fresno county employees' retirement association · ford motor company -11.7 0.16 ten best...

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

BetaARONSON PARTNERS -0.4 12.7 17.9 10.5 8.161 42 22 14 15.3 1.9 0.5 0.9 0.9RUSSELL 1000 VALUE 0.6 12.1 15.7 6.9 8.728 50 46 51 16.7 1.5 0.3Equity Style - Large Value 0.0 12.1 15.4 6.9 8.4 16.1 1.6 0.3

Sector WeightsPortfolio BenchmarkSector

Materials 4.3 3.8Industrials 5.2 7.3Telecommunications Services 4.9Consumer Discretionary 8.0 8.2Consumer Staples 9.4 7.7Energy 8.9 14.2Financials 37.0 36.2Health Care 1.8 7.1Information Technology 4.2 3.4Other 10.5Utilities 5.9 6.3

Portfolio CharacteristicsPortfolio Benchmark

Average Market Cap

P/EP/BDividend YieldEarnings Growth

$ 47,653 $ 13,640

16.1 13.62.5 2.42.0 2.6

11.7 14.3

Total Assets % of Total Fund$ 190,327 7.5%

Benchmark: RUSSELL 1000 VALUE

Median Market Cap $ 10,932 $ 4,900

Ten Largest HoldingsSecurity Market Value Weight

EXXON MOBIL CORP. 10,711,710 5.64CITIGROUP INC 9,276,552 4.89PFIZER,INC. 5,520,144 2.91JP MORGAN CHASE & CO 4,993,800 2.63VERIZON COMMUNICATIONS 4,544,593 2.39MORGAN STANLEY 3,773,637 1.99CONOCO PHILLIPS COMMON STOCK 3,740,059 1.97TIME WARNER INCORPORATED 3,698,740 1.95MERRILL LYNCH & CO., INC. 3,568,428 1.88US BANCORP 3,429,979 1.81

Fresno County Employees' Retirement AssociationPerformance Review Summary Period Ending: June 30, 2006

Wurts & Associates Performance Measurement System 1

ARONSON PARTNERS

RUSSELL 1000 VALUEEquity Style - Large Value

26.7

25.921.9

06/30/99

11.7

10.98.8

06/30/00

9.2

5.47.0

06/30/01

6.3

-2.9.2

06/30/02

8.8

-.23.0

06/30/03

7.8

3.03.9

06/30/04

13.3

11.010.5

06/30/05

17.9

15.715.4

06/30/06

Fresno County Employees' Retirement AssociationRolling Return: 3 year Annualized Period Ending: June 30, 2006


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

ARONSON PARTNERS 10.5 15.3 0.517.9 8.1 1.9Equity Style - Large Value Universe Median 6.9 16.1 0.315.4 8.4 1.6

RUSSELL 1000 VALUE 6.9 16.7 0.315.7 8.7 1.5

Fresno County Employees' Retirement AssociationThree & Five Year Return vs. Risk Period Ending: June 30, 2006


ARONSON PARTNERSPortfolio

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

113 612189,850,08247,653,117 13,640,000

2.23 2.5516.30 13.64

0.94 0.882.57 2.35

11.7% 14.3%

RUSSELL 1000 VALUE

Ten Worst PerformersSecurity Return Weight

EAGLE MATERIALS INCORPORATED COMMONSTOC

-25.2 0.84AETNA INCORPORATED -18.7 0.42MARTIN MARIETTA MATERIALS -14.6 0.78MICROSOFT CORP. -14.0 0.32BRINKER INTERNATIONAL INCORPORATED -13.9 0.34CARDINAL HEALTH, INC. -13.6 1.00AMERISOURCEBERGEN CORP. COMMON STOCK -13.1 1.01COMPUTER SCIENCES CORP. -12.6 0.35BERKLEY W R CORP -11.7 0.69FORD MOTOR COMPANY -11.7 0.16

Ten Best PerformersSecurity Return Weight

OFFICEMAX INC 35.6 0.68RYDER SYSTEMS, INCORPORATED 30.9 0.58HOLLY CORPORATION 30.3 0.87TEREX CORPORATION 24.6 0.67LEXMARK INTERNATIONAL GROUP, INC. CLASS 23.0 0.66DILLARD'S INCORPORATED 22.5 0.53SHAW COMMUNICATIONS CLASS B 18.9 0.83ANNTAYLOR STORES CORPORATION 17.9 0.28DADE BEHRING HOLDINGS INCORPORATED 16.8 0.55CUMMINS ENGINE 16.6 1.02

Ten Largest HoldingsSecurity Market Value Weight

EXXON MOBIL CORP. 10,711,710 5.64CITIGROUP INC 9,276,552 4.89PFIZER,INC. 5,520,144 2.91JP MORGAN CHASE & CO 4,993,800 2.63VERIZON COMMUNICATIONS 4,544,593 2.39MORGAN STANLEY 3,773,637 1.99CONOCO PHILLIPS COMMON STOCK 3,740,059 1.97TIME WARNER INCORPORATED 3,698,740 1.95MERRILL LYNCH & CO., INC. 3,568,428 1.88US BANCORP 3,429,979 1.81

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Period Ending: June 30, 2006


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

25.0320.5817.0315.3013.40

2.501.911.210.750.22

95.5171.3940.66

2.291.13

27.0020.0016.0014.00

9.00

1.561.331.131.000.91

5.354.263.402.692.23

Equity Funds - Equity Only

ARONSON PARTNERS 16.30 2.23 47.65 11.70 0.9461 14 44 84 88 2.57 80RUSSELL 1000 VALUE 13.64 2.55 13.64 14.25 0.8892 5 68 72 99 2.35 90

Fresno County Employees' Retirement AssociationPortfolio Characteristics - Equity Period Ending: June 30, 2006


As Of 12/31/045.1%CITIGROUP INC4.2%BANK OF AMERICA3.1%EXXON MOBIL CORP.2.8%VERIZON COMMUNICATIONS2.7%CHEVRONTEXACO CORP.1.9%CONOCO PHILLIPS COMMON STOCK1.6%REYNOLDS AMERICAN INCORPORATED1.5%FIDELITY NATIONAL FINCANCIAL1.5%US BANCORP1.3%AETNA INCORPORATED

Top Ten Total: 25.7%

As Of 3/31/054.5%EXXON MOBIL CORP.4.2%CITIGROUP INC3.9%BANK OF AMERICA3.0%CHEVRONTEXACO CORP.2.7%VERIZON COMMUNICATIONS2.4%CONOCO PHILLIPS COMMON STOCK1.7%US BANCORP1.6%REYNOLDS AMERICAN INCORPORATED1.5%WELLS FARGO CO1.5%TXU CORPORATION


As Of 6/30/055.1%CITIGROUP INC4.2%EXXON MOBIL CORP.3.9%BANK OF AMERICA3.5%PFIZER,INC.2.5%VERIZON COMMUNICATIONS2.4%CONOCO PHILLIPS COMMON STOCK2.4%CHEVRONTEXACO CORP.1.8%US BANCORP1.7%ALLSTATE CORP1.6%WELLS FARGO CO


As Of 9/30/045.0%CITIGROUP INC2.9%CHEVRONTEXACO CORP.2.9%BANK OF AMERICA2.2%VERIZON COMMUNICATIONS2.1%CONOCO PHILLIPS COMMON STOCK1.7%BELLSOUTH CORP.1.6%ALLSTATE CORP1.6%EXXON MOBIL CORP.1.6%COUNTRYWIDE FINANCIAL CORP.1.5%WACHOVIA CORP


As Of 12/31/055.0%CITIGROUP INC4.1%EXXON MOBIL CORP.3.7%BANK OF AMERICA3.1%PFIZER,INC.2.3%VERIZON COMMUNICATIONS2.2%CONOCO PHILLIPS COMMON STOCK1.9%MERRILL LYNCH & CO., INC.1.9%US BANCORP1.8%WASHINGTON MUTUAL,1.8%GOLDMAN SACHS GROUP


As Of 3/31/064.9%EXXON MOBIL CORP.4.8%CITIGROUP INC4.3%BANK OF AMERICA3.1%PFIZER,INC.2.4%VERIZON COMMUNICATIONS2.1%MERRILL LYNCH & CO., INC.2.0%GOLDMAN SACHS GROUP1.8%US BANCORP1.7%JP MORGAN CHASE & CO1.7%WELLS FARGO CO


As Of 6/30/065.6%EXXON MOBIL CORP.4.9%CITIGROUP INC2.9%PFIZER,INC.2.6%JP MORGAN CHASE & CO2.4%VERIZON COMMUNICATIONS2.0%MORGAN STANLEY2.0%CONOCO PHILLIPS COMMON STOCK1.9%TIME WARNER INCORPORATED1.9%MERRILL LYNCH & CO., INC.1.8%US BANCORP


As Of 9/30/055.0%CITIGROUP INC4.7%EXXON MOBIL CORP.3.6%BANK OF AMERICA3.5%PFIZER,INC.2.8%CHEVRONTEXACO CORP.2.8%CONOCO PHILLIPS COMMON STOCK2.4%VERIZON COMMUNICATIONS1.9%MERRILL LYNCH & CO., INC.1.9%US BANCORP1.8%GOLDMAN SACHS GROUP


Fresno County Employees' Retirement AssociationTop Ten Holding Period Ending: June 30, 2006


Price/Earnings Ratio Dividend Yield

Price/Book Ratio Five Year Earnings Growth

Return on Equity

ARONSON PARTNERS

RUSSELL 1000 VALUE

Total Number of Securities Average Market Capitalization ($Bill)

Fresno County Employees' Retirement AssociationEquity Only Summary Statistics Charts Period Ending: June 30, 2006


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: June 30, 2006


ARONSON PARTNERS 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 10.1 -7.8 8.5 1.9 -1.0 0.0 -1.0Consumer Staples 9.5 -1.4 5.5 5.4 -0.6 0.2 -0.5Energy 13.8 2.2 13.8 4.2 -0.3 0.0 -0.3Financials 37.3 0.4 36.8 0.2 0.1 0.0 0.1Health Care 4.9 -3.7 7.1 -4.1 0.0 0.1 0.1Industrials 4.5 8.2 7.1 -1.8 0.5 0.1 0.5Information Technology 5.3 -6.5 4.8 -8.5 0.1 0.0 0.1Materials 3.8 -1.1 4.4 -0.4 0.0 0.0 0.0Telecommunications Services 5.1 0.5 5.8 0.0 0.0 0.0 0.0Utilities 5.5 2.5 6.1 4.3 -0.1 0.0 -0.1

Stock

Industry

100.0 99.9 -1.3 0.3 -1.0

Industrials

0.6-0.5

Contribution Detractors

Stock

Industry

Consumer DiscretionaryInformation Technology Consumer StaplesConsumer Staples Information TechnologyHealth Care Utilities

Fresno County Employees' Retirement AssociationPerformance Attribution Geometric Period Ending: June 30, 2006


Fresno County Employees' Retirement AssociationValue Added Analysis 3 Yr Rolling for ARONSON PARTNERS Period Ending: June 30, 2006


Fresno County Employees' Retirement AssociationRolling Return Ranking 3 & 5 Years Period Ending: June 30, 2006


Last 20 Quarters Ending 6/30/2006

Fresno County Employees' Retirement AssociationUp vs. Down Market Performance Period Ending: June 30, 2006


Shares PricePortfolio

Weight Market CapDividend

YieldPrice /

EarningsPrice /Book Beta

Quarterly ReturnARONSON PARTNERS

Consumer Discretionary12,100 43.38 0.3 3.18 30.3 3.0 1.75 17.9ANNTAYLOR STORES CORPORATION22,700 56.57 0.7 4.69 2.5 16.0 2.0 0.99 0.6AUTOLIV INCORPORATED28,500 16.29 0.2 16.29 17.9 1.5 1.94 -6.1CENDANT CORPORATION31,400 31.85 0.5 2.40 0.5 17.7 1.1 0.35 22.5DILLARD'S INCORPORATED49,700 16.50 0.4 21.01 38.4 2.9 0.6DIRECTV GROUP, INC.33,400 47.50 0.8 2.39 1.5 15.7 5.1 0.68 -25.2EAGLE MATERIALS INCORPORATED COMMON STOC45,000 6.93 0.2 12.51 5.8 1.0 1.53 -11.7FORD MOTOR COMPANY27,100 67.51 1.0 15.85 1.1 16.5 3.9 1.12 12.1J.C. PENNEY, INCORPORATED16,600 31.79 0.3 3.58 1.5 17.7 1.4 1.38 -9.8JONES APPAREL GROUP, INC.29,300 25.20 0.4 2.47 2.4 56.0 1.6 1.15 -6.8LAIDLAW INTERNATIONAL16,200 91.15 0.8 4.17 1.0 19.8 3.6 1.06 -14.6MARTIN MARIETTA MATERIALS16,900 16.51 0.1 6.43 3.0 15.3 3.1 0.79 -8.9MATTELL INC.36,700 38.00 0.7 10.93 40.9 4.1 1.28 2.0OFFICE DEPOT, INC31,600 40.75 0.7 2.90 1.5 1.7 0.94 35.6OFFICEMAX INC55,600 28.29 0.8 5.84 1.9 32.2 1.10 18.9SHAW COMMUNICATIONS CLASS B

8.0 7.38 1.6 25.3 3.0 1.06 3.50Consumer Staples

45,600 41.92 1.0 8.80 0.2 25.5 2.1 0.21 -13.1AMERISOURCEBERGEN CORP. COMMON STOCK17,900 36.30 0.3 3.08 1.1 16.9 2.9 0.73 -13.9BRINKER INTERNATIONAL INCORPORATED20,400 37.11 0.4 15.28 1.9 18.8 11.9 0.56 15.2CAMPBELL SOUP COMPANY29,400 64.33 1.0 26.87 0.6 29.6 3.2 0.57 -13.6CARDINAL HEALTH, INC.6,000 60.97 0.2 9.20 1.9 21.4 0.35 2.3CLOROX COMPANY7,200 58.57 0.2 3.62 14.5 8.7 0.70 10.5ENERGIZER HOLDINGS INC.

38,800 51.66 1.1 18.39 2.7 15.1 3.4 0.21 2.6GENERAL MILLS, INC.18,600 41.22 0.4 13.67 3.4 31.7 6.7 0.35 9.6H.J. HEINZ COMPANY94,000 21.86 1.1 15.79 1.2 16.7 3.6 1.04 7.7KROGER COMPANY18,700 38.67 0.4 4.89 1.0 32.0 5.0 0.71 4.0LAUDER ESTEE COMPANIES INCORPORATED14,800 47.28 0.4 14.38 0.5 20.2 2.4 0.57 -9.2MCKESSON HBOC, INCORPORATED55,800 32.15 0.9 7.56 1.4 17.4 3.8 0.82 6.2PEPSI BOTTLING GROUP, INCORPORATED17,900 60.04 0.6 99.22 2.0 24.4 7.0 0.40 4.4PEPSICO INC18,900 115.30 1.2 17.04 4.3 17.3 2.6 0.83 10.6REYNOLDS AMERICAN INCORPORATED19,000 26.00 0.3 11.70 0.9 20.3 2.4 1.01 3.8SAFEWAY, INCORPORATED

9.4 19.26 1.8 21.1 4.0 0.61 1.29

Fresno County Employees' Retirement AssociationPortfolio Holdings And Characteristics - Equity Period Ending: June 30, 2006




YieldPrice /



Energy32,200 62.06 1.1 138.16 3.4 8.8 2.2 0.77 8.0CHEVRONTEXACO CORP.57,074 65.53 2.0 108.17 2.2 6.7 1.8 0.78 4.4CONOCO PHILLIPS COMMON STOCK38,400 60.41 1.2 26.58 0.7 9.0 1.8 1.13 -1.0DEVON ENERGY CORPORATION32,400 52.64 0.9 44.19 0.8 9.9 0.49 12.9ENCANA CORPORATION34,100 48.20 0.9 2.77 0.7 16.3 7.5 0.67 30.3HOLLY CORPORATION21,000 83.30 0.9 30.19 1.9 8.6 2.6 0.89 9.9MARATHON OIL CORP31,400 47.41 0.8 24.07 0.8 15.6 0.49 -0.2PETRO-CANADA61,500 17.48 0.6 19.21 0.8 14.1 0.52 -1.0TALISMAN ENERGY21,800 56.89 0.7 2.63 10.3 3.1 1.16 2.0UNIT CORP

8.9 55.10 1.5 10.2 2.8 0.78 7.10





YieldPrice /



Financials10,600 55.32 0.3 4.24 1.4 16.3 2.2 1.34 11.4A.G. EDWARDS, INC.53,900 54.73 1.6 34.77 2.6 17.4 2.0 0.46 5.7ALLSTATE CORP21,100 81.10 0.9 8.57 0.7 11.2 1.6 0.82 2.1AMBAC FINANCIAL GROUP, INCORPORATED11,500 48.40 0.3 6.24 0.8 12.4 1.8 -1.5ASSURANT INC18,900 48.10 0.5 219.50 4.2 11.9 1.9 0.46 6.7BANK OF AMERICA38,550 34.13 0.7 6.57 0.5 11.7 2.6 0.51 -11.7BERKLEY W R CORP18,300 40.62 0.4 15.69 1.6 9.3 0.34 11.1BROOKFIELD ASSET MANAGEMENT INC.62,100 24.90 0.8 5.55 23.9 6.9 -7.4CB RICHARD ELLIS GROUP INC. - A37,100 52.29 1.0 10.42 1.5 11.6 1.6 1.77 -1.9CIT GROUP INCORPORATED

192,300 48.24 4.9 239.86 4.1 12.2 2.2 1.28 3.2CITIGROUP INC14,900 51.99 0.4 8.44 4.5 10.1 1.7 0.68 -9.3COMERICA, INCORPORATED33,800 38.08 0.7 23.14 1.6 9.3 1.8 0.49 4.1COUNTRYWIDE FINANCIAL CORP.27,500 42.27 0.6 4.09 1.7 8.7 1.3 0.49 8.4FIRST AMERICAN FINANCIAL CORPORATION34,600 45.36 0.8 7.97 17.4 3.3 1.21 6.6FISERV, INC.15,700 150.43 1.2 64.99 0.9 9.2 2.5 1.20 -4.0GOLDMAN SACHS GROUP INCORPORATED14,800 47.46 0.4 2.41 0.5 21.7 1.3 1.72 -9.5HANOVER INSURANCE GROUP INC.27,200 45.85 0.7 3.00 4.0 9.7 1.9 0.72 13.1INDYMAC BANCORP, INCORPORATED9,400 87.55 0.4 3.13 0.6 25.2 5.7 0.85 14.7JONES LANG LASALLE INC.

118,900 42.00 2.6 145.93 3.2 16.1 1.4 1.64 1.7JP MORGAN CHASE & CO51,600 35.68 1.0 14.42 3.9 12.8 1.9 0.52 -2.1KEYCORP42,600 65.15 1.5 34.88 0.4 10.4 2.3 1.27 -9.7LEHMAN BROTHERS HOLDINGS, INC.21,100 35.45 0.4 19.72 0.7 14.3 1.5 1.10 5.3LOEWS CORPORATION51,300 69.56 1.9 64.09 1.4 15.8 1.9 1.70 -11.4MERRILL LYNCH & CO., INC.59,700 63.21 2.0 67.70 1.7 10.9 2.3 1.51 1.1MORGAN STANLEY55,300 36.19 1.1 22.06 4.1 11.7 1.8 0.45 4.8NATIONAL CITY CORP32,700 44.58 0.8 3.99 0.5 10.6 1.2 0.97 -2.8PMI GROUP, INCORPORATED40,600 55.65 1.2 15.41 1.2 16.6 2.4 0.38 14.0PRINCIPAL FINANCIAL GROUP31,200 61.78 1.0 5.09 0.1 9.3 1.4 1.06 2.6RADIAN GROUP INCORPORATED31,000 56.35 0.9 6.72 2.1 10.3 1.8 0.31 12.8SAFECO CORPORATION23,100 64.59 0.8 9.29 2.9 13.2 2.0 0.58 -7.3UNION BANC CORPORATION

109,900 30.88 1.8 54.96 4.3 12.5 2.8 0.73 2.3US BANCORP63,400 54.08 1.8 86.99 3.8 12.6 1.8 0.62 -2.6WACHOVIA CORP49,600 67.08 1.8 112.70 3.3 14.6 2.8 0.29 5.8WELLS FARGO CO

37.0 73.22 2.5 13.2 2.2 0.98 1.24Health Care

20,200 39.93 0.4 22.64 0.1 14.8 2.3 0.52 -18.7AETNA INCORPORATED25,000 41.64 0.5 3.63 0.5 28.3 4.0 0.94 16.8DADE BEHRING HOLDINGS INCORPORATED89,200 17.00 0.8 4.12 42.5 2.1 1.08 -1.5KING PHARMACEUTICALS, INCORPORATED

1.8 8.41 0.3 31.5 2.7 0.90 0.04





YieldPrice /



Industrials13,000 32.20 0.2 3.92 14.2 1.6 1.99 -0.2ARROW ELECTRONICS8,700 57.93 0.3 3.00 0.7 14.1 3.5 0.83 16.2CON-WAY, INC.

15,800 122.25 1.0 5.68 1.0 10.4 3.1 1.56 16.6CUMMINS ENGINE10,300 71.74 0.4 30.98 1.7 15.6 4.0 -4.1LOCKHEED MARTIN CORPORATION35,700 64.06 1.2 22.02 1.9 17.1 1.3 -5.8NORTHROP GRUMMAN CORPORATION38,200 44.57 0.9 19.89 2.2 20.4 1.9 0.47 -2.3RAYTHEON CO.18,700 58.43 0.6 3.56 1.2 15.8 2.4 0.59 30.9RYDER SYSTEMS, INCORPORATED12,800 98.70 0.7 4.95 21.3 4.2 1.65 24.6TEREX CORPORATION

5.2 13.22 1.5 16.4 2.6 1.13 8.55Information Technology

13,900 48.44 0.4 9.12 15.8 1.3 1.21 -12.6COMPUTER SCIENCES CORP.85,600 31.68 1.4 88.37 1.0 25.3 2.4 1.87 -3.5HEWLETT PACKARD73,700 18.13 0.7 2.98 12.8 1.2 1.23 -9.4INGRAM MICRO INC-CL A22,600 55.83 0.7 5.88 20.5 4.0 1.18 23.0LEXMARK INTERNATIONAL GROUP, INC. CLASS 26,000 23.30 0.3 237.69 1.5 18.5 5.2 1.08 -14.0MICROSOFT CORP.16,700 38.31 0.3 2.13 1.2 1.43 3.8TECH DATA CORP.22,000 30.29 0.4 47.19 0.4 19.9 4.1 2.00 -6.6TEXAS INSTRUMENTS, INC.

4.2 55.00 1.0 20.2 2.6 1.51 -1.49Materials

64,100 32.36 1.1 28.16 1.9 18.0 2.1 1.66 6.4ALCOA, INC.29,100 30.62 0.5 3.21 2.5 19.6 2.4 0.66 -2.4BEMIS COMPANY6,300 95.69 0.3 4.60 0.8 7.2 1.08 -7.9IPSCO INC.

35,000 21.18 0.4 2.33 2.4 21.9 0.52 3.8METHANEX CORP13,800 54.25 0.4 16.90 0.7 12.8 3.9 1.65 4.7NUCOR CORPORATION65,800 24.75 0.9 3.49 43.4 4.3 0.69 0.9PACTIV CORPORATION10,000 66.00 0.3 10.93 2.9 16.3 3.6 0.74 4.9PPG INDUSTRIES, INCORPORATED12,100 65.74 0.4 3.20 0.6 13.8 3.2 1.14 16.1STEEL DYNAMICS INCORPORATED

4.3 11.53 1.7 21.8 3.1 1.08 3.70Other

174,600 61.35 5.6EXXON MOBIL CORP.235,200 23.47 2.9PFIZER,INC.213,800 17.30 1.9TIME WARNER INCORPORATED

10.5 0.00Telecommunications Services

56,400 27.89 0.8 108.43 4.8 18.5 2.0 0.82 4.4AT&T INCORPORATED50,100 36.20 1.0 65.48 3.2 22.1 2.8 0.99 5.4BELLSOUTH CORP.35,000 37.15 0.7 4.32 0.7 15.1 1.3 0.89 -4.9CENTURYTEL, INC.

135,700 33.49 2.4 97.70 4.8 13.0 2.3 0.84 -0.5VERIZON COMMUNICATIONS4.9 80.04 3.9 16.0 2.2 0.87 0.89





YieldPrice /



Utilities41,400 34.30 0.7 4.03 3.4 1.6 0.67 10.0ALLIANT ENERGY CORPORATION32,700 34.25 0.6 13.49 4.3 12.6 1.5 0.85 1.8AMERICAN ELECTRIC POWER22,200 54.52 0.6 9.76 2.8 16.3 2.0 0.85 0.4CONSTELLATION ENERGY GROUP INCORPORATED44,600 39.00 0.9 12.71 2.8 11.8 1.9 0.96 -4.6EDISON INTERNATIONAL22,400 70.75 0.8 14.71 3.1 16.4 1.9 0.40 3.4ENTERGY CORPORATION31,700 54.21 0.9 17.88 3.3 18.8 1.9 0.20 11.8FIRST ENERGY CORPORATION41,400 39.28 0.9 13.64 3.4 16.3 1.9 1.37 1.8PG&E CORPORATION17,500 40.30 0.4 4.71 2.3 15.0 1.8 0.26 1.4WISCONSIN ENERGY CORPORATION

5.9 12.07 3.2 15.4 1.8 0.72 3.43100.0 47.65 2.2 16.3 2.6 0.94 2.28ARONSON PARTNERS



Start from Mar 31, 2006 ARONSON PARTNERSDeletions

Security Name Shares Market Value EliminatedABERCROMBIE & FITCH, CLASS A SHARES 23,600 1,361,557 *AGRIUM (NYS) 1,100 27,756 *AGRIUM, INCORPORATED 62,700 1,568,403 *AMERICREDIT CORPORATION 26,100 800,544 *BANK OF AMERICA 159,700 7,790,213BEAR STEARNS 5,800 820,489 *BEAZER HOMES USA 3,400 196,354 *BEAZER HOMES USA, INCORPORATED 11,800 711,142 *BURLINGTON RES. 5,312 488,250 *CENTURYTEL, INC. 10,600 390,185CISCO SYSTEMS, INC. 57,800 1,144,134 *CLAIRE'S STORES, INC. 45,400 1,275,947 *CLOROX COMPANY 4,900 297,184COCA COLA COMPANY 28,500 1,184,195 *COMERICA, INCORPORATED 16,000 889,853COMMERCIAL METALS COMPANY 21,400 488,633 *CON-WAY, INC. 5,800 348,327CONOCO PHILLIPS COMMON STOCK 1 49CONSTELLATION ENERGY GROUP INCORPORATED 12,900 664,877DARDEN RESTAURANTS 6,300 222,926 *DARDEN RESTAURANTS, INCORPORATED 32,200 1,145,617 *DOW CHEMICAL COMPANY 17,900 714,086 *EDUCATION MANAGEMENT 4,400 189,200 *FAIR ISSAC & CO.,INC. 18,700 705,971 *FREEPORT - MCMORAN COPPER - B 11,100 713,333 *GANNETT COMPANY, INC. 8,300 463,956 *GILDAN ACTIVEWEAR INC 19,000 795,790 *GOLDMAN SACHS GROUP INCORPORATED 3,700 585,779HELMERICH & PAYNE, INC. 11,100 623,963 *INDEPENDENCE CMTY.BK. 100 54,163 *INDEPENDENCE COMMUNITY BANK 11,500 479,372 *INTEL CORP. 49,700 930,952 *

AdditionsSecurity Name Shares Market Value New

A.G. EDWARDS, INC. 10,600 540,100 *ALCOA, INC. 64,100 2,241,902 *ALLSTATE CORP 7,700 429,876AMBAC FINANCIAL GROUP, INCORPORATED 21,100 1,740,381 *ANNTAYLOR STORES CORPORATION 12,100 441,634 *ARROW ELECTRONICS 13,000 468,946 *BROOKFIELD ASSET MANAGEMENT INC. 18,300 730,499 *CAMPBELL SOUP COMPANY 7,100 261,813 *COMMERCIAL METALS COMPANY 5,200 280,070COMMERCIAL MTLS. 4,100 219,751 *COUNTRYWIDE FINANCIAL CORP. 33,800 1,352,257 *CUMMINS ENGINE 5,600 607,835DILLARD'S INCORPORATED 31,400 918,724 *DIRECTV GROUP, INC. 37,600 667,319 *EAGLE MATERIALS INCORPORATED COMMONSTOC

100 4,349EXXON MOBIL CORP. 21,500 1,376,473 *FIRST ENERGY CORPORATION 13,200 700,201FREEPORT - MCMORAN COPPER - B 1,700 103,310FREEPORT-MCMOR.CPR.& GD. 'B' 4,500 270,028 *GENERAL MILLS 6,600 328,583 *GENERAL MILLS, INC. 26,600 1,324,034H.J. HEINZ COMPANY 18,600 748,297 *HOLLY CORPORATION 22,300 1,418,943 *INDYMAC BANCORP, INCORPORATED 7,600 365,374IPSCO INC. 5,200 547,488J.C. PENNEY, INCORPORATED 25,200 1,594,482 *JONES LANG LASALLE INC. 7,600 592,652 *JP MORGAN CHASE & CO 40,700 1,850,936LAUDER ESTEE COMPANIES INCORPORATED 18,700 768,058 *LEXMARK INTERNATIONAL GROUP, INC. CLASS 22,600 1,128,431 *LOEWS 7,600 257,806 *LOEWS CORPORATION 13,500 465,917 *

Fresno County Employees' Retirement AssociationEquity Activity Period Ending: June 30, 2006


LAIDLAW INTERNATIONAL 21,500 526,113MARATHON OIL CORP 11,000 885,561MATTELL INC. 1,900 31,018MCGRAW HILL COMPANIES, INC. 14,000 754,549 *METHANEX (NMS) 12,100 247,768 *METHANEX CORP 21,200 436,603N/A -1,878 *NORDSTROM INCORPORATED 2,000 79,178 *NUCOR CORPORATION 17,000 1,983,779PNC FINANCIAL SERVICES GROUP 6,200 420,759 *SHAW COMMUNICATIONS CLASS B 15,200 418,014SHERWIN WILLIAMS COMPANY 33,400 1,634,794 *STANCORP FINANCIAL GROUP 9,000 452,128 *STARBUCKS CORPORATION 19,500 759,463 *SUNOCO INCORPORATED 11,600 776,991 *SUPERVALU 1,300 37,564 *SUPERVALU, INCORPORATED 47,900 1,397,290 *TECH DATA CORP. 1,000 37,605TEEKAY SHIPPING CORPORATION 48,600 1,846,504 *TRW AUTOMOTIVE HOLDINGS CORPORATION 15,400 346,261 *TRW AUTV.HDG. 8,200 181,861 *VALSPAR CORPORATION 26,900 759,382 *

METHANEX CORP 35,000 812,514MORGAN STANLEY 14,400 946,253NATIONAL CITY CORP 55,300 2,092,110 *NORTHROP GRUMMAN CORPORATION 2,500 155,942OFFICE DEPOT, INC 36,700 1,387,643 *OFFICEMAX INC 31,600 1,351,227 *PACTIV CORPORATION 65,800 1,681,594 *PENNEY JC 1,900 124,148 *PEPSI BOTTLING GP. 1,400 44,812 *PEPSI BOTTLING GROUP, INCORPORATED 29,500 942,400PG&E CORPORATION 11,600 457,840PPG INDUSTRIES 2,000 134,175 *PPG INDUSTRIES, INCORPORATED 8,000 538,151 *RAYTHEON CO. 9,700 428,288RYDER SYSTEMS, INCORPORATED 18,700 1,012,803 *SAFEWAY, INCORPORATED 8,300 204,220 *STEEL DYNAMICS INCORPORATED 12,100 799,967 *THE DIRECTV GROUP 12,100 211,928 *TIME WARNER INCORPORATED 151,800 2,664,412 *UNIT CORP 14,700 840,602WACHOVIA CORP 13,200 727,980

Fresno County Employees' Retirement AssociationEquity Activity Period Ending: June 30, 2006


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