 *QUALCOMM, INC. 21,400 852,362 *R & G FINANCIAL CORP. CLASS B 26,300 926,892 *RADIAN GROUP INCORPORATED 29,100 1,377,732SOUTHERN PERU COPPER CORPORATION 10,000 464,050STANDARD PACIFIC CORP 17,100 861,517 *STEEL DYNAMICS INCORPORATED 22,900 843,987 *TEREX CORPORATION 12,800 486,105 *TESORO PETROLEUM CORP 44,400 1,261,499 *VERIZON COMMUNICATIONS 36,700 1,398,260YUM! BRANDS INC. 21,000 809,025 *

Fresno County Employees' Retirement AssociationEquity Activity Period Ending: September 30, 2004

Wurts & Associates Performance Measurement System 45

Return Rank Return Rank 3-Years 5-YearsReturn Rank Return RankPerformance & Risk Measures Quarter One Year Three Years Five Years Standard Deviation 3-Years 5-Years

Sharpe Ratio3-Years 5-Years

BetaWELLINGTON 0.8 18.3 6.7 19.530 64 59 0.3 1.0RUSSELL 1000 VALUE 1.5 20.5 7.6 4.3 19.619 42 49 70 17.1 0.3 0.1Equity Style - Large Value -0.1 20.0 7.5 5.9 18.4 16.7 0.3 0.2

Sector WeightsPortfolio BenchmarkSector

Materials 5.2 5.0Industrials 5.4 12.4Telecommunications Services 5.3 5.8Consumer Discretionary 17.8 10.3Consumer Staples 4.4 6.0Energy 12.1 12.1Financials 32.2 33.2Health Care 3.8 3.6Information Technology 5.6 5.6Other 1.6Utilities 5.7 6.1

Portfolio CharacteristicsPortfolio Benchmark

Average Market CapP/EP/BDividend YieldEarnings Growth

$ 66,789 $ 82,95018.7 15.02.8 2.51.9 2.5

12.5 6.9

Total Assets % of Total Fund$ 176,633 8.2%

Benchmark: RUSSELL 1000 VALUE

Ten Largest HoldingsSecurity Market Value Weight

CITIGROUP INC 9,418,120 5.38BANK OF AMERICA 8,146,040 4.65GENERAL ELECTRIC CO. 4,864,160 2.78TYCO INTERNATIONAL LTD. 4,542,597 2.60MBIA INC 3,661,893 2.09UNION BANC CORPORATION 3,562,286 2.04EXXON MOBIL CORP. 3,523,257 2.01FREDDIE MAC 3,503,388 2.00VALERO ENERGY CORPORATION 3,328,715 1.90ALTRIA GROUP INCORPORATED 3,267,468 1.87

Fresno County Employees' Retirement AssociationPerformance Review Summary Period Ending: September 30, 2004


WELLINGTON

RUSSELL 1000 VALUEEquity Style - Large Value

28.927.8

09/30/97

20.217.3

09/30/98

20.516.3

09/30/99

10.27.7

09/30/00

5.68.0

09/30/01

-6.3-3.7

09/30/02

-2.1

-2.01.2

09/30/03

6.7

7.67.5

09/30/04

Fresno County Employees' Retirement AssociationRolling Return: 3 year Annualized Period Ending: September 30, 2004


Category Annualized Return %

Standard Deviation %

Sharpe Ratio

WELLINGTON 6.7 19.5 0.3RUSSELL 1000 VALUE 7.6 19.6 0.3Equity Style - Large Value Universe Median 7.5 18.4 0.3

Fresno County Employees' Retirement AssociationThree Year Return vs. Risk Period Ending: September 30, 2004


WELLINGTONPortfolio

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

107 702175,020,04266,788,641 82,950,000

1.91 2.4618.71 14.99

0.84 0.862.83 2.53

12.5% 6.9%

RUSSELL 1000 VALUE

Ten Worst PerformersSecurity Return Weight

NATIONAL SEMICONDUCTOR CORP. -29.6 0.52IAC/INTERACTIVECORP. -26.9 0.41MCKESSON HBOC, INCORPORATED -25.1 0.60CONTINENTAL AIRLINES INCORPORATED -25.1 0.20COLGATE -22.4 0.15MAXTOR CORPORATION -21.6 0.24ABERCROMBIE & FITCH, CLASS A SHARES -18.4 0.22ST PAUL COMPANIES, INC. -17.9 0.92CORNING INC. -15.2 0.68FAIRCHILD SEMICONDUCTOR CORPORATION -13.4 0.54

Ten Best PerformersSecurity Return Weight

CITIZENS COMMUNICATIONS CO. 30.9 1.16TXU CORPORATION 18.7 1.81UGI CORPORATION 17.1 1.07OCCIDENTAL PETROLEUM 16.1 1.60CHEVRONTEXACO CORP. 15.0 1.78KIMCO REALTY REIT 14.2 1.29XM SATELLITE RADIO HOLDINGS - CL A 13.7 0.02COUNTRYWIDE FINANCIAL CORP. 12.5 0.87DOW CHEMICAL COMPANY 11.9 0.95HALLIBURTON COMPANY 11.8 1.81


CITIGROUP INC 9,418,120 5.38BANK OF AMERICA 8,146,040 4.65GENERAL ELECTRIC CO. 4,864,160 2.78TYCO INTERNATIONAL LTD. 4,542,597 2.60MBIA INC 3,661,893 2.09UNION BANC CORPORATION 3,562,286 2.04EXXON MOBIL CORP. 3,523,257 2.01FREDDIE MAC 3,503,388 2.00VALERO ENERGY CORPORATION 3,328,715 1.90ALTRIA GROUP INCORPORATED 3,267,468 1.87

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Period Ending: September 30, 2004


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

25.9221.1117.9215.7412.80

2.351.781.160.680.19

92.1075.0537.83

2.170.96

24.0014.0010.00

7.002.00

1.371.141.010.950.83

5.544.043.402.652.11

Equity Funds - Equity Only

WELLINGTON 18.71 1.91 66.79 12.46 0.8444 20 31 35 93 2.83 69RUSSELL 1000 VALUE 14.99 2.46 82.95 6.90 0.8680 4 16 75 90 2.53 79

Fresno County Employees' Retirement AssociationPortfolio Characteristics - Equity Period Ending: September 30, 2004


As Of 3/31/035.8%EXXON MOBIL CORP.5.1%CITIGROUP INC2.7%MERRILL LYNCH & CO., INC.2.5%BANK OF AMERICA2.4%FIFTH THIRD TREASURY OBLIGATION2.2%BANK ONE CORP1.9%EXELON CORPORATION1.9%MBIA INC1.9%GOLDEN WEST FINANCIAL CORP.1.8%CHEVRONTEXACO CORP.

Top Ten Total: 28.4%

As Of 6/30/036.1%EXXON MOBIL CORP.5.4%CITIGROUP INC2.7%CHEVRONTEXACO CORP.2.6%BANK ONE CORP2.6%VERIZON COMMUNICATIONS2.5%MERRILL LYNCH & CO., INC.2.2%BANK OF AMERICA2.2%ALTRIA GROUP INCORPORATED2.1%MBIA INC2.0%EXELON CORPORATION


As Of 9/30/035.7%CITIGROUP INC5.4%EXXON MOBIL CORP.3.4%BANK ONE CORP2.7%CHEVRONTEXACO CORP.2.3%MBIA INC2.3%AOL TIME WARNER, INC.2.2%MERRILL LYNCH & CO., INC.2.2%GOLDEN WEST FINANCIAL CORP.2.1%VERIZON COMMUNICATIONS2.1%EXELON CORPORATION


As Of 12/31/026.0%EXXON MOBIL CORP.5.0%CITIGROUP INC2.8%MERRILL LYNCH & CO., INC.2.5%BANK OF AMERICA2.1%SBC COMMUNICATIONS,2.1%MBIA INC2.0%GENERAL MILLS, INC.1.9%EXELON CORPORATION1.8%GOLDEN WEST FINANCIAL CORP.1.8%CHEVRONTEXACO CORP.


As Of 3/31/046.8%CITIGROUP INC4.6%BANK OF AMERICA2.3%GOLDEN WEST FINANCIAL CORP.2.2%MBIA INC2.2%TOTAL FINA S A2.2%ALTRIA GROUP INCORPORATED2.0%TIME WARNER INCORPORATED1.9%VERIZON COMMUNICATIONS1.8%HEWLETT PACKARD1.8%FIFTH THIRD US TREASURY MONEY


As Of 6/30/046.1%CITIGROUP INC5.0%BANK OF AMERICA2.4%GOLDEN WEST FINANCIAL CORP.2.3%TOTAL FINA S A2.1%UNION BANC CORPORATION2.0%MBIA INC2.0%TIME WARNER INCORPORATED2.0%ALTRIA GROUP INCORPORATED1.9%FREDDIE MAC1.8%EXXON MOBIL CORP.


As Of 9/30/045.3%CITIGROUP INC4.6%BANK OF AMERICA2.8%GENERAL ELECTRIC CO.2.6%TYCO INTERNATIONAL LTD.2.1%MBIA INC2.0%UNION BANC CORPORATION2.0%EXXON MOBIL CORP.2.0%FREDDIE MAC1.9%VALERO ENERGY CORPORATION1.9%ALTRIA GROUP INCORPORATED


As Of 12/31/035.3%CITIGROUP INC3.5%BANK ONE CORP3.4%BANK OF AMERICA2.8%BRITISH PETROLEUM AMOCO2.8%TOTAL FINA S A2.4%TIME WARNER INCORPORATED2.2%ALTRIA GROUP INCORPORATED2.2%GOLDEN WEST FINANCIAL CORP.2.1%MBIA INC2.0%EXXON MOBIL CORP.


Fresno County Employees' Retirement AssociationTop Ten Holding Period Ending: September 30, 2004


Price/Earnings Ratio Dividend Yield

Price/Book Ratio Five Year Earnings Growth

Return on Equity

WELLINGTON

RUSSELL 1000 VALUE

Total Number of Securities Average Market Capitalization ($Bill)

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Charts Period Ending: September 30, 2004


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, 2004


WELLINGTON RUSSELL 1000 VALUE


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 17.1 -5.2 10.8 -2.4 -0.5 -0.2 -0.7Consumer Staples 3.6 -0.5 6.4 -6.0 0.2 0.2 0.4Energy 11.9 11.0 11.1 10.9 0.0 0.1 0.1Financials 34.5 1.3 33.1 2.0 -0.2 0.0 -0.2Health Care 3.6 -1.3 4.0 -10.0 0.3 0.0 0.4Industrials 4.8 1.2 12.3 2.3 -0.1 -0.1 -0.1Information Technology 8.3 -8.9 6.2 -8.2 -0.1 -0.2 -0.3Materials 5.4 1.7 4.9 2.7 -0.1 0.0 0.0Telecommunications Services 5.4 6.7 5.5 8.2 -0.1 0.0 -0.1Utilities 5.3 12.0 5.8 6.7 0.3 0.0 0.3

Stock

Industry

100.0 100.0 -0.1 -0.2 -0.3

Health Care

1.51.2

Contribution Detractors

Stock

Industry

Consumer DiscretionaryUtilities FinancialsConsumer Staples Consumer DiscretionaryEnergy Information Technology

Fresno County Employees' Retirement AssociationPerformance Attribution Geometric Period Ending: September 30, 2004


Fresno County Employees' Retirement AssociationValue Added Analysis 3 Yr Rolling for WELLINGTON Period Ending: September 30, 2004


Fresno County Employees' Retirement AssociationRolling Return Ranking 3 Years Period Ending: September 30, 2004


Last 12 Quarters Ending 9/30/2004

Fresno County Employees' Retirement AssociationUp vs. Down Market Performance Period Ending: September 30, 2004


Shares PricePortfolio

Weight Market CapDividend

YieldPrice /

EarningsPrice /Book Beta

Quarterly ReturnWELLINGTON

Consumer Discretionary12,300 31.50 0.2 2.98 1.6 14.2 3.4 1.58 -18.4ABERCROMBIE & FITCH, CLASS A SHARES15,750 43.48 0.4 3.94 0.9 28.5 3.6 0.25 -13.1ALBERTO-CULVER CO. CLASS B18,100 14.61 0.2 1.76 27.6 2.2 0.94 3.9BISYS GROUP INCORPORATED56,100 21.60 0.7 21.98 1.7 13.3 2.1 1.73 -11.4CENDANT CORPORATION5,700 45.18 0.2 23.99 2.1 17.9 0.40 -22.4COLGATE9,000 28.24 0.2 38.37 108.6 1.5 0.81 0.5COMCAST CORP. - CLASS A

51,200 27.92 0.8 24.20 1.5 0.80 1.1COMCAST CORP. -SPECIAL CLASS A20,700 17.69 0.2 2.64 2.7 8.8 1.3 1.34 -9.2DANA CORP16,200 23.70 0.2 3.69 1.0 16.0 2.5 0.78 -2.4FOOT LOCKER, INC.14,100 83.76 0.7 22.29 1.3 18.1 2.7 0.66 -1.0GANNETT COMPANY, INC.

144,000 33.58 2.8 354.55 2.4 21.8 4.3 0.87 4.3GENERAL ELECTRIC CO.56,300 41.74 1.4 41.82 1.6 26.8 0.32 -1.1GILLETTE COMPANY32,800 22.02 0.4 13.90 53.7 1.1 1.47 -26.9IAC/INTERACTIVECORP.12,800 56.81 0.4 10.81 1.6 14.3 2.5 0.63 6.9JOHNSON CONTROLS INCORPORATED35,500 54.45 1.1 3.74 1.5 9.2 1.6 0.92 -7.4LEAR SEATING CORPORATION15,900 47.60 0.4 5.88 1.2 9.3 2.3 0.64 6.8LENNAR CORPORATION

166,176 8.72 0.9 23.35 1.0 1.83 -3.0LIBERTY MEDIA CORP - CLASS A34,400 59.21 1.2 4.02 0.9 22.0 3.4 1.37 8.1MICHAELS STORES INCORPORATED32,700 47.04 0.9 24.41 1.1 13.7 1.3 0.31 1.2PRUDENTIAL FINANCIAL, INC.10,500 47.78 0.3 6.03 0.8 25.2 4.2 0.46 -8.8SCRIPPS COMPANY E.W. CLASS A

175,300 3.20 0.3 3.96 2.7 1.93 3.9SIRIUS SATELLITE RADIO INC182,100 16.14 1.7 71.04 22.7 1.3 2.12 -8.2TIME WARNER INCORPORATED148,100 30.66 2.7 61.59 0.2 30.1 2.3 1.49 -7.5TYCO INTERNATIONAL LTD.

1,300 31.02 0.0 6.34 2.23 13.7XM SATELLITE RADIO HOLDINGS - CL A18.3 32.39 1.3 22.8 2.5 1.12 -2.84

Consumer Staples68,400 47.04 1.9 96.52 6.2 10.3 3.8 0.45 -4.6ALTRIA GROUP INCORPORATED35,800 38.06 0.8 3.62 18.0 1.8 0.23 2.5CONSTELLATION BRANDS INCORPORATED-A27,200 41.56 0.7 19.14 1.0 23.9 2.9 0.97 1.1COSTCO WHOLESALE CORP.69,700 28.03 1.1 35.21 2.0 20.0 3.0 0.65 7.8MCDONALDS CORPORATION

4.5 38.62 4.0 16.1 3.1 0.54 0.62Energy

58,200 53.64 1.8 114.26 3.0 11.4 3.2 0.58 15.0CHEVRONTEXACO CORP.25,148 82.85 1.2 57.06 2.4 9.8 1.7 0.75 9.2CONOCO PHILLIPS COMMON STOCK72,900 48.33 2.1 314.41 2.2 14.8 3.5 0.43 9.5EXXON MOBIL CORP.93,900 33.69 1.9 14.88 1.5 5.8 1.23 11.8HALLIBURTON COMPANY49,800 55.93 1.6 21.91 2.0 11.7 2.7 0.50 16.1OCCIDENTAL PETROLEUM36,400 38.50 0.8 3.43 13.4 2.5 2.7PREMCOR INCORPORATED49,800 37.26 1.1 1.90 3.4 16.2 2.8 0.16 17.1UGI CORPORATION41,500 80.21 2.0 10.25 0.7 9.0 1.7 0.84 9.0VALERO ENERGY CORPORATION

12.4 67.26 2.1 12.1 3.1 0.67 11.62

Fresno County Employees' Retirement AssociationPortfolio Holdings And Characteristics - Equity Period Ending: September 30, 2004




YieldPrice /



Financials19,150 67.99 0.8 177.14 0.4 16.6 2.5 0.60 -4.5AMERICAN INTERNATIONAL GROUP, INC.

188,000 43.33 4.8 176.25 2.1 11.6 2.6 0.59 3.5BANK OF AMERICA12,300 73.90 0.5 17.85 0.1 12.7 2.9 1.45 8.1CAPITAL ONE FINANCIAL CORP11,700 27.67 0.2 2.50 1.9 1.74 -7.8CHECKFREE CORP

213,466 44.12 5.5 228.55 3.6 14.5 2.3 1.23 -4.3CITIGROUP INC10,100 64.95 0.4 3.19 2.0 16.4 2.6 0.36 -0.6CITY NATIONAL CORP.21,500 59.35 0.8 10.17 3.5 15.6 2.0 0.35 9.1COMERICA, INCORPORATED7,842 48.09 0.2 3.20 1.9 15.5 2.3 0.26 5.2COMMERCE BANCSHARES, INCORPORATED

38,500 39.39 0.9 22.18 1.0 7.7 2.7 0.16 12.5COUNTRYWIDE FINANCIAL CORP.23,600 40.39 0.6 2.70 1.5 21.8 6.6 0.63 6.1EATON VANCE CORPORATION13,200 43.50 0.3 37.30 0.2 20.0 7.7 0.76 -2.3FIRST DATA CORP28,600 55.76 0.9 13.91 0.6 21.0 3.2 1.16 11.7FRANKLIN RESOURCES, INC.53,700 65.24 2.1 45.27 1.8 9.6 1.7 0.07 3.5FREDDIE MAC70,900 31.00 1.3 6.78 4.6 24.9 4.0 0.18 5.9GENERAL GROWTH PROPERTIES27,200 110.95 1.8 16.95 0.4 14.5 2.8 4.4GOLDEN WEST FINANCIAL CORP.24,300 93.24 1.3 45.31 1.1 11.0 2.0 1.60 -0.7GOLDMAN SACHS GROUP INCORPORATED45,200 26.41 0.7 4.10 3.0 14.8 2.3 0.49 9.5HIBERNIA CORPORATION CLASS A44,150 51.30 1.3 5.71 4.4 23.5 2.9 0.16 14.2KIMCO REALTY REIT62,650 58.21 2.1 8.34 1.6 10.7 1.3 0.56 2.3MBIA INC59,100 49.72 1.7 46.57 1.3 11.0 1.7 1.55 -7.6MERRILL LYNCH & CO., INC.48,900 33.06 0.9 22.11 3.1 18.4 1.4 0.83 -17.9ST PAUL COMPANIES, INC.32,100 42.71 0.8 14.36 1.5 13.3 2.5 1.00 -12.6STATE STREET CORPORATION28,100 70.33 1.2 83.25 1.5 12.1 0.91 -1.0UBS AG REGISTERED59,800 59.21 2.1 8.75 2.4 12.8 2.3 0.45 5.6UNION BANC CORPORATION4,400 61.04 0.2 5.46 2.1 15.5 2.2 0.24 -0.1ZIONS BANK INCORPORATED

33.2 40.32 2.3 14.5 2.5 0.78 1.10Health Care

35,500 42.36 0.9 66.07 2.5 21.1 5.4 0.28 4.6ABBOTT LABS8,700 87.25 0.4 12.18 13.2 2.1 0.08 -2.6ANTHEM, INC.

51,000 11.94 0.4 2.88 36.2 1.4 0.55 4.3KING PHARMACEUTICALS, INCORPORATED41,100 25.65 0.6 7.53 0.9 11.6 1.4 0.43 -25.1MCKESSON HBOC, INCORPORATED

113,400 19.06 1.3 28.06 1.2 3.8 0.52 3.5SCHERING-PLOUGH CORP.22,600 29.46 0.4 3.22 17.4 1.6 0.63 9.5WATSON PHARMACEUTICALS, INC.

4.0 19.99 1.5 19.1 3.2 0.41 -0.77Industrials

4,800 51.62 0.1 43.33 1.6 16.0 5.1 0.77 1.4BOEING COMPANY21,000 48.80 0.6 10.93 1.6 14.8 0.61 11.6CANADIAN NATIONAL RAILWAY COMPANY40,400 8.52 0.2 0.57 14.0 0.7 2.09 -25.1CONTINENTAL AIRLINES INCORPORATED12,500 85.69 0.6 25.76 0.3 25.1 3.2 0.62 5.0FEDEX CORPORATION16,600 102.10 1.0 20.41 1.4 18.5 3.4 0.35 2.8GENERAL DYNAMICS CORPORATION42,600 33.50 0.8 2.32 1.1 24.3 13.6 0.39 8.2GRACO, INCORPORATED14,000 79.99 0.7 7.38 0.9 18.3 4.0 0.57 -3.4ITT INDUSTRIES INCORPORATED24,200 37.98 0.5 17.13 2.1 105.5 1.7 0.33 7.4RAYTHEON CO.17,300 93.38 0.9 47.78 1.5 17.9 4.1 0.76 2.5UNITED TECHNOLOGIES CORP.

5.5 19.51 1.3 27.9 5.1 0.58 3.42





YieldPrice /



5.5 19.51 1.3 27.9 5.1 0.58 3.42Information Technology

106,800 11.08 0.7 15.44 100.7 2.8 2.43 -15.2CORNING INC.66,600 14.17 0.6 1.69 61.6 1.5 2.08 -13.4FAIRCHILD SEMICONDUCTOR CORPORATION25,200 85.74 1.3 143.63 0.8 18.4 5.2 1.47 -2.5INTERNATIONAL BUSINESS MACHINES CORP.80,800 5.20 0.3 1.29 26.0 1.8 2.00 -21.6MAXTOR CORPORATION61,500 27.65 1.0 300.63 1.2 36.9 4.0 1.39 -2.9MICROSOFT CORP.64,800 18.04 0.7 42.62 0.9 43.0 3.3 1.47 -0.9MOTOROLA, INC.58,800 15.49 0.5 5.53 16.1 3.3 1.90 -29.6NATIONAL SEMICONDUCTOR CORP.33,300 19.88 0.4 5.08 3.5 2.48 -0.1VERISIGN50,200 14.08 0.4 11.27 19.0 3.4 1.77 -2.9XEROX CORPORATION

5.8 58.57 1.0 40.1 3.6 1.78 -8.13Materials

48,400 33.59 1.0 29.22 1.8 22.1 2.4 1.43 2.2ALCOA, INC.40,400 38.19 0.9 2.13 2.1 1.4 0.51 -7.7BOWATER INCORPORATED36,400 45.18 1.0 42.44 3.0 17.6 4.6 0.59 11.9DOW CHEMICAL COMPANY41,200 42.80 1.0 42.71 3.3 47.0 4.5 0.67 -2.8DUPONT DE NEMOURS AND CO.37,500 42.97 0.9 9.64 2.3 21.8 2.8 0.82 4.0ROHM & HAAS COMPANY15,500 66.48 0.6 15.92 2.4 22.8 2.1 0.81 6.0WEYERHAEUSER COMPANY

5.4 23.68 2.5 26.9 3.1 0.80 2.05Telecommunications Services

65,900 14.32 0.6 11.38 6.6 9.5 0.8 1.16 -0.5AT&T CORP.151,400 13.39 1.2 3.90 7.5 41.8 2.7 1.17 30.9CITIZENS COMMUNICATIONS CO.

68,300 23.84 1.0 25.70 9.5 4.5 2.16 -10.6NEXTEL COMMUNICATIONS, INCORPORATED308,200 3.33 0.6 6.04 1.62 -7.2QWEST COMMUNICATION INTL

75,300 39.38 1.7 109.02 3.9 33.1 3.3 0.67 10.0VERIZON COMMUNICATIONS5.0 31.21 5.6 27.4 3.1 1.24 7.81

Utilities26,100 39.60 0.6 7.12 4.7 18.9 1.9 0.00 5.5CINERGY CORPORATION5,400 65.25 0.2 21.55 4.1 60.4 2.0 0.17 4.5DOMINION RESOURCES INCORPORATED

17,600 60.61 0.6 13.69 3.0 17.6 1.6 9.0ENTERGY CORPORATION87,800 36.69 1.9 24.25 3.3 22.9 2.8 0.09 11.1EXELON CORPORATION41,700 30.40 0.7 12.19 3.2 2.8 0.66 8.8PG&E CORPORATION65,900 47.92 1.9 14.22 1.0 38.3 2.8 0.16 18.7TXU CORPORATION

5.9 15.50 2.7 25.6 2.6 0.19 12.17100.0 66.79 2.2 20.0 2.9 0.84 2.33WELLINGTON



Start from Jul 01, 2004 WELLINGTONDeletions

Security Name Shares Market Value EliminatedABERCROMBIE & FITCH 4,900 136,270 *ABERCROMBIE & FITCH, CLASS A SHARES 6,800 189,364AMER.POWER CONV. 31,500 474,944 *AMERICAN POWER CONVERSION 84,500 1,271,363 *BANK OF AMERICA 8,900 749,296BRITISH PETROLEUM AMOCO PLC-SPONSORED AD 2,600 139,140CATERPILLAR, INCORPORATED 6,900 498,004 *CENDANT CORPORATION 23,800 547,608CITIGROUP INC 16,600 749,814COLGATE 11,400 524,307COMERICA, INCORPORATED 3,200 170,103COMMERCE BANCSHARES, INCORPORATED 15,900 714,730DANA CORP 600 11,193FEDERATED DEPARTMENT STORES 16,300 733,809 *FOOT LOCKER, INC. 31,300 652,588GENERAL DYNAMICS CORPORATION 4,500 437,354GENERAL GROWTH PROPERTIES 7,700 242,193GILLETTE COMPANY 19,700 811,582GOLDEN WEST FINANCIAL CORP. 12,600 1,338,614INTERNATIONAL BUSINESS MACHINES CORP. 17,300 1,476,309ITT INDUSTRIES INCORPORATED 6,200 498,118KIMCO REALTY REIT 4,100 197,750LEGG MASON 6,550 459,048 *LIBERTY MEDIA INTERNATIONAL, INC. 8,308 266,794 *LIBERTY MEDIA RIGHTS 1,662 11,674 *MARATHON OIL 2,300 82,388 *MARATHON OIL CORP 71,400 2,573,008 *MAXTOR CORPORATION 6,500 34,023MORGAN STANLEY 17,900 899,858 *MOTOROLA, INC. 4,800 83,708PITNEY-BOWES INC. 8,100 357,849 *RAYTHEON CO. 1,900 68,888

AdditionsSecurity Name Shares Market Value New

ABERCROMBIE & FITCH, CLASS A SHARES 4,500 164,559BOEING COMPANY 4,800 263,532 *COSTCO WHOLESALE 3,100 127,500 *COSTCO WHOLESALE CORP. 27,200 1,122,050 *DEUTSCHE TELECOM AG ADR 13,200 231,855EATON VANCE CORPORATION 13,300 509,145FIRST DATA CORP 13,200 555,422 *FRANKLIN RESOURCES, INC. 7,600 394,705GENERAL ELECTRIC 15,900 525,721 *GENERAL ELECTRIC CO. 94,900 3,123,239GILLETTE COMPANY 9,700 388,417GRACO 1,100 34,545 *GRACO, INCORPORATED 42,600 1,337,304 *INTERNATIONAL BUSINESS MACHINES CORP. 3,700 311,922ITT INDUSTRIES INCORPORATED 2,800 232,212MARATHON OIL CORP 12,100 451,769MCDONALDS CORPORATION 21,800 582,216MCKESSON HBOC, INCORPORATED 12,100 384,824MERRILL LYNCH & CO., INC. 10,900 567,468MICHAELS STORES 900 48,568 *MICHAELS STORES INCORPORATED 34,400 1,866,381 *OCCIDENTAL PETROLEUM 49,800 2,571,492 *OCCIDENTAL PTL. 1,600 82,454 *RAYTHEON CO. 26,100 888,210 *SCRIPPS COMPANY E.W. CLASS A 10,500 523,479 *STATE STREET CORPORATION 32,100 1,557,957 *TRW AUTOMOTIVE HOLDINGS CORPORATION 17,900 350,688 *TYCO INTERNATIONAL LTD. 76,200 2,438,021TYCO INTL. 14,000 434,740 *UBS AG REGISTERED 3,300 232,216UNITED TECHNOLOGIES CORP. 4,400 400,368VALERO EN. 700 52,453 *



REGIONS FINANCIAL CORPORATION 12,800 387,777SIRIUS SATELLITE RADIO INC 37,500 112,302TIME WARNER INCORPORATED 20,600 341,605TOTAL FINA S A 41,400 4,017,239 *TOTAL FINA SA SPN.ADR 1 ADR = 1/2 SHARE 12,800 1,238,883 *UNION BANC CORPORATION 6,000 346,333UNITED TECHNOLOGIES CORP. 3,000 285,800VERIZON COMMUNICATIONS 5,400 211,184XEROX CORPORATION 23,900 319,093XM SATELLITE RADIO HOLDINGS - CL A 19,800 601,749

VALERO ENERGY CORPORATION 41,500 3,051,319 *WATSON PHARMACEUTICALS, INC. 22,600 611,301ZIONS BANK INCORPORATED 2,300 140,164



Return Rank Return Rank 3-Years 5-YearsReturn Rank Return RankPerformance & Risk Measures Quarter One Year Three Years Five Years Standard Deviation 3-Years 5-Years

Sharpe Ratio3-Years 5-Years

BetaBRANDYWINE 1.2 28.0 22.0 16.4 24.713 37 29 54 22.7 0.8 0.6 1.0 1.1RUSSELL 2000 VALUE 0.1 25.7 17.7 14.7 23.337 55 72 76 20.1 0.7 0.6Equity Style - Small Value -0.4 26.3 19.4 16.7 22.6 20.6 0.8 0.7

Sector WeightsPortfolio BenchmarkSector

Materials 3.7 8.8Industrials 7.0 13.9Telecommunications Services 0.6 1.0Consumer Discretionary 29.1 14.0Consumer Staples 7.5 3.1Energy 10.3 5.9Financials 25.1 33.8Health Care 3.5 4.9Information Technology 5.2 8.4Other 2.6Utilities 3.0 6.3

Portfolio CharacteristicsPortfolio Benchmark

Average Market CapP/EP/BDividend YieldEarnings Growth

$ 1,078 $ 94015.1 15.42.0 2.01.5 1.87.9 3.8

Total Assets % of Total Fund$ 105,160 4.9%

Benchmark: RUSSELL 2000 VALUE


UNITED DEFENSE INDS INC 1,515,621 1.47UICI 1,397,998 1.36HOUSTON EXPLORATION COMPANY 1,365,050 1.33BJ'S WHOLESALE CLUB INC 1,353,330 1.32AMERUS GROUP COMPANY 1,261,242 1.23INDYMAC BANCORP, INCORPORATED 1,219,940 1.19IKON OFFICE SOLUTIONS INCORPORATED 1,188,778 1.16AGL RESOURCES, INCORPORATED. 1,175,414 1.14VALASSIS COMMUNICATIONS INCORPORATED 1,165,452 1.13PEOPLES ENERGY CORPORATION 1,097,720 1.07

Fresno County Employees' Retirement AssociationPerformance Review Summary Period Ending: September 30, 2004


BRANDYWINE

RUSSELL 2000 VALUEEquity Style - Small Value

24.328.0

09/30/97

12.210.2

09/30/98

9.610.3

09/30/99

-1.8

2.13.8

09/30/00

7.8

8.811.7

09/30/01

8.9

6.38.7

09/30/02

17.9

11.112.6

09/30/03

22.0

17.719.4

09/30/04

Fresno County Employees' Retirement AssociationRolling Return: 3 year Annualized Period Ending: September 30, 2004


Three-Year Five-Year

CategoryAnnualized Return %


Sharpe Ratio

Annualized Return %


Sharpe Ratio

Three Year Return vs Risk Five Year Return vs Risk

BRANDYWINE 16.4 22.7 0.622.0 24.7 0.8RUSSELL 2000 VALUE 14.7 20.1 0.617.7 23.3 0.7

Equity Style - Small Value Universe Median 16.7 20.6 0.719.4 22.6 0.8

Fresno County Employees' Retirement AssociationThree & Five Year Return vs. Risk Period Ending: September 30, 2004


BRANDYWINEPortfolio

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

378 1303102,806,042

1,077,729 940,0001.51 1.76

15.08 15.410.60 0.792.05 1.99

7.9% 3.8%

RUSSELL 2000 VALUE

Ten Worst PerformersSecurity Return Weight

STONEPATH GROUP -57.5 0.00KULICKE & SOFFA CORPORATION -48.5 0.16UNITED ONLINE -45.4 0.10MATRIX SERVICES COMPANY -44.0 0.04OCA INC -42.1 0.18AMERICA WEST HOLDINGS CORPORATION, CLASS -40.5 0.09BROWN SHOE INCORPORATED -38.5 0.30MESA AIR GROUP INC. -37.0 0.13ESS TECHNOLOGY -36.0 0.17WILSON GREATBATCH TECHNOLOGIES -36.0 0.16

Ten Best PerformersSecurity Return Weight

ONYX ACCEPTANCE CORPORATION 68.4 0.08ALLIANCE IMAGING, INC. 63.5 0.32BUILDING MATERIALS HOLDING CORPORATION 45.8 0.33UNITED INDUSTRIAL CORPORATION 41.4 0.24UNITED SECURITY BANCSHARES 41.4 0.07UICI 38.7 1.36BOOKS A MILLION INCORPORATED 38.4 0.04MONARCH CASINO & RESORT INC. 35.3 0.13PERINI CORPORATION 33.7 0.03FREMONT GENERAL COMPANY 31.5 0.89


UNITED DEFENSE INDS INC 1,515,621 1.47UICI 1,397,998 1.36HOUSTON EXPLORATION COMPANY 1,365,050 1.33BJ'S WHOLESALE CLUB INC 1,353,330 1.32AMERUS GROUP COMPANY 1,261,242 1.23INDYMAC BANCORP, INCORPORATED 1,219,940 1.19IKON OFFICE SOLUTIONS INCORPORATED 1,188,778 1.16AGL RESOURCES, INCORPORATED. 1,175,414 1.14VALASSIS COMMUNICATIONS INCORPORATED 1,165,452 1.13PEOPLES ENERGY CORPORATION 1,097,720 1.07

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Period Ending: September 30, 2004


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

25.9221.1117.9215.7412.80

2.351.781.160.680.19

92.1075.0537.83

2.170.96

24.0014.0010.00

7.002.00

1.371.141.010.950.83

5.544.043.402.652.11

Equity Funds - Equity Only

BRANDYWINE 15.08 1.51 1.08 7.87 0.6079 36 93 68 99 2.05 99RUSSELL 2000 VALUE 15.41 1.76 0.94 3.78 0.7977 26 99 88 99 1.99 99

Fresno County Employees' Retirement AssociationPortfolio Characteristics - Equity Period Ending: September 30, 2004


As Of 3/31/033.6%FIFTH THIRD TREASURY OBLIGATION1.2%UNIVERSAL CORPORATION1.1%PEOPLES ENERGY CORPORATION1.1%DOWNEY FINANCIAL CORPORATION1.1%PRECISION CASTPARTS CORPORATION1.1%COMMERCE GROUP, INCORPORATED1.1%PAYLESS SHOESOURCE1.1%BARNES & NOBLE INC.1.0%ZALE CORPORATION1.0%COMMERCIAL FEDERAL CORPORATION


As Of 6/30/033.2%FIFTH THIRD TREASURY OBLIGATION1.2%ARVINMERITOR INCORPORATED1.1%COOPER TIRE & RUBBER COMPANY1.0%BARNES & NOBLE INC.1.0%LA-Z-BOY, INC.1.0%PRECISION CASTPARTS CORPORATION0.9%DILLARD'S INCORPORATED0.9%AMERUS GROUP COMPANY0.9%INDYMAC BANCORP, INCORPORATED0.9%PACIFICARE HEALTH SYSTEMS, INC.


As Of 9/30/032.1%FIFTH THIRD TREASURY OBLIGATION1.1%YORK INTERNATIONAL CORPORATION1.1%AMERUS GROUP COMPANY1.1%VALASSIS COMMUNICATIONS1.1%BARNES & NOBLE INC.1.0%PRECISION CASTPARTS CORPORATION1.0%READERS DIGEST ASSOCIATION1.0%ARVINMERITOR INCORPORATED1.0%BJ'S WHOLESALE CLUB INC1.0%UNITED DEFENSE INDS INC


As Of 12/31/024.4%FIFTH THIRD TREASURY OBLIGATION1.1%PEOPLES ENERGY CORPORATION1.1%COMMERCE GROUP, INCORPORATED1.0%UNIVERSAL CORPORATION1.0%PRECISION CASTPARTS CORPORATION1.0%CHESAPEAKE ENERGY CORP0.9%IDACORP INC0.9%IMPERIAL CREDIT INDUSTRIES, INC.0.9%GREAT PLAINS ENERGY INC.0.9%AMERICREDIT CORPORATION


As Of 3/31/043.0%FIFTH THIRD US TREASURY MONEY1.2%IKON OFFICE SOLUTIONS1.2%IMPERIAL CREDIT INDUSTRIES, INC.1.2%BJ'S WHOLESALE CLUB INC1.2%AMERUS GROUP COMPANY1.2%INDYMAC BANCORP, INCORPORATED1.2%FREMONT GENERAL COMPANY1.1%PEOPLES ENERGY CORPORATION1.1%VALASSIS COMMUNICATIONS1.1%ONEOK, INCORPORATED


As Of 6/30/042.5%FIFTH THIRD US TREASURY MONEY1.3%UNITED DEFENSE INDS INC1.2%AMERUS GROUP COMPANY1.2%BJ'S WHOLESALE CLUB INC1.1%VALASSIS COMMUNICATIONS1.1%HOUSTON EXPLORATION COMPANY1.1%IKON OFFICE SOLUTIONS1.1%IMPERIAL CREDIT INDUSTRIES, INC.1.1%BARNES & NOBLE INC.1.1%ONEOK, INCORPORATED


As Of 9/30/042.3%FIFTH THIRD US TREASURY MONEY1.4%UNITED DEFENSE INDS INC1.3%UICI1.3%HOUSTON EXPLORATION COMPANY1.3%BJ'S WHOLESALE CLUB INC1.2%AMERUS GROUP COMPANY1.2%INDYMAC BANCORP, INCORPORATED1.1%IKON OFFICE SOLUTIONS1.1%AGL RESOURCES, INCORPORATED.1.1%VALASSIS COMMUNICATIONS


As Of 12/31/033.2%FIFTH THIRD US TREASURY MONEY1.2%IKON OFFICE SOLUTIONS1.2%IMPERIAL CREDIT INDUSTRIES, INC.1.2%ONEOK, INCORPORATED1.2%ARVINMERITOR INCORPORATED1.1%BARNES & NOBLE INC.1.1%VALASSIS COMMUNICATIONS1.1%GREATER BAY BANCORP1.1%INDYMAC BANCORP, INCORPORATED1.0%PEOPLES ENERGY CORPORATION


Fresno County Employees' Retirement AssociationTop Ten Holding Period Ending: September 30, 2004


Price/Earnings Ratio Dividend Yield

Price/Book Ratio Five Year Earnings Growth

Return on Equity

BRANDYWINE

RUSSELL 2000 VALUE

Total Number of Securities Average Market Capitalization ($Bill)

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Charts Period Ending: September 30, 2004


Consumer Discretionary - Weightings Consumer Discretionary - Returns

Consumer Staples - Weightings Consumer Staples - Returns

Energy - Weightings Energy - Returns



BRANDYWINE RUSSELL 2000 VALUE


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 31.5 -2.4 14.5 -5.4 0.9 -0.9 0.0Consumer Staples 8.1 -1.7 3.5 -6.6 0.4 -0.3 0.1Energy 11.5 8.3 5.2 13.2 -0.6 0.8 0.3Financials 25.4 5.9 32.5 4.6 0.3 -0.3 0.0Health Care 3.5 -7.4 5.3 -2.5 -0.2 0.0 -0.1Industrials 9.2 -1.7 13.9 -1.4 0.0 0.1 0.1Information Technology 3.5 -1.4 9.3 -12.0 0.4 0.7 1.1Materials 3.4 4.5 8.1 8.3 -0.1 -0.4 -0.5Telecommunications Services 0.6 -11.8 1.3 -14.7 0.0 0.1 0.1Utilities 3.4 -3.3 6.2 0.1 -0.1 0.0 -0.1

Stock

Industry

100.0 99.8 1.0 -0.2 0.9

Consumer Discretionary

0.11.1

Contribution Detractors

Stock

Industry

EnergyConsumer Staples Health CareEnergy Consumer DiscretionaryInformation Technology Materials

Fresno County Employees' Retirement AssociationPerformance Attribution Geometric Period Ending: September 30, 2004


Fresno County Employees' Retirement AssociationValue Added Analysis for BRANDYWINE Period Ending: September 30, 2004


Fresno County Employees' Retirement AssociationRolling Return Ranking 3 & 5 Years Period Ending: September 30, 2004


Last 20 Quarters Ending 9/30/2004

Fresno County Employees' Retirement AssociationUp vs. Down Market Performance Period Ending: September 30, 2004




YieldPrice /


Quarterly ReturnBRANDYWINE

Consumer Discretionary2,100 23.77 0.1 1.01 2.5 18.6 2.4 0.71 -11.4ACUITY BRANDS, INC.

11,400 12.58 0.1 0.26 19.4 1.3 0.47 -23.8AFTERMARKET TECHNOLOGY20,859 13.96 0.3 1.12 2.5 13.0 1.9 0.09 0.4ALFA CORP18,700 29.26 0.6 1.52 2.1 8.6 1.6 1.18 -19.2AMERICAN AXLE & MANUFACTURING HOLDINGS, 31,000 25.12 0.8 1.60 1.0 21.1 1.3 1.17 8.4AMERICAN GREETINGS CORPORATION, CLASS A 5,200 37.03 0.2 1.22 0.3 18.2 3.2 1.56 23.8AMERICAN WOODMARK CORPORATION7,600 32.90 0.3 0.28 2.4 36.2 1.1 0.51 -3.1AMERON INTERNATIONAL COPORATION

30,762 41.00 1.3 1.60 1.0 10.2 1.2 0.24 -1.0AMERUS GROUP COMPANY4,700 23.40 0.1 1.67 13.8 1.9 1.52 -19.3ANNTAYLOR STORES CORPORATION

58,400 18.75 1.1 1.30 2.1 8.6 1.4 1.21 -3.7ARVINMERITOR INCORPORATED19,600 13.50 0.3 0.44 19.0 1.0 -10.0ASHBURY AUTOMOTIVE GROUP11,400 8.20 0.1 0.11 15.5 1.2 0.59 -1.3ASHWORTH INC

100 3.07 0.0 0.07 11.0 1.0 0.69 11.2ATLANTIC AMERICAN CORPORATION300 2.10 0.0 0.01 8.4 1.2 0.37 -10.7AVALON CORRECTIONAL SERVICES

17,100 26.50 0.5 0.92 23.5 1.7 0.88 -5.4AZTAR CORP9,200 37.00 0.3 2.59 17.0 2.0 0.73 8.9BARNES & NOBLE INC.1,800 106.89 0.2 1.44 0.4 6.9 1.5 1.15 6.7BEAZER HOMES USA, INCORPORATED6,800 28.18 0.2 0.23 2.1 14.6 0.8 0.16 -2.0BLAIR CORPORATION

13,400 7.59 0.1 0.28 1.1 0.4 0.25 -20.7BLOCKBUSTER INCORPORATED7,300 12.19 0.1 0.16 0.8 11.2 0.8 0.48 -16.7BON-TON STORES INCORPORATED4,900 8.01 0.0 0.13 1.5 15.1 1.0 0.65 38.4BOOKS A MILLION INCORPORATED

44,000 24.80 1.1 1.89 1.3 14.7 1.7 0.94 6.2BORDERS GROUP, INC.30,000 2.38 0.1 0.14 34.0 1.0 -28.3BOYDS COLLECTION LTD.12,100 25.06 0.3 0.46 1.6 11.1 1.3 0.48 -38.5BROWN SHOE INCORPORATED12,400 27.52 0.3 0.37 1.2 12.2 1.4 0.09 45.8BUILDING MATERIALS HOLDING CORPORATION29,200 21.23 0.6 0.95 0.2 14.1 1.1 0.67 10.0BURLINGTON COAT FACTORIES8,400 14.70 0.1 0.13 1.7 20.1 2.6 0.40 -1.5CADMUS COMMUNICATIONS CORPORATION2,000 5.18 0.0 0.11 1.5 8.8 2.7 0.36 20.7CAPITAL TITLE GROUP INC.

16,300 4.73 0.1 0.08 12.1 0.8 0.79 -6.2CARRIAGE SERVICES INCORPORATED18,600 22.25 0.4 0.45 3.1 15.2 2.4 0.66 0.0CATO CORPORATION CLASS A13,900 7.12 0.1 0.84 13.2 1.3 0.75 -20.3CHARMING SHOPPES, INC.3,400 23.86 0.1 0.21 7.0 13.7 7.6 0.44 -3.2CHEROKEE INCORPORATED5,500 12.80 0.1 0.08 6.8 1.4 0.15 0.4CHROMCRAFT REVINGTON, INCORPORATED4,300 5.12 0.0 0.05 10.0 3.9 1.44 -9.7CLICK COMMERCE4,200 13.43 0.1 1.91 12.7 1.7 1.22 -12.8CONVERGYS CORP.2,200 2.58 0.0 0.03 0.5 0.60 -22.8CORRECTIONAL SERVICES CORPORATION7,100 13.32 0.1 0.60 32.5 1.9 0.61 -22.3CSK AUTO CORPORATION9,400 30.94 0.3 0.37 1.3 13.1 1.8 0.32 -11.4CSS INDUSTRIES INC9,000 7.35 0.1 0.08 13.1 0.8 0.67 -5.5CULP, INCORPORATED

17,850 40.17 0.7 1.10 0.8 11.9 1.7 0.57 -9.6DELPHI FINANCIAL GROUP INCORPORATED12,200 16.30 0.2 0.22 14.1 1.9 1.11 5.8DEPARTMENT 56,INCORPORATED2,800 23.82 0.1 0.20 6.4 1.2 0.91 3.1DOMINION HOMES, INCORPORATED8,400 10.29 0.1 0.11 2.3 15.6 2.9 -8.0DOVER DOWNS GAMING & ENTERTAINMENT3,100 15.48 0.1 0.07 11.3 0.6 0.22 -6.2DUCKWALL-ALCO STORES, INCORPORATED

16,900 7.09 0.1 0.13 7.7 0.4 1.51 -22.4DURA AUTOMOTIVE SYSTEMS CLASS A





YieldPrice /



25,700 2.13 0.1 0.13 19.4 1.6 0.95 -21.1E-LOAN8,700 27.76 0.2 0.55 0.7 27.0 2.5 0.65 16.2ELK CORP2,014 9.74 0.0 0.06 26.4 1.1 0.56 -22.1EMAK INTERNATIONAL INC.9,800 21.42 0.2 0.35 2.9 18.6 3.2 0.08 10.7ENNIS BUSINESS FORMS INCORPORATED3,800 27.55 0.1 0.22 19.0 2.1 0.19 2.5EXPONENT INCORPORATED

22,700 26.19 0.6 0.72 1.5 13.0 1.2 0.22 -7.0FBL FINANCIAL GROUP INC8,400 19.45 0.2 0.17 97.3 1.1 0.38 3.4FINLAY ENTERPRISES, INCORPORATED4,906 17.75 0.1 0.12 2.9 11.5 1.1 0.33 -23.3FLEXSTEEL INDUSTRIES5,000 18.90 0.1 0.81 15.4 1.8 14.6FTI CONSULTING INCORPORATED

37,600 25.08 1.0 1.37 2.0 15.5 1.5 1.34 0.7FURNITURE BRANDS INTERNATIONAL INCORPORA18,500 23.55 0.4 0.52 14.3 2.5 1.14 -0.3GENESCO, INC.7,600 31.08 0.2 0.72 15.4 2.4 0.22 -15.2GLOBAL IMAGING SYSTEMS

15,200 15.29 0.2 0.72 0.7 10.3 0.9 0.17 -3.8GREAT AMERICAN FINL RES INC14,800 27.28 0.4 0.62 9.5 1.2 0.80 -17.9GROUP 1 AUTOMOTIVE INC7,000 22.30 0.2 0.27 0.9 15.1 2.4 0.59 3.4GULF ISLAND FABRICATION INCORPORATED5,300 17.14 0.1 0.12 1.2 9.0 0.7 0.15 -14.0HAGGAR CORP

24,300 31.35 0.8 0.87 1.6 16.6 3.4 0.15 7.3HARLAND, JOHN H. COMPANY8,800 17.54 0.2 0.32 1.4 14.9 1.6 0.80 0.7HAVERTY FURNITURE COMPANIES, INCORPORATE

44,700 9.87 0.4 0.60 7.2 1.8 0.39 -26.1HOLLYWOOD ENTERTAINMENT CORPORATION14,600 19.37 0.3 0.57 24.2 2.4 0.86 11.0ISLE OF CAPRI CASINOS4,100 19.25 0.1 0.51 0.5 12.3 3.8 1.20 -4.6K-SWISS INC CL A7,100 14.90 0.1 0.12 15.4 1.6 0.14 2.6KEITH COS ONC3,000 36.45 0.1 1.01 1.8 12.8 1.5 0.42 -15.9KELLWOOD COMPANY

33,700 15.18 0.5 0.79 2.9 1.5 0.77 -15.0LA-Z-BOY, INC.13,500 18.70 0.3 0.26 2.1 8.8 1.8 0.34 -32.3LIBBEY, INC.8,500 21.26 0.2 0.32 1.5 9.8 1.1 0.85 -13.9LTHIA MOTORS INCORPORATED

36,300 18.37 0.7 1.45 3.9 27.8 1.57 -24.4MAYTAG CORPORATION2,810 73.10 0.2 2.38 0.8 9.0 2.3 0.72 15.2MDC HOLDINGS, INCORPORATED6,700 26.24 0.2 0.27 11.5 0.56 -11.4MEMBERWORKS INC2,250 16.54 0.0 0.07 16.1 2.5 0.31 -3.0MITY ENTERPRISES INC6,907 19.07 0.1 0.18 14.2 3.7 0.17 35.3MONARCH CASINO & RESORT INC.

10,400 3.95 0.0 0.06 17.6 3.2 0.55 0.0MOSSIMO INC4,400 14.50 0.1 0.08 7.2 1.2 0.37 -29.6MOTHERS WORK INC1,100 162.90 0.2 0.55 9.2 0.9 0.30 6.1NATIONAL WESTERN LIFE INSURANCE COMPANY

13,473 16.33 0.2 0.25 21.5 1.2 0.83 -8.2NAVIGANT INTERNATIONAL INCORPORATED2,100 14.26 0.0 0.33 6.9 3.1 0.36 33.7PERINI CORPORATION2,100 22.28 0.1 0.69 0.7 2.3 0.47 16.0PHILLIPS-VAN HEUSEN

10,600 18.08 0.2 1.58 2.2 16.0 2.3 0.91 2.8PIER ONE IMPORTS INCORPORATED6,700 2.53 0.0 0.02 10.1 0.6 1.46 -31.7POINT.3601,100 55.82 0.1 2.38 1.6 21.7 7.6 0.57 16.9POLARIS INDUSTRY INCORPORATED6,300 46.81 0.3 1.38 1.3 10.8 2.9 0.71 12.9POTLATCH CORPORATION

13,900 25.68 0.4 0.42 11.3 14.6 1.19 7.8PREPAID LEGAL SERVICES INC.1,375 15.30 0.0 0.05 12.9 1.9 0.56 3.1Q E P COMPANY INC3,300 21.86 0.1 0.19 12.4 1.8 0.89 11.6R&B, INCORPORATED9,600 14.05 0.1 0.15 6.3 0.8 1.19 14.7REX STORES CORPORATION

30,000 16.84 0.5 0.55 1.0 12.7 1.1 0.54 -6.0RUSSELL CORP.1,800 15.67 0.0 0.04 15.2 0.8 0.72 -5.4S&K FAMOUS BRANDS INCORPORATED





YieldPrice /



4,000 30.89 0.1 1.17 38.1 1.4 0.72 3.1SCHOLASTIC CORPORATION8,900 39.41 0.4 0.89 19.4 2.0 0.25 8.5SCHOOL SPECIALTY INC.7,600 21.45 0.2 0.34 12.5 1.7 1.12 -31.7SHARPER IMAGE CORP8,500 11.79 0.1 0.15 12.6 1.0 0.92 -21.7SHOE CARNIVAL INC.

27,000 17.41 0.5 0.51 13.4 0.9 0.71 23.1SHOPKO STORES INCORPORATED19,000 20.05 0.4 0.59 2.4 9.0 1.2 1.04 -9.0SONIC AUTOMOTIVE COMMON STOCK9,510 22.14 0.2 0.35 15.7 1.2 0.57 -19.6SOURCE CORP

12,500 56.37 0.7 1.89 0.6 8.1 1.8 0.85 14.5STANDARD PACIFIC CORP4,200 44.00 0.2 0.27 0.9 15.7 2.7 0.65 4.8STANLEY FURNITURE, INCORPORATED

12,200 17.65 0.2 0.23 14.1 1.5 1.33 -11.6STEVE MADDEN LIMITED8,700 39.40 0.3 0.67 4.7 6.9 1.2 0.20 16.7STEWART INFORMATION SERVICES CORPORATION

14,800 14.10 0.2 0.32 12.1 1.3 0.51 -17.1STONERIDGE INC.2,300 62.26 0.1 0.24 13.9 2.7 0.37 -9.0STRATTEC SECURITY CORPORATION

13,700 29.95 0.4 0.80 2.1 13.3 1.4 0.54 -10.0SUPERIOR INDUSTRIES INTERNATIONAL, INCOR5,800 14.25 0.1 0.09 0.8 13.0 0.9 0.21 3.1TANDY BRANDS ACCESSORIES2,700 42.50 0.1 1.71 2.1 15.4 1.6 0.61 -14.8TELEFLEX INC

10,700 27.47 0.3 0.59 1.7 15.6 2.0 0.56 -2.4THE BUCKLE INCORPORATED5,900 68.30 0.4 1.56 0.4 17.6 3.8 0.21 -2.5TORO COMPANY

25,200 25.09 0.6 1.16 1.6 11.0 1.3 1.05 -17.8UNITED AUTO GROUP INCORPORATED5,900 12.93 0.1 0.70 14.1 2.4 0.35 17.8UNIVERSAL AMERICAN FINANCIAL CORPORATION

13,300 34.20 0.5 0.61 0.3 14.6 2.0 0.55 6.6UNIVERSAL FOREST PRODUCTS, INCORPORATED39,400 29.58 1.2 1.53 15.2 0.60 -2.9VALASSIS COMMUNICATIONS INCORPORATED10,000 14.90 0.2 0.18 15.9 1.7 0.69 -10.0WATER PIK TECHNOLOGIES INC.1,900 23.30 0.0 1.04 9.7 1.6 4.4WCI COMMUNITIES INCORPORATED

25,800 28.10 0.7 2.92 14.1 2.4 1.63 3.1ZALE CORPORATION30.3 0.64 1.5 13.3 1.8 0.74 -1.02





YieldPrice /



Consumer Staples6,800 26.15 0.2 0.47 2.9 17.3 1.4 0.15 -13.7AMERICAN ITALIAN PASTA CO CLASS A2,500 20.85 0.1 0.15 1.5 10.9 1.3 23.6ANDERSONS INCORPORATED3,650 13.38 0.1 0.08 15.2 1.2 -10.3BENIHANA, INCORPORATED -- CLASS A SHARES

49,500 27.34 1.4 1.90 16.9 2.2 0.73 9.4BJ'S WHOLESALE CLUB INC22,550 27.16 0.6 1.16 1.8 14.4 1.5 0.18 -0.3BOB EVANS FARMS8,417 6.02 0.1 0.08 11.1 0.8 0.07 -26.1CHRONIMED INC COM

20,200 17.41 0.4 0.71 10.2 0.9 1.11 -16.8CIQUITA BRANDS INTL5,595 33.00 0.2 0.32 0.4 21.7 3.0 0.40 6.4DEL LABORATORIES INC

12,600 5.89 0.1 0.27 5.1 0.6 0.60 4.3DIMON, INCORPORATED6,750 13.52 0.1 0.11 25.5 2.4 0.91 0.2EMBREX INC3,600 7.75 0.0 0.04 4.6 0.8 0.9FRESH BRANDS INC3,500 9.65 0.0 0.07 34.5 0.51 -26.6FRIENDLY ICE CREAM CORP.3,200 25.00 0.1 0.13 1.8 12.2 1.6 -15.6FRISCH'S RESTAURANTS INCORPORATED

30,100 31.73 1.0 1.17 15.9 2.4 0.23 6.8JACK IN THE BOX13,200 30.68 0.4 0.52 30.7 3.5 0.29 3.9PAPA JOHN'S INTERNATIONAL, INC37,700 19.64 0.8 0.91 2.0 14.5 1.8 0.21 -12.1RUDDICK CORPORATION33,000 14.84 0.5 0.62 12.3 1.7 0.25 -6.1RYAN'S RESTAURANT38,700 21.64 0.8 1.01 2.8 14.0 1.7 0.28 1.5SENSIENT TECHNOLOGIES CORP.10,100 15.75 0.2 0.22 2.2 12.0 0.9 0.20 -12.2STANDARD COMMERCIAL CORPORATION5,600 24.50 0.1 0.30 3.4 13.7 1.8 0.41 -9.1STANDEX INTERNATIONAL CORPORATION1,200 12.16 0.0 0.08 21.0 1.0 0.12 -13.1TODHUNTER INTERNATIONAL, INCORPORATED

21,800 44.64 1.0 1.14 3.5 9.3 1.5 0.13 -11.7UNIVERSAL CORPORATION7.9 0.52 3.5 9.5 1.5 0.13 -11.68





YieldPrice /



Energy38,200 30.77 1.2 2.00 3.8 13.9 2.1 0.30 7.0AGL RESOURCES, INCORPORATED.18,500 25.19 0.5 1.58 4.8 14.6 1.5 0.05 -0.4ATMOS ENERGY CO.15,600 36.73 0.6 0.77 1.2 18.5 4.1 0.22 25.6BERRY PETE COMPANY4,300 25.10 0.1 0.14 4.5 17.2 1.9 0.10 11.8CHESAPEAKE UTILITIES CORPORATION

18,600 34.50 0.6 1.12 16.0 2.9 0.49 23.7ENCORE ACQUISITION COMPANY6,200 51.55 0.3 1.87 1.5 16.2 2.6 0.23 7.9ENERGEN CORP.3,057 27.25 0.1 0.21 2.0 16.5 2.5 0.14 2.9ENERGYSOUTH INC.

10,400 6.85 0.1 0.10 8.1 0.7 0.61 -23.6ENESCO GROUP INCORPORATED19,100 30.12 0.6 1.78 20.1 1.4 0.65 10.3FOREST OIL CORP18,700 3.07 0.1 0.07 18.1 1.3 0.90 -27.9HINES HORTICULTURE23,000 59.35 1.4 1.67 12.8 2.5 0.74 14.5HOUSTON EXPLORATION COMPANY2,100 29.23 0.1 0.56 4.7 15.0 1.9 0.06 7.9LACLEDE GROUP INC1,800 41.40 0.1 1.15 3.1 15.9 2.7 0.04 0.3NEW JERSEY RESOURCES CORP

21,000 36.70 0.8 1.62 5.1 21.8 2.1 0.41 9.4NICOR, INC12,400 34.42 0.4 0.79 13.7 1.7 0.34 22.4OFFSHORE LOGISTICS26,000 41.68 1.1 1.56 5.2 16.7 1.8 0.1PEOPLES ENERGY CORPORATION8,500 47.75 0.4 0.66 3.4 17.3 2.1 0.20 9.5SOUTH JERSEY INDUSTRIES1,800 23.95 0.0 0.85 3.4 16.7 1.3 0.15 0.1SOUTHWEST GAS CORPORATION

22,800 43.76 1.0 1.17 9.6 1.6 0.72 -4.2STONE ENERGY CORP19,500 5.82 0.1 0.24 16.2 1.0 0.47 8.2TRANSMONTAIGNE OIL CO19,500 25.18 0.5 1.91 4.5 17.4 1.8 0.35 1.5VECTREN CORPORATION33,600 28.26 1.0 1.37 4.6 14.2 1.7 0.12 -0.5WGL HOLDINGS INC

10.9 1.05





YieldPrice /



Financials5,900 20.17 0.1 0.20 2.8 15.8 1.7 0.28 -0.1ABC BANCORP2,700 26.04 0.1 0.35 17.1 2.1 0.29 1.4ACE CASH EXPRESS INC.9,000 22.80 0.2 0.22 1.7 15.6 1.8 1.04 4.4ADVANTA CORPORATION2,300 26.88 0.1 1.43 11.4 0.7 1.14 -20.5ALLMERICA FINANCIAL CORPORATION

20,100 29.89 0.6 2.20 1.7 5.9 1.2 1.02 -1.8AMERICAN FINANCIAL GROUP, INCORPORATED3,774 24.31 0.1 0.14 3.3 14.2 1.9 12.6AMERICAN NATIONAL BANKSHARES

1 18.86 0.0 0.19 18.4 2.0 -1.5AMERICANWEST BANCORPORATION18,300 25.90 0.5 0.60 1.9 13.6 2.0 0.34 -1.6ANCHOR BANCORP WISCONSIN4,517 64.12 0.3 0.50 1.7 16.0 2.0 0.15 7.8BANCFIRST INC

17,100 22.99 0.4 1.76 3.1 14.8 2.1 0.25 2.8BANCORP SOUTH INC.12,400 11.13 0.1 0.29 10.2 1.5 1.23 -19.4BLUEGREEN CORPORATION3,600 34.51 0.1 0.26 2.3 13.8 2.2 0.34 5.0CAMDEN NATIONAL GROUP4,600 29.34 0.1 0.43 2.3 17.7 1.9 0.45 13.6CAPITOL BANCORP LTD

22,100 5.45 0.1 0.19 9.7 1.1 0.63 -11.2CERES GROUP INCORPORATED13,677 36.52 0.5 0.87 2.9 15.5 1.9 0.14 -0.2CHEMICAL FINANCIAL CORP2,000 27.25 0.1 1.26 2.6 16.8 2.2 0.21 -2.5CHITTENDEN CORPORATION8,300 13.54 0.1 0.25 19.3 1.0 1.01 -27.0CLARK INC8,925 23.79 0.2 0.34 1.2 16.4 2.2 0.75 7.4COLUMBIA BANKING SYSTEM INC.

21,600 48.40 1.1 1.59 2.7 9.6 1.8 0.15 -1.3COMMERCE GROUP, INCORPORATED33,200 26.98 0.9 1.07 2.0 14.2 1.5 0.39 0.1COMMERCIAL FEDERAL CORPORATION6,000 25.13 0.2 0.77 2.9 16.6 1.8 0.12 11.1COMMUNITY BANK SYSTEM INC

10,120 32.06 0.3 1.18 3.0 17.1 3.3 0.25 0.3COMMUNITY FIRST BANKSHARES7,877 31.08 0.3 0.42 3.0 14.2 1.9 0.35 2.7COMMUNITY TRUST BANCORP INCORPORATED8,304 43.13 0.4 1.20 2.9 16.3 2.2 0.30 5.7CORUS BANKSHARES, INCORPORATED2,488 19.20 0.1 0.19 2.5 10.5 1.2 0.64 -3.5DONEGAL GROUP INCORPORATED CLASS A1,244 19.22 0.0 0.06 2.2 10.1 -3.8DONEGAL GROUP, INCORPORATED - CLASS B

17,300 54.96 1.0 1.54 0.7 17.1 1.7 0.11 3.4DOWNEY FINANCIAL CORPORATION259 21.01 0.0 0.24 2.9 10.0 1.3 0.17 -10.4EMC INSURANCE GROUP, INCORPORATED

11,600 9.14 0.1 0.13 2.2 17.9 1.2 0.96 -8.4FIRST ALBANY INC2,454 118.00 0.3 1.03 0.9 17.8 1.2 0.16 -3.1FIRST CITIZENS BANCSHARES2,700 13.61 0.0 0.95 4.7 16.4 1.9 0.01 6.2FIRST COMMONWEALTH FINANCIAL CORPORATION1,000 32.85 0.0 0.37 3.0 17.5 2.1 0.24 -1.2FIRST COMMUNITY BANCSHARES

17,500 30.24 0.5 0.68 2.0 18.1 2.4 0.16 9.2FIRST FEDERAL CAPITAL CORPORATION2,600 31.42 0.1 0.42 2.5 14.1 1.7 -1.9FIRST FINANCIAL CORP INDIANA1,826 31.26 0.1 0.39 2.8 16.0 2.4 0.07 9.3FIRST FINANCIAL HOLDINGS INC2,529 25.36 0.1 0.09 3.0 12.2 1.7 0.09 4.2FIRST FINANCIAL SERVICE CORP2,489 33.35 0.1 0.15 3.0 14.0 1.4 0.02 7.9FIRST M&F

10,800 20.00 0.2 0.30 2.8 18.3 1.4 0.12 8.5FIRST PLACE FINANCIAL/ OHIO3,600 20.19 0.1 0.12 3.6 12.7 1.5 0.11 5.1FIRST UNITED CORP.

474 28.12 0.0 0.16 3.0 15.4 1.9 0.12 -1.3FIRSTBANK CORP/ ALMA MICHIGAN7,800 48.88 0.4 0.80 13.1 1.9 0.14 17.5FIRSTFED FINANCIAL CORPORATION

20,250 21.28 0.4 1.30 4.7 6.6 2.0 0.06 8.3FLAGSTAR BANCORP INCORPORATED11,100 19.01 0.2 0.37 1.9 15.3 2.5 0.29 8.2FLUSHING FINANCIAL CORP

182 17.68 0.0 0.10 3.4 18.8 1.2 -7.9FNB CORP/ NORTH CAROLINA5,239 26.46 0.1 0.19 2.9 13.9 1.4 -7.5FNB CORPORATION / VA





YieldPrice /



3,950 19.25 0.1 0.11 2.5 13.2 1.6 0.03 13.9FNB FINANCIAL SERVICES CORP39,300 23.15 0.9 1.78 1.0 5.6 2.6 0.81 31.5FREMONT GENERAL COMPANY15,550 28.75 0.5 1.47 2.0 17.7 2.3 0.99 0.0GREATER BAY BANCORP1,900 36.22 0.1 1.31 1.2 16.0 3.0 0.06 1.8HILB, ROGAL,& HAMILTION COMPANY1,500 27.74 0.0 0.12 3.2 11.5 1.5 0.31 3.3HMN FINANCIAL INC.

21,900 36.85 0.8 1.65 3.8 14.1 3.6 0.29 -0.2HUDSON UNITED BANCORP2,200 57.72 0.1 0.40 1.9 16.4 2.0 0.15 -1.9IBERIABANK

33,700 36.20 1.2 2.22 3.5 13.4 2.0 15.6INDYMAC BANCORP, INCORPORATED2,070 36.75 0.1 1.86 2.2 15.8 3.1 -9.4INTERNATIONAL BANCSHARES INC

27,300 15.30 0.4 0.64 16.6 1.9 0.72 19.6INVESTMENT TECHNOLOGY INC19,600 25.82 0.5 0.73 1.2 9.0 1.7 0.42 -1.9IRWIN FINANCIAL CORP3,800 46.20 0.2 0.29 10.0 1.5 0.03 14.3ITLA CAP CORPORATION2,300 33.90 0.1 0.20 2.5 15.3 2.2 0.02 1.8LAKELAND FINANCIAL

13,700 45.50 0.6 0.83 1.3 5.0 0.8 0.35 17.3LANDAMERICA FINANCIAL GROUP, INCORPORATE15,971 43.13 0.7 1.41 1.9 13.8 1.6 0.33 1.5MAF BANCORP INCORPORATED1,260 20.50 0.0 0.23 2.4 13.6 2.0 0.01 1.6MAINSOURCE FINANCIAL GROUP I7,000 36.55 0.3 0.44 2.4 18.0 3.1 0.68 -0.5MCGRATH RENT CORPORATION

16,200 4.87 0.1 0.14 13.2 1.0 0.42 -8.1MEADOWBROOK INSURANCE2,550 28.75 0.1 0.18 3.8 15.7 2.0 0.09 10.6MERCHANTS BANCSHARES6,100 29.24 0.2 0.37 26.8 1.3 0.37 1.2NAVIGATORS GROUP, INCORPORATED5,800 23.43 0.1 0.76 3.2 15.9 2.5 0.27 5.8NBT BANCORP INC.

39,900 10.01 0.4 0.47 0.8 11.0 1.1 1.23 -8.2NET.B@NK, INC.33,500 9.23 0.3 1.07 65.9 1.3 2.05 -7.9NIGHT TRADING1,000 37.11 0.0 0.06 2.7 11.2 1.4 0.00 -0.9NORTH CENT BANCSHARES5,200 17.86 0.1 0.12 2.2 15.8 2.5 0.14 13.2NORTH VALLEY BANCORP-OREGON2,310 21.85 0.1 0.13 1.7 13.0 1.8 0.54 8.5NORTHRIM BANCORP INC.6,500 21.89 0.1 0.21 1.1 14.7 0.9 0.44 -16.9NYMAGIC, INCORPORATED

30,200 22.18 0.7 1.44 0.6 7.0 1.1 1.01 -7.5ODYSSEY RE HOLDING CORP3,100 27.30 0.1 0.14 3.7 16.3 1.8 0.85 68.4ONYX ACCEPTANCE CORPORATION6,900 12.80 0.1 0.12 3.1 15.8 1.6 0.17 6.3PAB BANCSHARES3,600 27.00 0.1 0.15 3.0 15.3 1.4 0.24 3.4PARKVALE FINANCIAL CORPORATION1,700 46.31 0.1 0.16 3.0 14.7 2.2 0.21 6.0PENNS WOODS BANCORP INC1,255 26.32 0.0 0.28 2.7 17.4 1.6 0.08 -1.7PEOPLES BANCORP INC1,100 32.55 0.0 0.27 2.6 14.3 1.9 0.08 -5.2PEOPLES HOLDING COMPANY9,240 38.27 0.4 0.64 2.1 15.2 2.0 0.26 3.3PFF BANCORP INCORPORATED

10,700 33.55 0.4 1.11 3.0 17.5 2.5 0.39 17.3PROVIDENT BANKSHARES CORPORATION4,900 24.12 0.1 1.78 1.2 13.8 1.9 1.11 -8.5RAYMOND JAMES FINANCIAL INCORPORATED

37,742 15.40 0.6 0.99 2.9 16.0 2.6 0.54 11.6REPUBLIC BANCORP INCORPORATED1,272 13.08 0.0 0.10 17.6 1.7 0.32 11.2REPUBLIC FIRST BANCORP

14,700 6.67 0.1 0.17 10.8 2.2 0.55 -25.9REWARDS NETWORK INC.3,909 35.71 0.1 0.94 3.0 18.0 2.9 0.12 12.5S & T BANCORP INC1,800 16.10 0.0 0.15 2.2 14.2 2.5 2.1SIERRA BANCORP5,400 25.58 0.1 0.37 2.2 15.8 1.7 0.20 -1.2SIMMON'S FIRST NATIONAL CORPORATION4,500 22.05 0.1 0.27 1.3 17.0 2.5 0.24 21.3SOUTHWEST BANCORP INCORPORATED1,400 71.20 0.1 2.02 1.0 11.4 1.8 0.36 6.3STANCORP FINANCIAL GROUP7,744 35.24 0.3 0.80 16.4 2.3 0.27 10.6STERLING FINANCIAL CORPORATION1,700 23.47 0.0 0.08 2.6 16.1 1.2 0.14 5.7TIMBERLAND BANCORP INCORPORATED





YieldPrice /



8,800 55.48 0.5 0.80 14.9 2.2 0.33 -4.7TRIAD GUARANTY INC.4,600 20.92 0.1 0.33 2.1 18.2 2.6 0.04 13.0TRICO BANCSHARES

21,700 31.08 0.7 1.80 2.4 14.9 2.6 0.32 8.2TRUSTMARK CORP42,700 32.74 1.4 1.52 1.5 12.7 2.7 0.33 38.7UICI10,641 34.65 0.4 1.50 3.0 18.5 2.5 0.23 7.4UNITED BANKSHARES INC1,150 57.33 0.1 0.58 1.4 10.1 1.6 0.53 -0.4UNITED FIRE & CASUALTY2,700 28.00 0.1 0.18 2.6 13.8 2.5 0.30 41.4UNITED SECURITY BANCSHARES9,723 25.28 0.3 0.51 2.0 19.7 3.1 0.23 16.4USB HOLDINGS INC1,725 15.00 0.0 0.08 1.9 14.9 1.8 0.22 1.8WASHINGTON BANKING CO2,500 25.15 0.1 1.97 3.3 14.7 1.9 0.27 5.7WASHINGTON FEDERAL INCORPORATED3,200 20.83 0.1 0.31 1.8 15.9 2.2 0.23 -2.5WEST COAST BANCORP OREGON9,200 42.52 0.4 2.21 1.3 12.9 2.0 0.69 -6.1WESTCORP

11,200 23.25 0.3 0.43 15.0 2.8 0.25 26.8WORLD ACCEPTANCE CORPORATION2,000 50.00 0.1 0.35 0.5 16.6 1.9 0.38 3.1WSFS FINANCIAL CORPORATION4,200 14.00 0.1 0.10 2.9 15.5 1.7 0.16 8.1YADKIN VY BK & TR ELKIN N C

26.5 0.66 1.9 14.6 2.5 0.33 19.63Health Care

25,700 9.60 0.3 0.30 1.0 0.66 -25.8ALBANY MOLECULAR RESEARCH44,200 7.47 0.3 0.36 0.34 63.5ALLIANCE IMAGING, INC.1,900 5.10 0.0 0.02 3.5 17.6 1.3 0.36 -8.1AMERICAN SHARED HOSPITAL

24,900 11.95 0.3 0.34 18.4 2.9 0.93 -21.8AMN HEALTCARE SERVICES INC20,300 27.25 0.6 1.36 12.2 3.8 0.02 -5.1APRIA HEALTHCARE GROUP INCORPORATED1,500 26.30 0.0 0.78 16.6 1.8 0.61 -4.0CONMED CORPORATION

11,900 6.87 0.1 0.09 15.3 0.6 0.31 -20.7CURATIVE HEALTH SERVICES INC.11,300 9.85 0.1 0.14 0.6 13.9 0.8 0.51 -17.8D & K HEALTHCARE RES INC35,900 16.09 0.6 1.47 11.1 3.9 3.1FIRST HEALTH GROUP CORP2,600 21.10 0.1 0.12 11.5 1.8 0.37 -10.2HORIZON HELATH CORPORATION8,600 17.00 0.2 0.30 0.9 17.8 1.5 0.38 -1.2MOVADO GROUP2,200 28.18 0.1 0.10 15.4 1.6 0.16 -5.0NATIONAL DENTEX CORP5,100 10.00 0.1 0.06 11.6 1.3 0.22 3.1NATIONAL HOME HEALTH CARE

39,000 4.74 0.2 0.24 7.9 0.5 1.00 -42.1OCA INC23,900 25.40 0.6 1.00 1.7 17.4 2.4 0.26 -1.5OWENS & MINOR INC.4,300 8.17 0.0 0.06 10.2 0.9 0.12 -35.6PEDIATRIC SERVICES OF AMERICA1,200 7.22 0.0 0.15 20.6 1.2 0.26 -9.1PRIME MEDICAL SERVICES INC.

10,500 19.05 0.2 0.61 1.6 0.59 10.6SOLA INTERNATIONAL2,100 31.98 0.1 0.41 0.8 18.7 2.0 0.12 10.3VITAL SIGNS, INCORPORATED4,800 4.55 0.0 0.12 15.2 1.6 0.94 -3.0WEIDER NUTRITION INTERNATIONAL INCORPORA

3.7 0.40 1.4 14.2 2.5 0.41 -1.36





YieldPrice /



Industrials7,000 22.62 0.2 2.04 15.1 1.9 0.48 11.1AGCO CORPORATION2,900 18.54 0.1 0.10 14.3 0.9 3.2ALLIED DEFENSE GROUP INC.

17,400 5.40 0.1 0.19 5.5 1.4 1.81 -40.5AMERICA WEST HOLDINGS CORPORATION, CLASS1,700 81.20 0.1 2.08 1.7 14.7 2.5 1.02 -7.7BRIGGS & STRATTON

11,200 27.76 0.3 0.34 1.6 15.9 1.8 0.21 -10.8CASCADE CORPORATION1,970 19.74 0.0 0.10 2.0 13.9 5.2 0.58 0.0CRAFTMADE INTERNATIONAL INC8,500 22.35 0.2 0.22 14.4 1.6 0.57 4.5DUCOMMUN, INCORPORATED6,700 17.79 0.1 0.25 15.7 6.3 0.74 17.7DURATEK INCORPORATED5,300 16.44 0.1 0.14 16.4 2.8 0.41 -9.9DYNAMICS RESEARCH CORP1,400 9.00 0.0 0.02 3.8 1.0 0.49 -3.5ECOLOGY AND ENVIRON CLASS A

39,600 10.01 0.4 0.54 4.8 -17.6EXPRESSJET HOLDINGS INC18,100 3.91 0.1 0.18 15.6 0.5 1.11 -31.9FLYI INC1,000 3.45 0.0 0.02 11.9 1.8 0.28 4.9HI SHEAR TECHNOLOGY CORP1,700 22.60 0.0 0.09 2.3 18.2 5.4 0.20 8.3KOSS CORPORATION

10,500 14.94 0.2 0.88 2.5 2.0 0.48 -17.0LENNOX INTERNATIONAL INCORPORATED500 22.52 0.0 0.35 14.2 2.1 0.78 -21.5MARINEMAX INCORPORATED

8,400 5.12 0.0 0.09 9.5 1.0 1.08 -44.0MATRIX SERVICES COMPANY27,100 5.10 0.1 0.16 7.3 1.4 1.40 -37.0MESA AIR GROUP INC.1,500 11.79 0.0 0.04 1.7 16.6 2.4 0.26 19.9MESA LABORATORIES INCORPORATED2,600 18.70 0.1 0.92 18.9 2.0 0.57 22.2OIL STATES INTERNATIONAL INC

21,100 26.35 0.6 0.91 17.7 4.2 0.85 -6.2RAYOVAC CORP34,000 15.05 0.5 0.88 0.8 11.3 1.2 1.25 -13.4SKYWEST INC8,900 17.51 0.2 0.32 14.6 1.2 1.04 -24.9STANDARD MICROSYSTEMS CORPORATION3,600 11.04 0.0 0.04 16.0 1.6 0.20 1.8SUMMA INDUSTRIES5,900 41.87 0.3 0.56 3.1 53.0 0.8 0.33 2.4TECUMSEH PRODUCTS COMPANY CLASS A2,100 11.18 0.0 0.05 10.8 0.9 1.14 -35.7TESSCO TECHNOLOGIES INCORPORATED

10,100 31.40 0.3 0.55 1.2 14.1 1.4 0.76 -5.1THOMAS INDUSTRIES, INC.37,900 39.99 1.5 2.11 14.3 0.53 14.3UNITED DEFENSE INDS INC7,600 32.89 0.3 0.43 1.2 91.4 10.7 0.53 41.4UNITED INDUSTRIAL CORPORATION

21,100 26.68 0.6 1.16 18.0 1.2 0.93 -2.6URS CORPORATION8,700 11.31 0.1 0.15 1.4 15.5 1.4 0.69 1.3WASTE HOLDINGS INC.6,100 4.48 0.0 0.03 10.2 0.6 0.47 18.8WEBCO INDUSTRIES, INCORPORATED9,200 17.89 0.2 0.38 16.3 1.6 0.53 -36.0WILSON GREATBATCH TECHNOLOGIES

25,700 31.59 0.8 1.31 2.5 32.9 1.7 0.82 -22.6YORK INTERNATIONAL CORPORATION NEW7.5 0.52 1.9 21.2 2.3 0.75 -4.34



fresno county employees' retirement association...pepco holdings, inc. 56,400 1,144,865 * pepsi...

Documents