Fresno County Employees' Retirement Association Cumulative Performance Comparisons Period Ending: March 31, 2009

Transcription

1 Cumulative Performance Comparisons Period Ending: March 31, S & P CITI GROWTH INDEX Equity Style - Large Growth Last Quarter Two Quarters Three Quarters One Year Two Years Three Years Four Years Five Years Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile th Percentile th Percentile th Percentile th Percentile S & P CITI GROWTH INDEX

2 Consecutive Performance Comparisons Period Ending: March 31, S & P CITI GROWTH INDEX Equity Style - Large Growth March March March March 2006 March 2005 Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile th Percentile th Percentile th Percentile th Percentile S & P CITI GROWTH INDEX

3 Consecutive Annual - Five Year Period Ending: March 31, S & P CITI GROWTH INDEX Equity Style - Large Growth December December December 2006 December 2005 December 2004 Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile th Percentile th Percentile th Percentile th Percentile S & P CITI GROWTH INDEX

4 Equity Only Summary Statistics Period Ending: March 31, Portfolio S & P CITI GROWTH INDEX Total Number of Securities Total Market Value Average Market Capitalization (000's) Equity Segment Yield Equity Segment Price/Earnings Ratio Equity Segment Beta Price/Book Ratio 5 Year Earnings Growth ,670,566 82,627,111 76,920, % 20.2% Ten Largest Holdings Security Market Value Weight EXXON MOBIL CORP 11,032, JOHNSON + JOHNSON 3,966, INTERNATIONAL BUSINESS MACHS 3,769, PROCTER AND GAMBLE CO 3,759, APPLE INC COM NPV 2,859, WAL MART STORES INC 2,615, BAXTER INTL INC 2,535, MICROSOFT CORP 2,283, ABBOTT LABS 2,208, PEPSICO INC 2,131, Ten Best Performers Security Return Weight CF INDS HLDGS INC BIG LOTS INC AMAZON COM INC D R HORTON INC SANDISK CORP FAMILY DLR STORES INC ROHM + HAAS CO GOLDMAN SACHS GROUP INC TJX COS INC NEW APPLE INC COM NPV Ten Worst Performers Security Return Weight AFLAC INC WYNN RESORTS LTD OWENS ILL INC SLM CORP PACTIV CORP LEXMARK INTL INC CATERPILLAR INC DISCOVER FINL SVCS KING PHARMACEUTICALS INC FLIR SYS INC Holding Based Beta - Beta is calculated based on Holdings. 4

5 Portfolio Characteristics - Equity Period Ending: March 31, INTECH S&P BARRA S & P CITI GROWTH INDEX Equity Funds - Equity Only 5th Percentile 25th Percentile 50th Percentile 75th Percentile 95th Percentile Price/Earnings Ratio Dividend Yield Capitalization 5 Year Earnings Beta Price/Book Ratio Value Rank Value Rank Value Rank Value Rank Value Rank Value Rank S & P CITI GROWTH INDEX Holding Based Beta - Beta is calculated based on Holdings. 5

6 Top Ten Holding Period Ending: March 31, As Of 6/30/07 As Of 9/30/07 As Of 12/31/07 As Of 3/31/08 EXXON MOBIL 4.7% EXXON MOBIL CORP. 9.7% EXXON MOBIL CORP. 9.1% EXXON MOBIL CORP 9.6% BAXTER INTERNATIONAL, INC. 2.6% PROCTER & GAMBLE CO 4.1% APPLE COMPUTER, INCORPORATED 4.2% APPLE INC COM NPV 4.4% KOHLS 2.3% APPLE COMPUTER, INCORPORATED 2.9% PROCTER & GAMBLE CO 3.0% PROCTER AND GAMBLE CO 3.6% STRYKER CORPORATION 2.2% ABBOTT LABS 2.9% MICROSOFT CORP. 2.7% MICROSOFT CORP 2.9% APPLE COMPUTER, INCORPORATED 2.2% STRYKER CORPORATION 2.9% INTERNATIONAL BUSINESS MACHINES 2.6% INTERNATIONAL BUSINESS MACHS 2.9% JOHNSON & JOHNSON 2.1% BAXTER INTERNATIONAL, INC. 2.8% ABBOTT LABS 2.6% AMAZON COM INC 2.8% MICROSOFT CORP. 2.0% INTERNATIONAL BUSINESS MACHINES 2.7% AMAZON. COM CORPORATION 2.5% ABBOTT LABS 2.7% ORACLE CORP. 2.0% MCDONALDS CORPORATION 2.3% NATIONAL OILWELL, INCORPORATED 2.5% COCA COLA CO 2.6% COLGATE 2.0% ZIMMER HOLDINGS, INC. 2.2% STRYKER CORPORATION 2.4% NATIONAL OILWELL VARCO INC 2.6% ZIMMER HOLDINGS, INC. 1.9% AMAZON. COM CORPORATION 2.1% SCHLUMBERGER LTD 2.3% BAXTER INTL INC 2.5% Top Ten Total: 24.2% Top Ten Total: 34.4% Top Ten Total: 34.0% Top Ten Total: 36.6% As Of 6/30/08 As Of 9/30/08 As Of 12/31/08 As Of 3/31/09 EXXON MOBIL CORP 9.7% EXXON MOBIL CORP EXXON MOBIL CORP 11.3% EXXON MOBIL CORP 10.5% APPLE INC COM NPV 3.7% PROCTER AND GAMBLE CO 3.5% PROCTER AND GAMBLE CO 3.9% JOHNSON + JOHNSON 3.8% PROCTER AND GAMBLE CO 3.5% INTERNATIONAL BUSINESS MACHS 2.9% INTERNATIONAL BUSINESS MACHS 3.5% INTERNATIONAL BUSINESS MACHS 3.6% MICROSOFT CORP 2.7% MICROSOFT CORP 2.9% JOHNSON + JOHNSON 2.8% PROCTER AND GAMBLE CO 3.6% INTERNATIONAL BUSINESS MACHS 2.7% APPLE INC COM NPV 2.9% APPLE INC COM NPV 2.8% APPLE INC COM NPV 2.7% COCA COLA CO 2.5% COCA COLA CO 2.8% BAXTER INTL INC 2.7% WAL MART STORES INC 2.5% BAXTER INTL INC 2.4% BAXTER INTL INC 2.4% COCA COLA CO 2.3% BAXTER INTL INC 2.4% NATIONAL OILWELL VARCO INC 2.4% PEPSICO INC 2.4% MICROSOFT CORP 2.2% MICROSOFT CORP 2.2% PEPSICO INC 2.3% ABBOTT LABS 2.3% ABBOTT LABS 2.1% ABBOTT LABS 2.1% ABBOTT LABS 2.3% JOHNSON + JOHNSON 1.9% PEPSICO INC 2.1% PEPSICO INC 2.0% Top Ten Total: 34.2% Top Ten Total: 33.9% Top Ten Total: 35.7% Top Ten Total: 35.5% 6

7 Equity Only Summary Statistics Charts Period Ending: March 31, Total Number of Securities Average Market Capitalization ($Bill) Price/Earnings Ratio 2.5 Dividend Yield Price/Book Ratio 35.0 Five Year Earnings Growth Return on Equity S & P CITI GROWTH INDEX 7

8 Equity Only Sector Analysis Quarterly Period Ending: March 31, 2 Consumer Discretionary - Weightings Consumer Discretionary - Returns Consumer Staples - Weightings Consumer Staples - Returns Energy - Weightings Energy - Returns S & P CITI GROWTH INDEX 8

9 Equity Only Sector Analysis Quarterly Period Ending: March 31, 12.0% Financials - Weightings Financials - Returns - 8.0% - 6.0% % % Health Care - Weightings Health Care - Returns Industrials - Weightings Industrials - Returns 14.0% 12.0% 8.0% - 6.0% - 4.0% % -2-2 S & P CITI GROWTH INDEX 9

10 Equity Only Sector Analysis Quarterly Period Ending: March 31, 2 Information Technology - Weightings 1 Information Technology - Returns Materials - Weightings Materials - Returns 6.0% % 3.0% - 2.0% % -3-4 Miscellaneous - Weightings Miscellaneous - Returns S & P CITI GROWTH INDEX 10

11 Equity Only Sector Analysis Quarterly Period Ending: March 31, 1.2% Telecommunications Services - Weightings 8 Telecommunications Services - Returns 1.0% 6 0.8% 4 0.6% 2 0.4% % -4-6 Utilities - Weightings Utilities - Returns 6.0% % 3.0% % % -6-8 S & P CITI GROWTH INDEX 11

12 Performance Attribution Geometric Period Ending: March 31, Portfolio Market Value Return A B S & P CITI GROWTH INDEX Selection Market Value Return Stock Industry Total Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunications Services Utilities C D E F G Contribution Detractors Stock Consumer Discretionary Stock Telecommunications Services Information Technology Consumer Staples Industry Industrials Industry Information Technology Telecommunications Services Energy 12

13 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Consumer Discretionary 3M CO AFFILIATED COMPUTER SVCS INC AMAZON COM INC APOLLO GROUP INC AUTOZONE INC BED BATH + BEYOND INC BIG LOTS INC CENTEX CORP CINTAS CORP COMCAST CORP NEW COSTCO WHSL CORP NEW D R HORTON INC DIRECTV GROUP INC DISNEY WALT CO DISNEY COM DUN + BRADSTREET CORP DEL NEW FAMILY DLR STORES INC HARLEY DAVIDSON INC HOME DEPOT INC IMS HEALTH INC IRON MTN INC PA ITT CORP NEW KB HOME KOHLS CORP LOWES COS INC USD0.50 MCGRAW HILL COS INC NIKE INC CL B POLO RALPH LAUREN CORP PULTE HOMES INC RADIOSHACK CORP SEARS HLDGS CORP SHERWIN WILLIAMS CO STAPLES INC TJX COS INC NEW WAL MART STORES INC WYNN RESORTS LTD Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 1, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 13

14 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Consumer Staples AVON PRODS INC BLACK + DECKER CORPORATION BROWN FORMAN CORP CLASS B CAMPBELL SOUP CO COCA COLA CO COLGATE PALMOLIVE CO CONSTELLATION BRANDS INC CVS CAREMARK CORP DEAN FOODS CO NEW GENERAL MLS INC HEINZ H J CO HERSHEY CO / THE HORMEL FOODS CORP KELLOGG CO KIMBERLY CLARK CORP KROGER CO LAUDER ESTEE COS INC MCCORMICK + CO INC COM NON VTG MCDONALDS CORP PEPSICO INC PROCTER AND GAMBLE CO STARBUCKS CORP SYSCO CORP YUM BRANDS INC DR PEPPER SNAPPLE GROUP INC Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 12, , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 14

15 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Energy APACHE CORP BAKER HUGHES INC BJ SVCS CO CABOT OIL + GAS CORP CAMERON INTL CORP CHESAPEAKE ENERGY CORP CHEVRON CORP CONOCOPHILLIPS DEVON ENERGY CORPORATION NEW DIAMOND OFFSHORE DRILLING INC ENSCO INTL INC EOG RESOURCES INC EXXON MOBIL CORP HALLIBURTON CO HESS CORP MARATHON OIL CORP MURPHY OIL CORP NABORS INDUSTRIES LTD SHS NATIONAL OILWELL VARCO INC NOBLE CORPORATION BAAR COMMON STOCK OCCIDENTAL PETE CORP PIONEER NAT RES CO SCHLUMBERGER LTD SMITH INTL INC SOUTHWESTERN ENERGY CO XTO ENERGY INC Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 6, , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 15

16 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Financials AFLAC INC AMERICAN EXPRESS CO AON CORP AUTOMATIC DATA PROCESSING INC CHUBB CORP CME GROUP INC FIRST HORIZON NATL CORP FRANKLIN RES INC GOLDMAN SACHS GROUP INC HUDSON CITY BANCORP INC LOEWS CORP MASTERCARD INC MOODYS CORP NASDAQ OMX GROUP INC COM ACCREDITED INVS NORTHERN TRUST CORP PAYCHEX INC PRICE T ROWE GROUP INC PROGRESSIVE CORP OHIO SCHWAB CHARLES CORP NEW COM STK SLM CORP STATE STREET CORPORATION VENTAS INC WESTERN UN CO DISCOVER FINL SVCS Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 2, , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 16

17 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Health Care ABBOTT LABS AMGEN INC BARD C R INC BAXTER INTL INC BECTON DICKINSON + CO BOSTON SCIENTIFIC CORP CELGENE CORP CEPHALON INC DAVITA INC DENTSPLY INTL INC NEW EXPRESS SCRIPTS INC GENZYME CORP COM GEN DIV GILEAD SCIENCES INC HOSPIRA INC HUMANA INC INTUITIVE SURGICAL INC JOHNSON + JOHNSON KING PHARMACEUTICALS INC MEDCO HEALTH SOLUTIONS INC MEDTRONIC INC QUEST DIAGNOSTICS INC ST JUDE MED INC STRYKER CORP THERMO FISHER SCIENTIFIC INC UNITEDHEALTH GROUP INC VARIAN MED SYS INC WELLPOINT INC WYETH ZIMMER HOLDINGS INC Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 46, , , , , , , , , , , , , , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 17

18 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Industrials AMPHENOL CORP NEW BURLINGTON NORTHN SANTA FE C H ROBINSON WORLDWIDE INC CATERPILLAR INC CUMMINS INC FASTENAL CO FLIR SYS INC FLUOR CORP NEW GENERAL DYNAMICS CORP GRAINGER W W INC ILLINOIS TOOL WKS INC JACOBS ENGR GROUP INC LOCKHEED MARTIN CORP NORFOLK SOUTHN CORP REPUBLIC SVCS INC SOUTHWEST AIRLS CO STERICYCLE INC Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 12, , , , , , , , , , , , , , , Holding Based Beta - Beta is calculated based on Holdings. 18

19 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Information Technology ADOBE SYS INC AGILENT TECHNOLOGIES INC ALTERA CORP APPLE INC COM NPV BROADCOM CORP CISCO SYS INC COGNIZANT TECHNOLOGY SOLUTIONS COMPUWARE CORP DELL INC EMC CORP GOOGLE INC HEWLETT PACKARD CO INTEL CORP INTERNATIONAL BUSINESS MACHS INTUIT JUNIPER NETWORKS INC LEXMARK INTL INC MCAFEE INC MICROSOFT CORP NATIONAL SEMICONDUCTOR CORP NETAPP INC NVIDIA CORP ORACLE CORP QLOGIC CORP QUALCOMM INC SALESFORCE COM INC SANDISK CORP SYMANTEC CORP XILINX INC Materials BALL CORP CF INDS HLDGS INC CONSOL ENERGY INC MONSANTO CO NEW OWENS ILL INC PACTIV CORP PEABODY ENERGY CORP PRAXAIR INC ROHM + HAAS CO SIGMA ALDRICH Holding Based Beta - Beta is calculated based on Holdings. Shares Price Portfolio Weight Market Cap Dividend Yield Earnings Book Beta Quarterly Return 18, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

20 Portfolio Holdings And Characteristics - Equity Period Ending: March 31, Telecommunications Services LEUCADIA NATL CORP 23, Holding Based Beta - Beta is calculated based on Holdings. 20

21 Equity Activity Period Ending: March 31, Start from Dec 31, Additions Security Name Shares Market Value New 3M CO 1,500 68,217 * ABBOTT LABS 7, ,101 ADOBE SYS INC 9, ,181 AGILENT TECHNOLOGIES INC 2,000 25,045 * ALTERA CORP 35, ,019 AMERICAN EXPRESS CO 1,900 20,253 * AMGEN INC 32,800 1,761,787 AMPHENOL CORP NEW 3,900 93,476 APOLLO GROUP INC 1,200 89,872 AUTOMATIC DATA PROCESSING INC 10, ,271 AUTOZONE INC ,327 AVON PRODS INC 2,600 51,246 BAKER HUGHES INC 3, ,095 * BED BATH + BEYOND INC 4, ,927 BIG LOTS INC 3,700 47,987 BLACK + DECKER CORPORATION 2,200 52,205 * BROADCOM CORP 8, ,033 * BROWN FORMAN CORP CLASS B 11, ,072 BURLINGTON NORTHN SANTA FE 3, ,463 CAMERON INTL CORP 1,400 27,307 * CAMPBELL SOUP CO 32, ,800 CELGENE CORP 12, ,213 CENTEX CORP 4,400 23,967 * CEPHALON INC 4, ,527 CF INDS HLDGS INC 1,300 57,395 CHEVRON CORP 5, ,247 CINTAS CORP 1,200 25,089 * CISCO SYS INC 2,700 43,488 CME GROUP INC ,898 * COGNIZANT TECHNOLOGY SOLUTIONS 1,200 25,564 * COMCAST CORP NEW 35, ,094 COMPUWARE CORP 27, ,388 Security Name Deletions Shares Market Value Eliminated ABBOTT LABS 5, ,899 AFFILIATED COMPUTER SVCS INC 5, ,172 AFLAC INC 3, ,739 ALTERA CORP 3,600 55,901 AMAZON COM INC 9, ,034 AMPHENOL CORP NEW 6, ,312 ANADARKO PETE CORP 2, ,135 * AON CORP 2,200 88,505 APACHE CORP 4, ,992 APOLLO GROUP INC ,206 APPLE INC COM NPV 8, ,576 APPLIED MATERIALS INC 8,600 88,711 * AUTOZONE INC 1, ,785 AVON PRODS INC 4,000 78,386 BALL CORP 1,300 51,942 BARD C R INC 4, ,640 BAXTER INTL INC 5, ,543 BECTON DICKINSON + CO 12, ,768 BED BATH + BEYOND INC ,541 BIOGEN IDEC INC 1,400 69,440 * BJ SVCS CO 3,300 38,360 BMC SOFTWARE INC 14, ,864 * BOEING CO 100 3,109 * BOSTON SCIENTIFIC CORP 8,900 67,084 C H ROBINSON WORLDWIDE INC 3, ,158 CABOT OIL + GAS CORP 15, ,694 CATERPILLAR INC 1,800 55,201 CELGENE CORP 3, ,116 CF INDS HLDGS INC 7, ,389 CHESAPEAKE ENERGY CORP 8, ,949 CISCO SYS INC 2,200 39,068 COCA COLA CO 19, ,108 21

22 Equity Activity Period Ending: March 31, CONOCOPHILLIPS 7, ,597 CONSOL ENERGY INC 2,000 52,622 CONSTELLATION BRANDS INC 11, ,405 * CUMMINS INC 10, ,435 D R HORTON INC 3,200 25,612 DAVITA INC 8, ,984 * DELL INC 5,500 51,189 DENTSPLY INTL INC NEW 1,400 33,867 DEVON ENERGY CORPORATION NEW 2, ,201 DIAMOND OFFSHORE DRILLING INC 1,300 82,680 * DISCOVER FINL SVCS 7,800 56,160 DISNEY WALT CO DISNEY COM 7, ,154 DUN + BRADSTREET CORP DEL NEW 1, ,219 ENSCO INTL INC 2,200 56,086 EXXON MOBIL CORP 6, ,848 FASTENAL CO 12, ,399 FIRST HORIZON NATL CORP 10,000 89,653 FLIR SYS INC 11, ,377 * FLUOR CORP NEW 1,300 44,140 FRANKLIN RES INC 1,500 65,287 * GENERAL MLS INC 24,800 1,355,768 GOLDMAN SACHS GROUP INC ,504 * GOOGLE INC ,636 GRAINGER W W INC 6, ,236 HARLEY DAVIDSON INC 7,500 78,287 HEINZ H J CO 12, ,697 HERSHEY CO / THE 23, ,614 HEWLETT PACKARD CO 2,500 78,981 HORMEL FOODS CORP 1,000 30,731 * HUDSON CITY BANCORP INC 32, ,333 HUMANA INC 1,200 29,092 * ILLINOIS TOOL WKS INC ,816 * IMS HEALTH INC 4,600 62,735 * INTEL CORP 3,700 47,319 * INTUIT 2,300 49,335 * COLGATE PALMOLIVE CO 6, ,871 CONSOL ENERGY INC 7, ,260 COSTCO WHSL CORP NEW 1,800 76,819 CUMMINS INC 8, ,337 CVS CAREMARK CORP 23, ,494 DEERE + CO ,271 * DENTSPLY INTL INC NEW 1,900 50,816 DIAMOND OFFSHORE DRILLING INC ,996 DIRECTV GROUP INC 3,900 84,797 EMC CORP 4,500 50,610 EMERSON ELEC CO 8, ,143 * ENSCO INTL INC 3, ,902 EOG RESOURCES INC 11, ,588 EQT CORP ,974 * EQT CORP 1,100 34,731 * EQUIFAX INC 1,500 40,849 * EXPEDITORS INTL WA INC 300 8,515 * FASTENAL CO 4, ,342 FEDERATED INVS INC PA CL B 1,800 34,084 * FLIR SYS INC 1,200 25,182 FREEPORT MCMORAN COPPER + GOLD COMMON 400 9,236 * GAMESTOP CORP NEW 12, ,849 * GAP INC 24, ,908 * GENERAL DYNAMICS CORP 3, ,120 GENZYME CORP COM GEN DIV 4, ,061 GILEAD SCIENCES INC 3, ,626 HALLIBURTON CO 14, ,520 HESS CORP 9, ,130 HOME DEPOT INC ,965 HOSPIRA INC 11, ,950 INTERNATIONAL BUSINESS MACHS 6, ,987 INTUITIVE SURGICAL INC ,326 IRON MTN INC PA 1,200 21,890 JACOBS ENGR GROUP INC 1,700 69,756 JOHNSON + JOHNSON 1, ,594 22

23 Equity Activity Period Ending: March 31, IRON MTN INC PA 2,600 62,328 * ITT CORP NEW 2,100 92,657 JACOBS ENGR GROUP INC ,024 JOHNSON + JOHNSON 25,700 1,410,588 JUNIPER NETWORKS INC 1,500 22,498 * KB HOME 1,900 28,741 * KELLOGG CO 16, ,602 KIMBERLY CLARK CORP ,504 KING PHARMACEUTICALS INC 10,900 87,633 KOHLS CORP 7, ,821 KROGER CO 11, ,258 LAUDER ESTEE COS INC 14, ,018 LEXMARK INTL INC 3,400 62,644 LOCKHEED MARTIN CORP 3, ,998 LOEWS CORP ,059 LOWES COS INC USD0.50 5,400 82,507 MARATHON OIL CORP 1,200 29,528 * MCCORMICK + CO INC COM NON VTG 7, ,218 MCDONALDS CORP 4, ,754 MCGRAW HILL COS INC 1,500 26,240 MEDTRONIC INC 1,700 53,883 MOODYS CORP 1,200 21,972 NASDAQ OMX GROUP INC COM ACCREDITED INVS 1,000 21,876 NATIONAL SEMICONDUCTOR CORP 20, ,430 * NOBLE CORPORATION BAAR COMMON STOCK 3, ,032 * NOBLE CORPORATION SHS ,164 * NORFOLK SOUTHN CORP 13, ,422 NVIDIA CORP 6,700 60,990 * OCCIDENTAL PETE CORP 1,200 64,569 ORACLE CORP 20, ,388 OWENS ILL INC 1,100 28,820 * PAYCHEX INC 1,200 29,040 * PEABODY ENERGY CORP 5, ,051 POLO RALPH LAUREN CORP 3, ,001 PRICE T ROWE GROUP INC 10, ,250 L 3 COMMUNICATIONS HLDG CORP 8, ,714 * LEUCADIA NATL CORP 17, ,523 LIFE TECHNOLOGIES CORP 2,589 66,823 * LOCKHEED MARTIN CORP 2, ,233 LOWES COS INC USD0.50 1,100 17,817 MASTERCARD INC 6, ,696 MCAFEE INC ,816 MEDCO HEALTH SOLUTIONS INC 14, ,134 MEDTRONIC INC 4, ,579 MEMC ELECTR MATLS INC 6, ,571 * MICROSOFT CORP 2,000 38,061 MONSANTO CO NEW 7, ,872 MURPHY OIL CORP 7, ,837 NABORS INDUSTRIES LTD SHS 27, ,805 NASDAQ OMX GROUP INC COM ACCREDITED INVS 1,100 23,091 NATIONAL OILWELL VARCO INC 13, ,729 NEWMONT MNG CORP ,450 * NOBLE CORPORATION SHS 3, ,032 * NOBLE CORPORATION SHS 2,800 73,216 * NOBLE ENERGY INC 2, ,792 * NORTHERN TRUST CORP 3, ,858 NUCOR CORP 4, ,126 * PALL CORP 1,100 28,776 * PEABODY ENERGY CORP 1,800 50,817 PIONEER NAT RES CO 8, ,670 PRAXAIR INC 2, ,745 PROGRESSIVE CORP OHIO 4,700 58,711 PULTE HOMES INC 9, ,183 QLOGIC CORP 4,900 44,718 QUALCOMM INC 5, ,223 QUESTAR CORP 100 3,713 * RADIOSHACK CORP 3,300 26,660 RANGE RES CORP 10, ,962 * ROHM + HAAS CO 2, ,403 SALESFORCE COM INC 10, ,292 23

24 Equity Activity Period Ending: March 31, PROCTER AND GAMBLE CO 11, ,286 PULTE HOMES INC 12, ,059 QUALCOMM INC 8, ,065 QUEST DIAGNOSTICS INC 11, ,633 RADIOSHACK CORP 23, ,918 ROHM + HAAS CO 5, ,551 SANDISK CORP 33, ,789 * SCHLUMBERGER LTD 3, ,720 SCHWAB CHARLES CORP NEW COM STK 33, ,411 SEARS HLDGS CORP 1,000 39,882 * SHERWIN WILLIAMS CO 5, ,843 SLM CORP 33, ,784 * SMITH INTL INC 2,400 55,808 SOUTHWEST AIRLS CO 57, ,535 SOUTHWESTERN ENERGY CO 8, ,112 STARBUCKS CORP 2,800 25,673 * STATE STREET CORPORATION 1,600 38,916 STERICYCLE INC ,106 SYSCO CORP 9, ,332 UNITEDHEALTH GROUP INC 1,100 23,100 * VARIAN MED SYS INC 4, ,135 VENTAS INC 2,500 54,861 * WAL MART STORES INC 24,400 1,222,814 WATSON PHARMACEUTICALS INC ,343 WEATHERFORD INTERNATIONAL LTD SHS 10, ,056 * WELLPOINT INC 2,100 76,658 * WESTERN UN CO 11, ,212 XILINX INC 4,400 69,603 SANDISK CORP 9, ,234 SCHLUMBERGER LTD 10, ,830 SCHWAB CHARLES CORP NEW COM STK 7, ,614 SCRIPPS NETWORKS INTERACTIVE I 1,600 35,122 * SEALED AIR CORP NEW 2,500 27,789 * SIGMA ALDRICH 10, ,965 SMITH INTL INC 8, ,273 SOUTHWESTERN ENERGY CO 5, ,415 ST JUDE MED INC 5, ,596 STAPLES INC 6, ,799 STATE STREET CORPORATION ,699 STERICYCLE INC ,127 STRYKER CORP 12, ,674 TEVA PHARMACEUTICAL INDS LTD ADR 4, ,279 * TEXAS INSTRS INC 5,700 81,014 * THERMO FISHER SCIENTIFIC INC 4, ,799 TJX COS INC NEW 25, ,583 UNITED PARCEL SVC INC CL B 200 9,624 * UST INC COM USD0.50 5, ,200 * VARIAN MED SYS INC 7, ,111 VERISIGN INC 14, ,058 * WATSON PHARMACEUTICALS INC 2,300 64,779 * WEATHERFORD INTERNATIONAL LTD 9, ,691 * WEATHERFORD INTERNATIONAL LTD 11, ,620 * WEATHERFORD INTERNATIONAL LTD SHS 10, ,445 * WYETH ,921 WYNN RESORTS LTD ,630 XILINX INC 3,400 60,339 XTO ENERGY INC 9, ,003 YUM BRANDS INC 7, ,448 ZIMMER HOLDINGS INC 6, ,760 24