fresno county employees' retirement association ix... · cooper tire & rubber company 1.1%...

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 12.6 23.6 19.5 19.3 23.667 52 45 52 22.8 0.8 0.7 1.0 1.1RUSSELL 2000 VALUE 13.2 22.2 16.5 17.2 22.849 68 76 73 20.4 0.7 0.7Equity Style - Small Value 13.2 23.8 18.9 19.4 21.6 20.7 0.8 0.8

Sector WeightsPortfolio BenchmarkSector

Materials 4.3 8.4Industrials 7.3 14.6Telecommunications Services 0.5 1.1Consumer Discretionary 30.0 13.9Consumer Staples 7.2 3.1Energy 9.2 5.7Financials 23.5 33.5Health Care 3.8 4.9Information Technology 6.2 8.5Miscellaneous 0.1Other 3.2Utilities 2.6 6.3

Portfolio CharacteristicsPortfolio Benchmark

Average Market Cap

P/EP/BDividend YieldEarnings Growth

$ 1,220 $ 1,060

15.7 15.42.3 2.21.4 1.68.3 3.7

Total Assets % of Total Fund$ 118,998 5.2%

Benchmark: RUSSELL 2000 VALUE

Median Market Cap $ 473 $ 600,000

Ten Largest HoldingsSecurity Market Value Weight

UNITED DEFENSE INDS INC 1,790,775 1.55UICI 1,447,530 1.25AMERUS GROUP COMPANY 1,393,519 1.20BORDERS GROUP, INC. 1,363,980 1.18COMMERCE GROUP, INCORPORATED 1,318,464 1.14WESTERN DIGITAL CORPORATION 1,315,976 1.14ARVINMERITOR INCORPORATED 1,306,408 1.13HOUSTON EXPLORATION COMPANY 1,295,130 1.12AGL RESOURCES, INCORPORATED. 1,269,768 1.10BJ'S WHOLESALE CLUB INC 1,205,982 1.04

Fresno County Employees' Retirement AssociationPerformance Review Summary Period Ending: December 31, 2004

Wurts & Associates Performance Measurement System 1

BRANDYWINE

RUSSELL 2000 VALUEEquity Style - Small Value

26.227.7

12/31/97

14.413.5

12/31/98

7.8

6.79.3

12/31/99

.0

4.25.9

12/31/00

11.0

11.313.3

12/31/01

11.1

7.59.1

12/31/02

20.6

13.816.1

12/31/03

19.5

16.518.9

12/31/04

Fresno County Employees' Retirement AssociationRolling Return: 3 year Annualized Period Ending: December 31, 2004


Three-Year Five-Year

CategoryAnnualized Return %

Standard Deviation %

Sharpe Ratio

Annualized Return %

Standard Deviation %

Sharpe Ratio

Three Year Return vs Risk Five Year Return vs Risk

BRANDYWINE 19.3 22.8 0.719.5 23.6 0.8RUSSELL 2000 VALUE 17.2 20.4 0.716.5 22.8 0.7

Equity Style - Small Value Universe Median 19.4 20.7 0.818.9 21.6 0.8

Fresno County Employees' Retirement AssociationThree & Five Year Return vs. Risk Period Ending: December 31, 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

370 1323115,876,054

1,220,380 1,060,0001.41 1.63

15.69 15.370.68 0.822.31 2.18

8.3% 3.7%

RUSSELL 2000 VALUE

Ten Worst PerformersSecurity Return Weight

NAVIGANT INTERNATIONAL INCORPORATED -25.5 0.14ODYSSEY HEALTHCARE INCORPORATED -22.9 0.24PERVASIVE SOFTWARE INC -19.0 0.07PDI INC -17.5 0.09TUTUOGEN MEDICAL INC -15.4 0.00CLAIRE'S STORES, INC. -14.8 0.07SOURCE CORP -13.7 0.17KOSS CORPORATION -13.3 0.03FRIENDLY ICE CREAM CORP. -12.9 0.03SHARPER IMAGE CORP -12.1 0.18

Ten Best PerformersSecurity Return Weight

WEBCO INDUSTRIES, INCORPORATED 140.4 0.06BLUEGREEN CORPORATION 78.2 0.21HI SHEAR TECHNOLOGY CORP 72.5 0.01MEMC ELECTRONIC MATERIALS INC. 56.3 0.61PEDIATRIC SERVICES OF AMERICA 56.2 0.05MESA AIR GROUP INC. 55.7 0.19KULICKE & SOFFA CORPORATION 52.6 0.27DURA AUTOMOTIVE SYSTEMS CLASS A 52.5 0.16K-SWISS INC CL A 51.4 0.15ALLIANCE IMAGING, INC. 50.6 0.20

Ten Largest HoldingsSecurity Market Value Weight

UNITED DEFENSE INDS INC 1,790,775 1.55UICI 1,447,530 1.25AMERUS GROUP COMPANY 1,393,519 1.20BORDERS GROUP, INC. 1,363,980 1.18COMMERCE GROUP, INCORPORATED 1,318,464 1.14WESTERN DIGITAL CORPORATION 1,315,976 1.14ARVINMERITOR INCORPORATED 1,306,408 1.13HOUSTON EXPLORATION COMPANY 1,295,130 1.12AGL RESOURCES, INCORPORATED. 1,269,768 1.10BJ'S WHOLESALE CLUB INC 1,205,982 1.04

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Period Ending: December 31, 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

28.2222.5918.7116.9913.86

2.221.691.120.630.16

96.4878.0643.02

2.371.05

24.0014.0010.00

7.002.00

1.431.191.040.970.86

5.574.233.542.842.31

Equity Funds - Equity Only

BRANDYWINE 15.69 1.41 1.22 8.27 0.6883 37 92 64 99 2.31 95RUSSELL 2000 VALUE 15.37 1.63 1.06 3.73 0.8285 28 95 88 99 2.18 99

Fresno County Employees' Retirement AssociationPortfolio Characteristics - Equity Period Ending: December 31, 2004


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.

Top Ten Total: 12.2%

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 12/31/033.2%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


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 6/30/042.5%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 12/31/042.3%FIFTH THIRD US TREASURY MONEY1.5%UNITED DEFENSE INDS INC1.2%UICI1.2%AMERUS GROUP COMPANY1.2%BORDERS GROUP, INC.1.1%COMMERCE GROUP, INCORPORATED1.1%WESTERN DIGITAL CORPORATION1.1%ARVINMERITOR INCORPORATED1.1%HOUSTON EXPLORATION COMPANY1.1%AGL RESOURCES, INCORPORATED.


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


Fresno County Employees' Retirement AssociationTop Ten Holding Period Ending: December 31, 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: December 31, 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: December 31, 2004


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 30.5 14.2 14.0 14.6 -0.1 0.6 0.4Consumer Staples 8.0 11.0 3.1 14.9 -0.3 0.2 -0.1Energy 10.9 6.1 5.9 8.8 -0.3 -0.1 -0.4Financials 26.4 10.5 33.8 11.0 -0.1 0.0 -0.1Health Care 3.7 21.9 4.9 11.4 0.3 0.0 0.3Industrials 7.4 19.5 13.9 1.8 1.2 0.5 1.7Information Technology 5.5 16.8 8.4 16.4 0.0 -0.1 -0.1Materials 3.9 12.5 8.8 12.1 0.0 -0.1 0.0Telecommunications Services 0.6 10.2 1.0 19.0 0.0 0.0 -0.1Utilities 3.2 10.8 6.3 10.6 0.0 0.0 0.0

Stock

Industry

100.0 100.0 0.7 0.9 1.7

Industrials

13.212.7

Contribution Detractors

Stock

Industry

Consumer StaplesHealth Care EnergyConsumer Discretionary Information TechnologyIndustrials Energy

Fresno County Employees' Retirement AssociationPerformance Attribution Geometric Period Ending: December 31, 2004


Fresno County Employees' Retirement AssociationValue Added Analysis 3 Yr Rolling for BRANDYWINE Period Ending: December 31, 2004


Fresno County Employees' Retirement AssociationRolling Return Ranking 3 & 5 Years Period Ending: December 31, 2004


Last 20 Quarters Ending 12/31/2004

Fresno County Employees' Retirement AssociationUp vs. Down Market Performance Period Ending: December 31, 2004


Shares PricePortfolio

Weight Market CapDividend

YieldPrice /

EarningsPrice /Book Beta

Quarterly ReturnBRANDYWINE

Consumer Discretionary11,400 16.10 0.2 0.34 1.7 0.63 28.0AFTERMARKET TECHNOLOGY20,859 15.19 0.3 1.21 2.3 13.8 2.0 0.11 9.4ALFA CORP5,600 13.81 0.1 0.70 20.0 3.5 0.43 -8.3ALLIANCE GAMING CORP

27,500 30.66 0.7 1.52 2.0 9.1 1.7 1.22 5.3AMERICAN AXLE & MANUFACTURING HOLDINGS, 31,000 25.35 0.7 1.63 0.9 16.4 1.3 1.21 1.2AMERICAN GREETINGS CORPORATION, CLASS A 7,600 37.90 0.3 0.32 2.1 41.6 1.2 0.61 15.9AMERON INTERNATIONAL COPORATION

30,762 45.30 1.2 1.77 0.9 11.2 1.4 0.20 11.5AMERUS GROUP COMPANY12,000 21.53 0.2 1.52 14.5 1.8 1.55 -8.0ANNTAYLOR STORES CORPORATION58,400 22.37 1.1 1.56 1.8 1.6 1.25 19.9ARVINMERITOR INCORPORATED22,700 13.78 0.3 0.45 24.2 1.0 1.80 2.1ASHBURY AUTOMOTIVE GROUP

100 3.10 0.0 0.07 14.1 1.0 0.64 1.0ATLANTIC AMERICAN CORPORATION300 2.58 0.0 0.01 12.3 1.4 0.42 22.9AVALON CORRECTIONAL SERVICES

3,300 32.27 0.1 2.27 20.9 2.4 0.85 21.0BARNES & NOBLE INC.1,800 146.21 0.2 2.02 0.3 8.6 1.6 1.19 36.9BEAZER HOMES USA, INCORPORATED6,800 35.66 0.2 0.29 1.7 16.4 1.1 0.25 27.1BLAIR CORPORATION

35,300 9.54 0.3 1.04 0.8 0.5 0.24 26.1BLOCKBUSTER INCORPORATED7,300 15.75 0.1 0.21 0.6 13.6 1.0 0.41 29.4BON-TON STORES INCORPORATED4,900 9.62 0.0 0.16 1.2 18.9 1.2 0.65 20.5BOOKS A MILLION INCORPORATED

53,700 25.40 1.2 1.91 1.4 15.3 1.7 0.98 2.8BORDERS GROUP, INC.12,100 29.83 0.3 0.54 1.3 13.9 1.5 0.56 19.4BROWN SHOE INCORPORATED12,400 38.29 0.4 0.53 0.8 12.9 1.9 0.12 39.4BUILDING MATERIALS HOLDING CORPORATION29,200 22.70 0.6 1.01 0.2 15.3 1.2 0.88 7.1BURLINGTON COAT FACTORIES8,400 12.80 0.1 0.12 2.0 15.4 2.3 0.56 -11.2CADMUS COMMUNICATIONS CORPORATION2,000 5.67 0.0 0.12 1.4 10.3 2.9 0.49 9.9CAPITAL TITLE GROUP INC.

16,300 4.94 0.1 0.09 8.1 0.8 0.88 4.4CARRIAGE SERVICES INCORPORATED18,600 28.82 0.5 0.58 2.4 19.1 3.1 0.81 30.3CATO CORPORATION CLASS A33,200 9.37 0.3 1.11 16.2 1.8 0.77 31.6CHARMING SHOPPES, INC.3,400 35.28 0.1 0.31 5.7 19.3 11.2 0.46 50.4CHEROKEE INCORPORATED5,500 12.30 0.1 0.07 7.2 1.4 0.20 -3.9CHROMCRAFT REVINGTON, INCORPORATED3,800 21.25 0.1 1.99 1.7 15.1 3.3 1.10 -14.8CLAIRE'S STORES, INC.

17,000 14.99 0.2 2.62 15.6 1.9 1.20 11.6CONVERGYS CORP.5,354 2.90 0.0 0.03 0.6 0.59 12.4CORRECTIONAL SERVICES CORPORATION

11,300 16.74 0.2 0.75 41.8 2.3 0.69 25.7CSK AUTO CORPORATION9,400 31.76 0.3 0.38 1.3 12.8 1.9 0.39 3.0CSS INDUSTRIES INC9,000 6.78 0.1 0.08 0.8 0.69 -7.8CULP, INCORPORATED

19,250 46.15 0.8 1.28 0.7 12.9 1.9 0.59 15.1DELPHI FINANCIAL GROUP INCORPORATED12,200 16.65 0.2 0.23 13.6 1.9 1.24 2.2DEPARTMENT 56,INCORPORATED2,800 25.22 0.1 0.21 7.2 1.2 0.95 6.0DOMINION HOMES, INCORPORATED8,400 13.10 0.1 0.14 1.8 19.6 3.7 0.98 28.0DOVER DOWNS GAMING & ENTERTAINMENT3,100 17.65 0.1 0.08 14.3 0.7 0.21 15.2DUCKWALL-ALCO STORES, INCORPORATED

16,900 10.83 0.2 0.20 20.8 0.6 1.59 52.5DURA AUTOMOTIVE SYSTEMS CLASS A9,500 19.25 0.2 0.32 3.2 16.7 2.9 0.12 -9.5ENNIS BUSINESS FORMS INCORPORATED3,800 27.49 0.1 0.22 18.8 2.1 0.07 -0.2EXPONENT INCORPORATED

22,700 28.55 0.6 0.79 1.4 14.3 1.3 0.34 9.4FBL FINANCIAL GROUP INC8,400 19.79 0.1 0.18 123.7 1.2 0.39 1.8FINLAY ENTERPRISES, INCORPORATED

Fresno County Employees' Retirement AssociationPortfolio Holdings And Characteristics - Equity Period Ending: December 31, 2004




YieldPrice /



4,906 17.65 0.1 0.12 2.9 12.3 1.1 0.35 -0.6FLEXSTEEL INDUSTRIES5,000 21.07 0.1 0.90 18.6 2.0 11.5FTI CONSULTING INCORPORATED

37,600 25.05 0.8 1.33 2.4 15.3 1.4 1.40 0.5FURNITURE BRANDS INTERNATIONAL INCORPORA18,500 31.14 0.5 0.69 17.7 3.3 1.18 32.2GENESCO, INC.7,600 39.50 0.3 0.92 18.7 3.1 0.23 27.1GLOBAL IMAGING SYSTEMS

15,200 17.37 0.2 0.82 0.6 8.6 1.0 0.31 14.3GREAT AMERICAN FINL RES INC16,100 31.50 0.4 0.73 20.3 1.4 0.88 15.5GROUP 1 AUTOMOTIVE INC7,000 21.83 0.1 0.27 0.9 17.1 2.3 0.76 -1.9GULF ISLAND FABRICATION INCORPORATED

11,400 12.82 0.1 0.40 18.3 1.9 0.43 -11.0GYMBOREE CORPORATION5,300 23.48 0.1 0.17 0.9 17.5 1.0 0.28 37.4HAGGAR CORP

24,300 36.10 0.8 1.00 1.4 20.1 3.9 0.24 15.6HARLAND, JOHN H. COMPANY6,400 8.28 0.1 0.09 7.4 1.1 0.29 8.8HASTINGS ENTERTAINMENT2,700 18.50 0.0 0.34 1.4 18.0 1.6 0.91 5.8HAVERTY FURNITURE COMPANIES, INCORPORATE

22,300 13.09 0.3 0.80 10.1 2.4 0.49 32.6HOLLYWOOD ENTERTAINMENT CORPORATION7,900 25.65 0.2 0.76 55.8 3.2 0.85 32.4ISLE OF CAPRI CASINOS9,236 22.11 0.2 0.58 15.8 1.4 1.85 -3.9JAKKS PACIFIC INCORPORATED9,300 19.33 0.2 0.81 7.6 11.1 0.72 2.3JOURNAL REGISTER CO6,000 29.12 0.2 0.75 0.3 16.6 5.7 1.20 51.4K-SWISS INC CL A7,100 17.39 0.1 0.14 17.6 1.9 0.16 16.6KEITH COS ONC

14,400 34.50 0.4 0.95 1.9 12.6 1.4 0.52 -4.9KELLWOOD COMPANY36,600 15.37 0.5 0.80 2.9 1.5 0.81 2.0LA-Z-BOY, INC.13,500 22.21 0.3 0.31 1.8 22.0 2.2 0.44 19.4LIBBEY, INC.10,100 26.82 0.2 0.41 1.2 12.0 1.4 1.02 26.6LTHIA MOTORS INCORPORATED

500 29.76 0.0 0.47 18.8 2.4 0.91 32.2MARINEMAX INCORPORATED48,500 21.10 0.9 1.67 3.4 70.3 1.42 15.9MAYTAG CORPORATION2,250 15.04 0.0 0.06 15.2 2.3 0.34 -9.8MITY ENTERPRISES INC

16,500 20.57 0.3 0.61 1.0 14.6 2.1 1.21 -4.8MONACO COACH CORPORATION4,400 13.62 0.1 0.07 12.7 1.1 0.19 -6.1MOTHERS WORK INC1,100 166.61 0.2 0.56 8.9 0.9 0.32 2.2NATIONAL WESTERN LIFE INSURANCE COMPANY

13,473 12.17 0.1 0.19 18.2 0.9 0.74 -25.5NAVIGANT INTERNATIONAL INCORPORATED2,100 16.69 0.0 0.41 8.0 3.6 0.34 17.0PERINI CORPORATION

10,600 19.70 0.2 1.69 2.0 19.7 2.5 0.98 9.6PIER ONE IMPORTS INCORPORATED6,700 3.62 0.0 0.03 27.9 0.9 1.46 43.2POINT.3606,300 50.58 0.3 1.50 1.2 25.3 3.1 0.76 14.0POTLATCH CORPORATION

13,900 37.55 0.5 0.58 5.3 16.3 1.47 48.2PREPAID LEGAL SERVICES INC.1,375 14.93 0.0 0.05 12.0 1.8 0.61 -2.5Q E P COMPANY INC3,300 24.99 0.1 0.22 13.6 2.1 0.86 14.3R&B, INCORPORATED9,600 15.19 0.1 0.17 6.9 0.9 1.19 8.1REX STORES CORPORATION

30,000 19.48 0.5 0.64 0.8 12.3 1.2 0.55 16.0RUSSELL CORP.1,800 16.31 0.0 0.04 15.5 0.8 0.74 4.1S&K FAMOUS BRANDS INCORPORATED8,900 38.56 0.3 0.88 20.0 1.9 0.35 -2.2SCHOOL SPECIALTY INC.

11,000 18.85 0.2 0.30 13.0 1.5 1.09 -12.1SHARPER IMAGE CORP8,500 13.00 0.1 0.17 14.6 1.1 0.98 10.6SHOE CARNIVAL INC.

27,000 18.68 0.4 0.55 13.9 0.9 0.79 7.3SHOPKO STORES INCORPORATED20,400 24.80 0.4 0.73 1.9 10.6 1.5 1.24 24.3SONIC AUTOMOTIVE COMMON STOCK10,610 19.11 0.2 0.30 13.6 1.1 0.63 -13.7SOURCE CORP14,100 41.52 0.5STAGE STORES INC.





YieldPrice /



12,500 64.14 0.7 2.14 0.5 8.7 2.1 0.84 13.9STANDARD PACIFIC CORP4,200 44.95 0.2 0.28 0.9 14.9 2.7 0.75 2.4STANLEY FURNITURE, INCORPORATED

12,200 18.86 0.2 0.25 18.7 1.6 1.40 6.9STEVE MADDEN LIMITED8,700 41.65 0.3 0.71 1.1 9.1 1.2 0.31 6.8STEWART INFORMATION SERVICES CORPORATION

16,000 15.13 0.2 0.34 12.6 1.4 0.61 7.3STONERIDGE INC.2,300 62.62 0.1 0.24 13.9 2.7 0.39 0.6STRATTEC SECURITY CORPORATION

17,900 29.05 0.5 0.77 2.1 14.0 1.3 0.60 -3.0SUPERIOR INDUSTRIES INTERNATIONAL, INCOR10,500 27.23 0.3 1.47 1.6 15.1 2.5 1.44 10.3TALBOTS INCORPORATED5,800 14.82 0.1 0.09 0.8 13.6 0.9 0.25 2.9TANDY BRANDS ACCESSORIES1,100 51.94 0.1 2.09 1.7 19.0 1.9 0.70 22.8TELEFLEX INC

10,700 29.50 0.3 0.64 1.6 15.8 2.1 0.70 7.9THE BUCKLE INCORPORATED5,100 81.35 0.4 1.89 0.6 20.1 4.6 0.29 19.4TORO COMPANY

10,800 20.72 0.2 1.21 4.2 15.5 4.9 0.37 23.5TUPPERWARE CORPORATION25,200 29.59 0.6 1.37 1.5 12.4 1.5 1.21 18.4UNITED AUTO GROUP INCORPORATED5,900 15.47 0.1 0.85 14.7 2.9 0.32 19.6UNIVERSAL AMERICAN FINANCIAL CORPORATION

13,300 43.40 0.5 0.78 0.2 17.6 2.5 0.58 27.1UNIVERSAL FOREST PRODUCTS, INCORPORATED2,000 7.67 0.0 0.22 1.3 0.05 24.1US CONCRETE INC

28,700 35.01 0.9 1.79 18.8 0.67 18.4VALASSIS COMMUNICATIONS INCORPORATED6,700 37.77 0.2 0.38 14.3 0.72 43.9VERTRUE INC

10,000 17.73 0.2 0.22 16.6 1.8 0.76 19.0WATER PIK TECHNOLOGIES INC.1,900 29.40 0.1 1.31 11.1 1.7 1.11 26.2WCI COMMUNITIES INCORPORATED

33,900 29.87 0.9 1.53 15.2 2.1 1.62 6.3ZALE CORPORATION30.7 0.70 1.4 15.5 2.2 0.85 13.90

Consumer Staples900 23.25 0.0 0.42 3.2 1.2 0.11 -10.3AMERICAN ITALIAN PASTA CO CLASS A

2,500 25.50 0.1 0.19 1.3 10.8 1.6 22.7ANDERSONS INCORPORATED3,650 16.25 0.1 0.10 18.7 1.5 0.04 21.5BENIHANA, INCORPORATED -- CLASS A SHARES

41,400 29.13 1.0 2.02 17.5 2.4 0.70 6.6BJ'S WHOLESALE CLUB INC22,550 26.14 0.5 1.11 1.8 15.6 1.5 0.33 -3.3BOB EVANS FARMS7,100 8.62 0.1 0.11 19.2 1.4 0.33 -2.9CHAMPPS ENTERTAINMENT CO8,417 6.53 0.1 0.08 13.7 0.9 0.13 9.0CHRONIMED INC COM

28,700 22.06 0.6 0.90 1.8 22.7 1.2 1.20 27.3CIQUITA BRANDS INTL2,595 34.75 0.1 0.34 0.4 20.7 3.2 0.57 5.3DEL LABORATORIES INC3,600 7.75 0.0 0.04 4.6 0.8 0.0FRESH BRANDS INC4,700 8.40 0.0 0.06 0.50 -12.9FRIENDLY ICE CREAM CORP.3,200 23.83 0.1 0.12 1.8 12.2 1.5 -4.3FRISCH'S RESTAURANTS INCORPORATED

30,100 36.87 1.0 1.34 18.3 2.4 0.34 16.2JACK IN THE BOX19,900 24.01 0.4 1.61 14.8 2.5 0.62 11.4NBTY INCORPORATED13,200 34.44 0.4 0.58 27.6 3.9 0.36 12.3PAPA JOHN'S INTERNATIONAL, INC37,700 21.69 0.7 1.02 2.0 15.7 1.8 0.20 11.0RUDDICK CORPORATION33,000 15.42 0.4 0.64 13.2 1.8 0.28 3.9RYAN'S RESTAURANT38,700 23.99 0.8 1.13 2.5 15.3 1.9 0.34 11.6SENSIENT TECHNOLOGIES CORP.7,500 28.49 0.2 0.35 2.9 15.1 2.1 0.60 17.2STANDEX INTERNATIONAL CORPORATION

21,800 47.84 0.9 1.22 3.5 12.1 1.6 0.16 8.1UNIVERSAL CORPORATION7.3 0.67 2.4 16.8 2.0 0.44 10.45





YieldPrice /



Energy38,200 33.24 1.1 2.17 3.5 15.2 2.3 0.26 9.0AGL RESOURCES, INCORPORATED.18,500 27.35 0.4 1.71 4.5 17.3 1.5 0.08 9.9ATMOS ENERGY CO.13,800 47.70 0.6 1.00 1.0 19.5 5.3 0.35 30.2BERRY PETE COMPANY4,300 26.70 0.1 0.15 4.2 18.0 2.1 0.08 7.5CHESAPEAKE UTILITIES CORPORATION

18,600 34.91 0.6 1.14 15.2 3.0 0.58 1.2ENCORE ACQUISITION COMPANY6,200 58.95 0.3 2.14 1.3 18.4 3.0 0.31 14.8ENERGEN CORP.3,057 28.04 0.1 0.22 2.9 17.5 2.3 0.19 3.6ENERGYSOUTH INC.

19,100 31.72 0.5 1.88 21.3 1.5 0.86 5.3FOREST OIL CORP18,700 3.47 0.1 0.08 7.8 1.4 1.01 12.1HINES HORTICULTURE23,000 56.31 1.1 1.59 11.2 2.4 0.85 -5.1HOUSTON EXPLORATION COMPANY2,100 31.15 0.1 0.60 4.4 17.1 1.8 0.09 7.8LACLEDE GROUP INC1,800 43.34 0.1 1.21 3.1 17.0 2.6 0.07 5.5NEW JERSEY RESOURCES CORP

20,100 36.94 0.7 1.63 5.0 26.2 2.2 0.42 1.9NICOR, INC26,000 43.95 1.0 1.65 4.9 20.2 1.9 6.7PEOPLES ENERGY CORPORATION8,500 52.56 0.4 0.72 3.2 18.0 2.3 0.18 11.0SOUTH JERSEY INDUSTRIES1,800 25.40 0.0 0.92 3.2 17.3 1.4 0.21 6.9SOUTHWEST GAS CORPORATION

22,800 45.09 0.9 1.20 9.7 1.7 0.84 3.0STONE ENERGY CORP28,900 6.13 0.2 0.25 15.7 1.1 0.68 5.3TRANSMONTAIGNE OIL CO19,500 26.80 0.5 2.04 4.4 18.2 1.9 0.35 7.6VECTREN CORPORATION33,600 30.84 0.9 1.50 4.2 15.6 1.8 0.12 10.4WGL HOLDINGS INC

9.5 1.19 3.8 16.8 2.3 0.49 6.61





YieldPrice /



Financials5,500 13.60 0.1 1.16 0.6 13.7 1.7 0.65 2.020TH CENTURY INSURANCE GROUP5,900 21.00 0.1 0.20 2.7 16.1 1.8 0.30 4.3ABC BANCORP2,700 29.66 0.1 0.39 18.7 2.4 0.28 13.9ACE CASH EXPRESS INC.9,000 22.62 0.2 0.22 1.7 14.5 1.8 1.00 -0.4ADVANTA CORPORATION5,800 32.83 0.2 1.75 13.2 0.8 1.09 22.1ALLMERICA FINANCIAL CORPORATION

20,100 31.31 0.5 2.31 1.6 4.9 1.3 1.04 5.2AMERICAN FINANCIAL GROUP, INCORPORATED3,774 24.21 0.1 0.13 3.3 14.2 1.9 0.01 0.4AMERICAN NATIONAL BANKSHARES

1 20.25 0.0 0.21 19.3 2.1 7.4AMERICANWEST BANCORPORATION18,300 29.15 0.5 0.67 1.7 15.5 2.2 0.39 13.1ANCHOR BANCORP WISCONSIN

740 21.13 0.0 0.58 8.2 1.2 0.50 13.2ARGANAUT GROUP4,517 78.98 0.3 0.62 1.4 18.6 2.4 0.14 23.6BANCFIRST INC

17,100 24.37 0.4 1.87 3.1 16.5 2.2 0.29 6.8BANCORP SOUTH INC.12,400 19.83 0.2 0.58 15.5 2.6 1.27 78.2BLUEGREEN CORPORATION4,700 39.41 0.2 0.30 2.0 15.3 2.6 0.49 14.8CAMDEN NATIONAL GROUP

22,100 5.16 0.1 0.18 8.6 1.0 0.58 -5.3CERES GROUP INCORPORATED13,677 42.92 0.5 1.03 2.5 18.4 2.2 0.20 18.3CHEMICAL FINANCIAL CORP2,000 28.73 0.1 1.33 2.5 17.9 2.3 0.17 6.1CHITTENDEN CORPORATION

12,400 15.52 0.2 0.29 24.6 1.1 1.30 14.6CLARK INC14,000 13.35 0.2 0.57 4.5 13.6 1.5 0.48 25.9CNA SURETY8,925 24.99 0.2 0.39 1.1 16.8 2.3 0.72 5.3COLUMBIA BANKING SYSTEM INC.

21,600 61.04 1.1 2.02 2.2 10.2 2.2 0.17 26.8COMMERCE GROUP, INCORPORATED33,200 29.71 0.9 1.17 1.8 15.6 1.6 0.40 10.6COMMERCIAL FEDERAL CORPORATION6,000 28.25 0.2 0.86 2.5 18.3 2.0 0.19 13.2COMMUNITY BANK SYSTEM INC8,664 32.36 0.2 0.48 2.7 16.0 2.2 0.44 15.4COMMUNITY TRUST BANCORP INCORPORATED8,304 48.01 0.4 1.34 2.6 15.8 2.5 0.27 12.0CORUS BANKSHARES, INCORPORATED

11,000 37.33 0.4 1.87 4.0 9.9 0.27 -8.1DELUXE CORPORATION2,488 22.93 0.1 0.23 2.1 12.3 1.4 0.64 20.1DONEGAL GROUP INCORPORATED CLASS A1,244 22.25 0.0 0.07 1.9 12.0 16.3DONEGAL GROUP, INCORPORATED - CLASS B

17,300 57.00 0.9 1.59 0.7 18.8 1.8 0.13 3.9DOWNEY FINANCIAL CORPORATION259 21.64 0.0 0.29 2.8 12.7 1.4 0.25 3.7EMC INSURANCE GROUP, INCORPORATED

2,700 15.39 0.0 1.07 4.3 28.0 2.2 0.07 14.3FIRST COMMONWEALTH FINANCIAL CORPORATION1,000 36.08 0.0 0.41 2.8 16.3 2.3 0.27 10.6FIRST COMMUNITY BANCSHARES2,600 35.03 0.1 0.47 2.3 15.9 1.9 0.04 12.7FIRST FINANCIAL CORP INDIANA1,826 32.74 0.1 0.40 2.8 17.1 2.4 0.12 5.5FIRST FINANCIAL HOLDINGS INC2,529 25.88 0.1 0.09 3.0 12.6 1.7 0.15 2.5FIRST FINANCIAL SERVICE CORP2,489 33.85 0.1 0.15 3.0 14.2 1.4 0.03 2.3FIRST M&F

10,800 22.39 0.2 0.34 2.5 20.7 1.5 0.17 12.7FIRST PLACE FINANCIAL/ OHIO3,600 20.79 0.1 0.13 3.6 14.6 1.5 0.09 2.6FIRST UNITED CORP.

498 28.30 0.0 0.15 2.8 16.5 2.0 0.18 7.6FIRSTBANK CORP/ ALMA MICHIGAN7,800 51.87 0.4 0.85 13.8 2.0 0.24 6.1FIRSTFED FINANCIAL CORPORATION

20,250 22.60 0.4 1.39 4.4 9.4 2.1 0.03 7.4FLAGSTAR BANCORP INCORPORATED11,100 20.06 0.2 0.38 1.8 15.6 2.6 0.34 6.0FLUSHING FINANCIAL CORP

182 19.07 0.0 0.11 3.1 17.9 1.3 9.1FNB CORP/ NORTH CAROLINA5,239 28.36 0.1 0.21 2.7 14.9 1.5 7.9FNB CORPORATION / VA3,950 22.80 0.1 0.13 2.5 15.6 1.9 0.07 19.2FNB FINANCIAL SERVICES CORP





YieldPrice /



39,300 25.18 0.9 1.94 1.1 5.6 2.9 0.95 9.1FREMONT GENERAL COMPANY6,150 27.88 0.2 1.42 2.0 17.1 2.2 0.93 -2.5GREATER BAY BANCORP1,870 16.42 0.0 0.12 2.9 16.5 2.3 0.06 16.6GREATER COMMUNITY BANCORP1,900 36.24 0.1 1.30 1.2 15.5 3.0 0.11 0.4HILB, ROGAL,& HAMILTION COMPANY1,500 32.10 0.0 0.15 2.7 14.3 1.8 0.34 19.7HMN FINANCIAL INC.

26,600 39.38 0.9 1.77 3.6 14.8 3.9 0.29 7.8HUDSON UNITED BANCORP2,200 66.36 0.1 0.46 1.7 18.3 2.3 0.19 15.5IBERIABANK

33,700 34.45 1.0 2.13 3.9 13.1 1.9 0.10 -3.8INDYMAC BANCORP, INCORPORATED2,070 39.38 0.1 2.00 2.0 17.2 3.3 0.04 8.4INTERNATIONAL BANCSHARES INC

17,800 20.00 0.3 0.84 21.5 2.5 0.67 30.7INVESTMENT TECHNOLOGY INC19,600 28.39 0.5 0.80 1.1 11.8 1.8 0.39 10.3IRWIN FINANCIAL CORP3,800 58.79 0.2 0.34 12.6 1.9 0.08 27.3ITLA CAP CORPORATION2,300 39.70 0.1 0.23 2.1 17.5 2.6 0.11 17.8LAKELAND FINANCIAL

13,700 53.93 0.6 0.96 1.1 7.1 1.0 0.39 18.9LANDAMERICA FINANCIAL GROUP, INCORPORATE15,971 44.82 0.6 1.50 1.9 14.4 1.6 0.34 4.4MAF BANCORP INCORPORATED1,260 23.88 0.0 0.28 2.1 16.0 2.4 0.14 23.0MAINSOURCE FINANCIAL GROUP I

19,600 4.99 0.1 0.15 11.1 1.0 0.60 2.5MEADOWBROOK INSURANCE2,550 29.00 0.1 0.18 3.7 15.7 2.0 0.16 18.4MERCHANTS BANCSHARES8,800 30.11 0.2 0.38 32.7 1.3 0.40 3.0NAVIGATORS GROUP, INCORPORATED5,800 25.72 0.1 0.84 3.0 17.1 2.7 0.30 10.6NBT BANCORP INC.

39,900 10.41 0.4 0.48 0.8 15.5 1.2 1.22 4.2NET.B@NK, INC.17,500 10.95 0.2 1.25 1.6 2.08 18.6NIGHT TRADING1,000 41.45 0.0 0.06 2.4 12.6 1.6 12.5NORTH CENT BANCSHARES5,200 19.43 0.1 0.14 2.1 16.7 2.7 0.17 9.7NORTH VALLEY BANCORP-OREGON2,310 23.50 0.1 0.14 1.6 14.1 1.9 0.52 8.4NORTHRIM BANCORP INC.6,500 25.30 0.1 0.25 0.9 19.6 1.0 0.50 15.9NYMAGIC, INCORPORATED

37,000 25.21 0.8 1.63 0.5 8.9 1.2 1.04 13.8ODYSSEY RE HOLDING CORP10,574 23.21 0.2 1.44 14.3 1.2 0.51 10.9OHIO CASUALTY CORPORATION3,100 27.96 0.1 0.16 3.6 13.6 1.8 0.90 3.3ONYX ACCEPTANCE CORPORATION6,900 13.11 0.1 0.12 3.1 15.6 1.6 0.22 3.2PAB BANCSHARES3,600 28.79 0.1 0.16 2.8 15.9 1.5 0.24 7.4PARKVALE FINANCIAL CORPORATION1,700 48.16 0.1 0.16 3.4 15.8 2.3 0.26 4.3PENNS WOODS BANCORP INC4,052 27.43 0.1 0.29 2.6 19.0 1.7 0.19 4.9PEOPLES BANCORP INC1,100 33.10 0.0 0.30 2.5 14.7 2.0 0.22 2.3PEOPLES HOLDING COMPANY9,240 46.33 0.4 0.77 1.7 17.0 2.4 0.34 21.6PFF BANCORP INCORPORATED

10,700 36.37 0.3 1.20 2.9 18.7 2.8 0.41 9.2PROVIDENT BANKSHARES CORPORATION7,000 30.98 0.2 2.29 1.0 18.0 2.1 1.18 28.8RAYMOND JAMES FINANCIAL INCORPORATED

41,516 15.28 0.6 1.08 2.6 17.0 2.9 0.47 9.9REPUBLIC BANCORP INCORPORATED1,272 15.30 0.0 0.11 15.4 1.9 0.30 17.0REPUBLIC FIRST BANCORP

16,700 7.00 0.1 0.17 12.3 2.3 0.61 5.0REWARDS NETWORK INC.3,409 37.69 0.1 1.00 2.9 19.0 3.0 0.13 6.3S & T BANCORP INC2,546 22.86 0.1 0.22 1.8 18.7 3.6 42.9SIERRA BANCORP5,400 28.95 0.1 0.42 2.1 17.8 1.9 0.29 13.8SIMMON'S FIRST NATIONAL CORPORATION4,500 24.48 0.1 0.30 1.1 17.4 2.7 0.32 11.8SOUTHWEST BANCORP INCORPORATED1,400 82.50 0.1 2.34 1.2 12.5 2.1 0.27 17.4STANCORP FINANCIAL GROUP7,744 39.26 0.3 0.90 17.0 2.6 0.30 11.4STERLING FINANCIAL CORPORATION1,700 22.85 0.0 0.08 2.6 15.7 1.2 0.12 -2.0TIMBERLAND BANCORP INCORPORATED





YieldPrice /



8,800 60.48 0.5 0.88 15.6 2.4 0.31 9.0TRIAD GUARANTY INC.400 23.40 0.0 0.37 1.9 19.5 2.9 0.06 12.4TRICO BANCSHARES

21,700 31.07 0.6 1.80 2.6 15.3 2.6 0.33 0.6TRUSTMARK CORP42,700 33.90 1.3 1.55 1.5 11.3 2.8 0.41 3.5UICI3,000 9.40 0.0 0.05 10.8 1.4 0.20 44.6UNICO AMERICAN CORPORATION6,341 38.15 0.2 1.65 2.7 20.3 2.7 0.26 10.9UNITED BANKSHARES INC2,300 33.71 0.1 0.68 0.7 10.5 1.8 0.60 17.8UNITED FIRE & CASUALTY2,700 33.41 0.1 0.21 2.2 16.4 2.9 0.39 20.0UNITED SECURITY BANCSHARES1,725 18.15 0.0 0.10 1.6 17.6 2.2 0.29 21.6WASHINGTON BANKING CO2,500 26.54 0.1 2.09 3.2 16.0 1.9 0.32 7.3WASHINGTON FEDERAL INCORPORATED3,200 25.41 0.1 0.38 1.5 18.7 2.7 0.25 22.5WEST COAST BANCORP OREGON9,200 45.93 0.4 2.38 1.2 12.4 2.1 0.78 8.4WESTCORP

11,200 27.51 0.3 0.52 17.3 3.3 0.32 18.3WORLD ACCEPTANCE CORPORATION2,000 60.32 0.1 0.42 0.4 18.5 2.3 0.43 20.1WSFS FINANCIAL CORPORATION4,200 14.67 0.1 0.11 2.7 16.5 1.8 0.16 7.0YADKIN VY BK & TR ELKIN N C

24.1 0.74 1.8 14.0 2.6 0.41 7.59Health Care

6,600 8.60 0.1 0.09 19.1 1.5 0.39 33.3AIR METHODS CORPORATION25,700 11.14 0.3 0.35 1.2 0.63 16.0ALBANY MOLECULAR RESEARCH21,100 11.25 0.2 0.55 18.1 0.52 50.6ALLIANCE IMAGING, INC.1,900 5.94 0.0 0.03 3.0 15.7 1.5 0.53 17.6AMERICAN SHARED HOSPITAL5,300 15.91 0.1 0.45 28.4 3.9 1.12 33.1AMN HEALTCARE SERVICES INC

28,100 32.95 0.8 1.60 14.3 4.6 0.05 20.9APRIA HEALTHCARE GROUP INCORPORATED1,500 28.42 0.0 0.85 21.9 1.9 0.65 8.1CONMED CORPORATION

11,900 6.85 0.1 0.09 42.8 0.6 0.23 -0.3CURATIVE HEALTH SERVICES INC.39,300 18.71 0.6 1.72 14.1 4.5 16.3FIRST HEALTH GROUP CORP2,600 27.88 0.1 0.16 14.7 2.0 0.34 32.1HORIZON HELATH CORPORATION8,600 18.65 0.1 0.33 0.9 18.7 1.7 0.40 10.0MOVADO GROUP2,200 30.45 0.1 0.11 17.6 1.7 0.15 8.1NATIONAL DENTEX CORP5,100 13.10 0.1 0.07 2.3 15.1 1.5 0.25 32.0NATIONAL HOME HEALTH CARE

39,000 6.35 0.2 0.32 21.9 0.6 1.19 34.0OCA INC20,300 13.68 0.2 0.50 14.7 3.5 1.14 -22.9ODYSSEY HEALTHCARE INCORPORATED23,900 28.17 0.6 1.11 1.6 18.8 2.7 0.31 11.3OWENS & MINOR INC.4,500 22.28 0.1 0.33 15.7 2.3 0.90 -17.5PDI INC4,300 12.76 0.1 0.09 23.6 1.4 0.24 56.2PEDIATRIC SERVICES OF AMERICA

10,500 27.54 0.3 0.89 2.2 0.67 44.6SOLA INTERNATIONAL900 2.53 0.0 0.04 28.1 2.2 1.14 -15.4TUTUOGEN MEDICAL INC900 8.35 0.0 0.04 2.2 15.5 3.3 0.88 26.8UNITED GUARDIAN

4,800 4.35 0.0 0.11 11.4 1.5 0.90 -4.4WEIDER NUTRITION INTERNATIONAL INCORPORA3.9 0.45 1.5 17.2 3.1 0.47 18.60





YieldPrice /



Industrials29,700 21.89 0.6 1.98 13.2 1.8 0.60 -3.2AGCO CORPORATION2,900 22.25 0.1 0.12 18.7 1.1 20.0ALLIED DEFENSE GROUP INC.

14,000 41.58 0.5 4.29 1.6 15.7 2.6 1.10 2.9BRIGGS & STRATTON11,200 39.95 0.4 0.49 1.2 19.8 2.6 0.32 44.3CASCADE CORPORATION3,170 19.72 0.1 0.10 2.0 15.7 5.5 0.44 0.6CRAFTMADE INTERNATIONAL INC8,500 20.85 0.2 0.21 14.7 1.5 0.66 -6.7DUCOMMUN, INCORPORATED6,700 24.91 0.1 0.36 18.1 8.9 0.75 40.0DURATEK INCORPORATED5,300 17.83 0.1 0.15 18.0 3.1 0.37 10.1DYNAMICS RESEARCH CORP1,400 7.81 0.0 0.02 4.3 18.7 0.8 0.44 -11.0ECOLOGY AND ENVIRON CLASS A

39,600 12.88 0.4 0.70 6.0 1.44 28.7EXPRESSJET HOLDINGS INC1,000 5.93 0.0 0.04 15.3 3.1 0.40 72.5HI SHEAR TECHNOLOGY CORP1,700 18.75 0.0 0.07 2.7 14.3 3.5 -13.3KOSS CORPORATION

27,100 7.94 0.2 0.24 11.3 1.9 1.52 55.7MESA AIR GROUP INC.1,500 12.53 0.0 0.04 1.9 18.0 2.6 0.30 11.0MESA LABORATORIES INCORPORATED3,400 24.95 0.1 0.17 17.7 1.2 0.24 43.7NORTHWEST PIPE COMPANY

21,100 30.56 0.6 1.08 19.0 3.3 0.93 16.0RAYOVAC CORP41,000 20.06 0.7 1.15 0.6 15.0 1.6 1.29 33.5SKYWEST INC4,500 17.83 0.1 0.33 42.5 1.3 1.11 1.8STANDARD MICROSYSTEMS CORPORATION3,600 9.92 0.0 0.04 0.6 14.6 1.3 0.22 -9.6SUMMA INDUSTRIES3,100 13.99 0.0 0.06 15.9 1.1 1.16 25.0TESSCO TECHNOLOGIES INCORPORATED

37,900 47.25 1.6 2.40 15.3 0.63 18.2UNITED DEFENSE INDS INC7,600 38.74 0.3 0.47 1.0 19.8 12.6 0.63 18.1UNITED INDUSTRIAL CORPORATION9,900 18.90 0.2 1.47 2.1 1.37 18.9UNITED RENTALS INC

15,600 32.10 0.4 1.40 21.7 1.4 1.09 20.3URS CORPORATION8,700 12.40 0.1 0.17 1.3 16.5 1.6 0.73 10.4WASTE HOLDINGS INC.6,100 10.77 0.1 0.08 5.8 1.3 0.48 140.4WEBCO INDUSTRIES, INCORPORATED

29,100 34.54 0.9 1.44 2.3 23.2 1.8 0.80 9.9YORK INTERNATIONAL CORPORATION NEW7.5 0.71 1.5 17.1 2.9 0.91 22.13





YieldPrice /



Information Technology30,800 8.13 0.2 0.81 11.8 2.3 2.15 -1.8AXCELIS TECHNOLOGIES INCORPORATED16,300 8.94 0.1 0.21 16.6 2.0 1.54 25.6CALAMP CORP5,500 12.49 0.1 0.14 15.4 0.7 0.38 7.3CALIFORNIA 1ST NATIONAL BANCORP

10,200 5.50 0.1 0.10 9.6 1.7 1.89 -7.6CATALYST SEMICONDUCTOR INC37,700 16.84 0.6 1.39 3.5 2.31 46.2EMULEX CORP.3,800 2.82 0.0 0.02 14.8 1.2 0.92 46.1EN POINTE TECHNOLOGIES, INCORPORATED8,400 11.81 0.1 0.11 11.6 0.9 1.29 12.9EPLUS INC.L

98,900 11.56 1.0 1.63 1.4 19.3 1.0 1.09 -3.5IKON OFFICE SOLUTIONS INCORPORATED36,000 8.62 0.3 0.44 9.6 6.6 1.53 52.6KULICKE & SOFFA CORPORATION1,500 8.41 0.0 0.04 12.6 1.8 0.99 4.9MANATRON INC2,200 14.80 0.0 0.55 13.8 1.3 0.27 13.4MEDQUIST INCORPORATED

53,300 13.25 0.6 2.75 15.4 14.2 1.77 56.3MEMC ELECTRONIC MATERIALS INC.17,934 25.85 0.4 0.83 16.1 1.4 1.25 -4.1NCO GROUP INC.36,100 18.35 0.6 1.04 14.9 3.4 2.13 29.7OMNIVISION TECHNOLOGIES, INC9,816 16.69 0.1 0.23 23.5 2.0 1.03 19.3OVERLAND STORAGE INC

15,652 4.85 0.1 0.11 17.3 1.4 1.42 -19.0PERVASIVE SOFTWARE INC5,000 11.23 0.1 0.16 18.1 1.0 1.33 0.2PLANAR SYSTEMS, INC4,000 15.21 0.1 0.19 18.5 0.9 1.55 20.1POMEROY COMPUTER RESOURCES

10,900 2.66 0.0 0.03 19.0 0.9 1.32 -11.3PRECIS INC7,300 26.51 0.2 1.70 1.7 19.4 4.7 0.55 8.0REYNOLDS & REYNOLDS COMPANY, CLASS A SHA

52,900 5.95 0.3 0.56 9.9 1.7 2.76 -6.6SILICON STORAGE TECHNOLOGY5,200 1.21 0.0 0.05 8.0 0.7 1.41 31.9STONEPATH GROUP3,500 19.95 0.1 1.90 24.3 2.7 1.37 44.7SYBASE INCORPORATED3,800 8.49 0.0 0.04 7.1 17.3 2.6 0.78 43.3TSR-INC.

33,900 11.53 0.3 0.70 12.7 3.1 1.38 19.9UNITED ONLINE121,400 10.84 1.1 2.23 13.2 4.6 1.94 23.3WESTERN DIGITAL CORPORATION

6.4 0.69 2.4 13.8 3.8 1.79 18.03Materials

5,500 46.33 0.2 0.43 2.8 13.9 1.9 0.88 15.9BANDAG INC--CLASS A6,000 49.81 0.3 0.45 2.7 15.0 2.0 0.89 14.5BANDAG, INCORPORATED

26,700 21.55 0.5 1.61 1.9 30.8 1.5 0.89 7.4COOPER TIRE & RUBBER COMPANY5,900 13.33 0.1 0.31 9.2 2.5 1.00 0.7ENCORE WIRE CORPORATION

14,655 23.62 0.3 0.70 0.8 14.6 1.7 0.56 -1.8GIBRALTAR INDUSTRIES INC200 11.84 0.0 0.12 3.0 21.5 1.8 0.09 -0.9HAWKINS INC

53,300 14.85 0.7 1.66 0.44 4.2HERCULES, INC.23,900 36.86 0.8 2.46 2.8 22.8 2.0 0.39 7.4LUBRIZOL CORPORATION7,700 68.57 0.5 1.14 1.2 14.0 1.5 0.61 34.1QUANEX CORPORATION

11,300 19.66 0.2 2.28 3.1 15.5 2.3 0.45 12.4RPM INTERNATIONAL, INC.13,800 33.95 0.4 0.50 1.8 15.0 2.0 0.65 5.3SCHWEITZER MAUDUIT INTERNATIONAL, INCORP9,800 60.96 0.5 1.12 1.0 17.4 9.2 0.48 32.0SILGAN HOLDINGS, INCORPORATED

4.4 1.07 2.0 18.8 2.9 0.59 12.73





YieldPrice /



Miscellaneous26,900 37.90 0.9CIMAREX ENERGY CO11,000 32.10 0.3DIRECT GENERAL CORPORATION1,402 22.41 0.0GAMESTOP CORP3,300 26.80 0.1GREENE COUNTY BANCSHARES2,065 18.33 0.0HARRINGTON WEST FINANCIAL GROUP

14,300 35.20 0.4INFINITY PROPERTY AND CASUALTY CO.16,300 12.29 0.2KIRKLAND'S INCORPORATED1,100 12.76 0.0MOD-PAC CORP.

34,445 26.00 0.8PLAINS EXPL AND PROD. CO12,915 31.15 0.4SAFETY INSURANCE GROUP4,900 23.37 0.1SCS TRANSPORTATION INCORPORATED4,141 33.50 0.1TAYLOR CAPITAL GROUP INC.

3.3 0.00 0.00Telecommunications Services

16,800 9.24 0.1 0.16 9.6 1.3 0.28 5.4BOSTON COMMUNICATIONS GROUP, INC.16,000 21.48 0.3 0.48 1.5 14.8 1.6 0.56 5.4HANDLEMAN CO.1,100 21.85 0.0 0.08 0.9 18.2 1.6 0.59 4.3HECTOR COMMUNICATIONS

18,121 6.62 0.1 0.18 5.7 1.8 1.24 26.6TALK AMERICA HOLDINGS INC0.6 0.22 1.5 12.0 1.6 0.62 9.28

Utilities8,700 23.26 0.2 0.28 4.0 25.3 1.3 16.9CENTRAL VT PUBLIC SERVICES CORPORATION

48,700 18.85 0.8 1.44 5.3 9.8 2.5 0.35 6.5DUQUESNE LIGHT HOLDINGS INC.800 28.83 0.0 0.15 3.1 13.7 1.5 11.6GREEN MOUNTAIN POWER CORPORATION

8,100 30.57 0.2 1.17 3.9 18.6 1.4 0.41 6.2IDACORP INC25,200 25.29 0.6 1.53 2.9 18.6 1.4 0.71 13.1PNM RESOURCES INC20,700 49.96 0.9 1.86 4.4 17.2 1.8 0.07 12.3WPS RESOURCES CORP.

2.6 1.07 4.3 15.9 1.9 0.33 10.50100.0 1.17 2.1 16.4 2.3 0.68 12.44BRANDYWINE



Start from Oct 01, 2004 BRANDYWINEDeletions

Security Name Shares Market Value EliminatedACUITY BRANDS, INC. 2,100 62,729 *ALLIANCE IMAGING, INC. 23,100 237,755AMERICA WEST HOLDINGS CORPORATION, CLASS 17,400 69,266 *AMERICAN ITALIAN PASTA CO CLASS A 8,800 173,077AMERICAN WOODMARK CORPORATION 5,200 195,640 *AMN HEALTCARE SERVICES INC 17,400 272,412ASHWORTH INC 11,400 95,695 *ASSD.BANCORP 0 4 *ASSOCIATED BANC-CORP 7,497 247,489 *AZTAR CORP 17,100 512,361 *BARNES & NOBLE INC. 5,900 214,607BERRY PETE COMPANY 1,800 68,532BJ'S WHOLESALE CLUB INC 8,100 252,378BLACK HILLS CORPORATION 21,400 639,522 *BOYDS COLLECTION 7,100 24,244 *BOYDS COLLECTION LTD. 22,900 79,124 *CAPITOL BANCORP LTD 4,600 157,806 *CLECO CORPORATION 10,000 175,994 *CLICK COMMERCE 4,300 45,429 *COMMUNITY 1ST.BKSH. 10,120 326,370 *COMMUNITY TRUST BANCORP INCORPORATED -1 23D & K HEALTHCARE RES INC 11,300 89,538 *DEL LABS. 3,000 99,678 *DIMON, INCORPORATED 12,600 72,179 *E-LOAN 25,700 69,306 *ELK CORP 8,700 242,993 *EMAK INTERNATIONAL INC. 2,014 19,596 *EMBREX INC 6,750 89,133 *EMULEX CORP. 700 10,613ENESCO GROUP INCORPORATED 10,400 78,352 *ENNIS BUSINESS FORMS INCORPORATED 300 6,435ESS TECHNOLOGY 26,000 183,456 *

AdditionsSecurity Name Shares Market Value New

20TH CENTURY INSURANCE GROUP 5,500 72,376 *AGCO 1,100 23,652 *AGCO CORPORATION 21,600 444,541AIR METHODS CORPORATION 6,600 50,146 *ALLIANCE GAMING CORP 5,600 54,197 *ALLMERICA FINANCIAL CORPORATION 3,500 93,133AMER.AXLE & MNFG. 1,500 43,977 *AMERICAN AXLE & MANUFACTURING HOLDINGS, 7,300 213,129AMERICAN ITALIAN PASTA CO CLASS A 2,900 75,900ANNTAYLOR STORES CORPORATION 7,300 164,688APRIA HEALTHCARE GROUP 2,200 60,023 *APRIA HEALTHCARE GROUP INCORPORATED 7,800 223,995ARGANAUT GROUP 740 15,506 *ASHBURY AUTOMOTIVE GROUP 3,100 42,404AXCELIS TECHNOLOGIES INCORPORATED 26,000 199,753 *AXCELIS TECHS. 4,800 35,703 *BLOCKBUSTER 'A' 4,400 33,578 *BLOCKBUSTER INCORPORATED 21,900 161,568BORDERS GROUP, INC. 9,700 225,960BRIGGS & STRATTON 7,800 399,094CAMDEN NATIONAL GROUP 1,100 39,499CATALYST SEMICONDUCTOR INC 10,200 54,155 *CHAMPPS ENTERTAINMENT CO 7,100 56,982 *CHARMING SHOPPES, INC. 19,300 145,292CIQUITA BRANDS INTL 8,500 149,095CLAIRE'S STORES, INC. 3,800 75,617 *CLARK INC 4,100 57,015CNA SURETY 14,000 181,188 *CONVERGYS 3,400 45,706 *CONVERGYS CORP. 12,800 176,719COOPER TIRE & RUBBER COMPANY 26,700 532,142 *CORRECTIONAL SERVICES CORPORATION 3,154 7,987

Fresno County Employees' Retirement AssociationEquity Activity Period Ending: December 31, 2004



FIRST ALBANY INC 11,600 105,209 *FIRST CITIZENS BANCSHARES 2,454 291,708 *FIRST FEDERAL CAP. 9,629 318,142 *FLYI 1,200 1,694 *FLYI INC 16,900 28,874 *GAMESTOP CORP 0 2GREATER BAY BANCORP 9,400 291,461HANGER ORTHOPEDIC GROUP 8,000 62,457 *HAVERTY FURNITURE COMPANIES, INCORPORATE 8,400 170,012HEALTHTRONICS SURGICAL SERVICES 1,200 8,576 *HOLLYWOOD ENTERTAINMENT CORPORATION 22,400 274,757HOME FED BANCORP 838 19,638 *HUTCHINSON TECHNOLOGY, INC. 13,700 430,443 *INVESTMENT TECHNOLOGY INC 9,500 180,655ISLE OF CAPRI CASINOS 6,700 165,297LENNOX INTERNATIONAL INCORPORATED 10,500 163,360 *MATRIX SERVICES COMPANY 10,800 61,649 *MAXTOR CORPORATION 88,500 334,955 *MCGRATH RENT CORPORATION 7,000 277,307 *MDC HOLDINGS, INCORPORATED 2,810 221,303 *MILLER BUILDING SYSTEMS INCORPORATED 55 *MONARCH CASINO & RESORT INC. 6,907 210,237 *MOSSIMO INC 10,400 37,534 *NICOR, INC 900 33,606NIGHT TRADING 22,900 256,995NN INC 8,500 101,658 *OFFSHORE LOGISTICS 12,400 444,118 *OIL STATES INTERNATIONAL INC 2,600 48,725 *OVERLAND STORAGE INC 1,758 24,908PHILLIPS V HEUSN 1,100 24,491 *PHILLIPS-VAN HEUSEN 2,100 46,408 *POLARIS INDUSTRY INCORPORATED 1,100 61,910 *REPUBLIC BANCORP INCORPORATED 0 3S & T BANCORP INC 500 18,067SCHOLASTIC CORPORATION 4,000 125,581 *

CRAFTMADE INTERNATIONAL INC 1,200 24,907CSK AUTO CORPORATION 4,200 55,458DELPHI FINANCIAL GROUP INCORPORATED 1,400 61,952DELUXE CORPORATION 11,000 434,616 *DIRECT GENERAL CORPORATION 11,000 318,536 *EMULEX CORP. 11,700 131,771EN POINTE TECHNOLOGIES, INCORPORATED 3,800 10,611 *ENCORE ACQ. 11,660 391,543 *ENCORE WIRE CORPORATION 5,900 84,951 *FIRST HEALTH GROUP CORP 3,400 54,570FRIENDLY ICE CREAM CORP. 1,200 11,615FRIENDLY ICRM. 1,100 10,632 *GREATER COMMUNITY BANCORP 1,870 29,234 *GROUP 1 AUTOMOTIVE INC 1,300 38,135GYMBOREE CORPORATION 11,400 135,608 *HANGER ORTHOPEDIC GROUP 8,000 44,574 *HARRINGTON WEST FINANCIAL GROUP 1,465 25,604HASTINGS ENTERTAINMENT 6,400 51,419 *HAVERTY FURNITURE COMPANIES, INCORPORATE 2,300 40,899HOME FED BANCORP 838 20,018 *HUDSON UNITED BANCORP 4,700 183,301INFINITY PROPERTY AND CASUALTY CO. 4,200 123,636JAKKS PACIFIC INCORPORATED 9,236 144,134 *JOURNAL REGISTER CO 9,300 172,463 *K-SWISS INC CL A 1,900 36,300KELLWOOD COMPANY 11,400 396,702KULICKE & SOFFA 1,900 10,691 *KULICKE & SOFFA CORPORATION 6,600 43,580LA-Z-BOY, INC. 2,900 38,049LTHIA MOTORS INCORPORATED 1,600 32,780MANATRON INC 1,500 12,037 *MATRIX SERVICE 2,400 12,126 *MATRIX SERVICES COMPANY 3,700 19,222MAYTAG 3,300 60,664 *MAYTAG CORPORATION 15,000 267,092



STANDARD COMMERCIAL CORPORATION 10,100 190,749 *STANDARD MICROSYSTEMS CORPORATION 6,700 162,681TECUMSEH PRODUCTS COMPANY CLASS A 5,900 273,701 *TELEFLEX INC 1,600 81,819THOMAS INDUSTRIES, INC. 10,100 358,853 *TODHUNTER INTERNATIONAL, INCORPORATED 2,000 24,439 *TORO COMPANY 800 64,438TRICO BANCSHARES 4,200 91,653UNITED BANKSHARES INC 4,300 159,259URS CORPORATION 5,500 165,194USB HOLDINGS INC 9,723 245,526 *VALASSIS COMMUNICATIONS INCORPORATED 10,700 360,371VITAL SIGNS, INCORPORATED 2,100 70,053 *WESTELL TECHNOLOGIES INCORPORATED 12,190 79,015 *WILSON GREATBATCH TECHNOLOGIES 9,200 186,437 *WRIGHT MEDICAL GROUP INC. 8,000 208,370 *

MEADOWBROOK INS GROUP 800 3,908 *MEADOWBROOK INSURANCE 3,400 16,431MEMC ELECTRONIC MATERIALS INC. 11,800 105,348MONACO COACH CORPORATION 16,500 310,516 *NAVIGATORS GROUP, INCORPORATED 2,700 79,302NBTY INCORPORATED 19,900 465,245 *NCO GROUP INC. 3,800 97,212NIGHT TRADING 6,900 65,088NORTHWEST PIPE COMPANY 3,400 60,892 *ODYSSEY HEALTHCARE INCORPORATED 20,300 257,461 *ODYSSEY RE HOLDING CORP 6,800 148,036OHIO CASUALTY CORPORATION 10,574 226,769 *OMNIVISION TECHNOLOGIES, INC 14,000 211,703OMNIVISION TECHS. 2,600 36,804 *PDI INC 4,500 98,240 *PEOPLES BANC. 444 12,463 *PEOPLES BANCORP INC 2,353 63,544PERVASIVE SOFTWARE INC 15,652 63,431 *RAYMOND JAMES FINANCIAL INCORPORATED 2,100 52,080REWARDS NETWORK INC. 2,000 11,007RPM INTERNATIONAL, INC. 100 1,846RPM INTL. 4,400 81,293 *SCS TRANSPORTATION INCORPORATED 4,900 98,862 *SHARPER IMAGE 100 2,151 *SHARPER IMAGE CORP 3,400 71,323SIERRA BANCORP 746 12,324SILICON STORAGE TECH. 10,400 73,867 *SILICON STORAGE TECHNOLOGY 42,500 311,598 *SKYWEST INC 7,000 120,854SONIC AUTOMOTIVE COMMON STOCK 1,400 28,774SOURCE CORP 1,100 24,014STANDARD MICROSYSTEMS CORPORATION 2,300 41,101STANDEX INTERNATIONAL CORPORATION 1,900 48,516STONERIDGE INC. 1,200 17,107SUPERIOR IND.INT. 2,600 77,646 *Wurts & Associates Performance Measurement System 28

SUPERIOR INDUSTRIES INTERNATIONAL, INCOR 4,200 122,344SYBASE INCORPORATED 3,500 50,366 *TALBOTS 4,500 110,621 *TALBOTS INCORPORATED 10,500 260,861 *TALK AMER.HDG. 1,900 9,684 *TALK AMERICA HOLDINGS INC 5,600 29,268TESSCO TECHNOLOGIES INCORPORATED 1,000 12,591TRANSMONTAIGNE OIL CO 9,400 56,780TUPPERWARE CORPORATION 10,800 202,200 *TUTUOGEN MEDICAL INC 900 2,637 *UNICO AMERICAN CORPORATION 3,000 22,576 *UNITED GUARDIAN 900 5,666 *UNITED ONLINE 22,800 240,570UNITED RENTALS INC 9,900 161,370 *US CONCRETE INC 2,000 12,750 *WESTERN DIGITAL CORPORATION 21,200 188,293WPS RESOURCES 4,800 228,990 *WPS RESOURCES CORP. 6,200 293,839WRIGHT MEDICAL GROUP 8,000 207,600 *YORK INTERNATIONAL CORPORATION NEW 3,400 110,585ZALE CORPORATION 8,100 229,139



fresno county employees' retirement association ix... · cooper tire & rubber company 1.1%...

Documents