Fresno County Employees' Retirement Association Cumulative Performance Comparisons Period Ending: June 30, 2005

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 Date 5th Percentile 7.0 2.9 13.8 12.2 16.9 14.3 4.7 3.5 25th Percentile 4.3 0.6 11.3 7.2 14.4 10.4 1.7 -2.7 50th Percentile 3.3 -0.5 9.2 5.1 11.6 7.5 -0.8 -5.7 75th Percentile 1.8 -2.1 6.7 2.0 8.7 5.6 -2.2 -7.5 95th Percentile 0.4 -5.7 4.6 -0.5 6.9 3.8 -3.9 -12.0

TCW CORE 3.8 37 -5.9 95 5.0 91 -0.2 93 RUSSELL 1000 GROWTH 2.5 64 -1.7 69 7.3 69 1.7 77 9.5 68 7.3 54 -2.4 78 -10.4 88

Wurts & Associates 1 Performance Measurement System Fresno County Employees' Retirement Association Equity Only Summary Statistics Period Ending: June 30, 2005

TCW CORE

Portfolio RUSSELL 1000 GROWTH

Total Number of Securities 26 645 Total Market Value 96,776,151 Average Market Capitalization (000's) 47,106,009 75,940,000 Equity Segment Yield 0.27 1.09 Equity Segment Price/Earnings Ratio 37.04 21.93 Equity Segment Beta 1.47 1.00 Price/Book Ratio 7.05 4.71 5 Year Earnings Growth 41.1% 13.8%

Ten Largest Holdings Ten Best Performers Ten Worst Performers Security Market Value Weight Security Return Weight Security Return Weight PROGRESSIVE COMPANY 9,436,355 9.75 GENENTECH INCORPORATED 41.8 8.15 ADOBE SYSTEMS, INC. -14.8 1.94 GENENTECH INCORPORATED 7,891,524 8.15 AFLAC INCORPORATED 16.5 1.09 INC. -12.5 2.38 YAHOO! INCORPORATED 7,099,785 7.34 INCORPORATED 9.3 3.64 EBAY INCORPORATED -11.4 5.98 . COM CORPORATION 5,865,084 6.06 PROGRESSIVE COMPANY 7.7 9.75 , INC. -9.7 4.44 EBAY INCORPORATED 5,783,352 5.98 , INC. 6.7 2.06 COMMERCE BANCORP INCORPORATED NEW -6.3 2.05 JERSEY NETWORK APPLIANCE, INC. 5,719,021 5.91 XM SATELLITE RADIO HOLDINGS - CL A 6.4 4.00 MAXIM INTEGRATED PRODUCTS -6.2 3.85 APOLLO GROUP, INC. 4,427,252 4.57 APOLLO GROUP, INC. 5.6 4.57 WAL-MART STORES, INC. -3.5 1.79 QUALCOMM, INC. 4,301,203 4.44 AMERICAN INTERNATIONAL GROUP, INC. 5.1 1.48 AMAZON. COM CORPORATION -3.4 6.06 GOOGLE INC. 4,147,515 4.29 , INCORPORATED 3.9 3.30 GENERAL ELECTRIC CO. -3.3 1.85 PIXAR INCORPORATED 3,913,910 4.04 WALGREEN CO. 3.7 2.37 SYMANTEC CORPORATION 1.9 1.01

Wurts & Associates 2 Performance Measurement System Fresno County Employees' Retirement Association Portfolio Characteristics - Equity Period Ending: June 30, 2005

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 Equity Funds - Equity Only 5th Percentile 25.70 2.41 92.69 22.87 1.44 5.22 25th Percentile 21.45 1.84 74.36 15.38 1.20 4.08 50th Percentile 17.59 1.17 42.17 11.63 1.04 3.37 75th Percentile 16.04 0.69 2.41 9.09 0.97 2.64 95th Percentile 13.25 0.21 1.01 4.76 0.83 2.19 TCW CORE 37.04 1 0.27 92 47.11 46 41.13 1 1.47 4 7.05 1 RUSSELL 1000 GROWTH 21.93 23 1.09 54 75.94 23 13.84 35 1.00 64 4.71 14

Wurts & Associates 3 Performance Measurement System Fresno County Employees' Retirement Association Top Ten Holding Period Ending: June 30, 2005

As Of 9/30/04 As Of 12/31/04 As Of 3/31/05 As Of 6/30/05 PROGRESSIVE COMPANY 9.0% PROGRESSIVE COMPANY 7.9% PROGRESSIVE COMPANY 9.5% PROGRESSIVE COMPANY 9.8% YAHOO! INCORPORATED 7.7% EBAY INCORPORATED 7.8% YAHOO! INCORPORATED 7.5% GENENTECH INCORPORATED 8.2% EBAY INCORPORATED 7.0% YAHOO! INCORPORATED 7.5% GENENTECH INCORPORATED 7.0% YAHOO! INCORPORATED 7.3% GENENTECH INCORPORATED 6.7% NETWORK APPLIANCE, INC. 6.5% NETWORK APPLIANCE, INC. 6.0% AMAZON. COM CORPORATION 6.1% AMAZON. COM CORPORATION 5.9% GENENTECH INCORPORATED 6.1% AMAZON. COM CORPORATION 5.9% EBAY INCORPORATED 6.0% QUALCOMM, INC. 5.6% AMAZON. COM CORPORATION 5.6% EBAY INCORPORATED 5.9% NETWORK APPLIANCE, INC. 5.9% NETWORK APPLIANCE, INC. 5.1% QUALCOMM, INC. 5.4% QUALCOMM, INC. 5.2% APOLLO GROUP, INC. 4.6% MAXIM INTEGRATED PRODUCTS 4.6% XM SATELLITE RADIO HOLDINGS - CL A 4.2% MAXIM INTEGRATED PRODUCTS 4.3% QUALCOMM, INC. 4.4% XM SATELLITE RADIO HOLDINGS - CL A 3.9% CORPORATION 4.1% PIXAR INCORPORATED 4.1% GOOGLE INC. 4.3% SYMANTEC CORPORATION 3.7% MAXIM INTEGRATED PRODUCTS 4.0% XM SATELLITE RADIO HOLDINGS - CL A 3.9% PIXAR INCORPORATED 4.0%

Top Ten Total: 59.2% Top Ten Total: 59.3% Top Ten Total: 59.4% Top Ten Total: 60.5%

Wurts & Associates 4 Performance Measurement System Fresno County Employees' Retirement Association Equity Only Summary Statistics Charts Period Ending: June 30, 2005 Total Number of Securities Average Market Capitalization ($Bill)

Price/Earnings Ratio Dividend Yield

Price/Book Ratio Five Year Earnings Growth

Return on Equity

TCW CORE

RUSSELL 1000 GROWTH

Wurts & Associates 5 Performance Measurement System Fresno County Employees' Retirement Association Equity Only Sector Analysis Quarterly Period Ending: June 30, 2005 Consumer Discretionary - Weightings Consumer Discretionary - Returns

Consumer Staples - Weightings Consumer Staples - Returns

Energy - Weightings Energy - Returns

TCW CORE RUSSELL 1000 GROWTH

Wurts & Associates 6 Performance Measurement System Fresno County Employees' Retirement Association Equity Only Sector Analysis Quarterly Period Ending: June 30, 2005 Financials - Weightings Financials - Returns

Health Care - Weightings Health Care - Returns

Industrials - Weightings Industrials - Returns

TCW CORE RUSSELL 1000 GROWTH

Wurts & Associates 7 Performance Measurement System Fresno County Employees' Retirement Association Equity Only Sector Analysis Quarterly Period Ending: June 30, 2005 Information Technology - Weightings Information Technology - Returns

Materials - Weightings Materials - Returns

Miscellaneous - Weightings Miscellaneous - Returns

TCW CORE RUSSELL 1000 GROWTH

Wurts & Associates 8 Performance Measurement System Fresno County Employees' Retirement Association Equity Only Sector Analysis Quarterly Period Ending: June 30, 2005 Telecommunications Services - Weightings Telecommunications Services - Returns

Utilities - Weightings Utilities - Returns

TCW CORE RUSSELL 1000 GROWTH

Wurts & Associates 9 Performance Measurement System Fresno County Employees' Retirement Association Performance Attribution Geometric Period Ending: June 30, 2005

TCW CORE Portfolio RUSSELL 1000 GROWTH Selection Market Value Return Market Value Return Stock Industry Total A B C D E F G Consumer Discretionary 28.3 -1.8 14.3 1.8 -1.0 -0.1 -1.1 Consumer Staples 8.1 0.4 12.9 -0.6 0.1 0.1 0.2 Energy 0.0 0.0 1.7 6.9 0.0 -0.1 -0.1 Financials 13.2 5.0 8.6 6.1 -0.1 0.2 0.0 Health Care 10.4 29.6 24.5 4.6 2.5 -0.3 2.2 Industrials 0.0 0.0 9.3 -2.1 0.0 0.4 0.4 Information Technology 40.0 -0.5 26.3 2.5 -1.2 0.0 -1.2 Materials 0.0 0.0 1.3 -7.5 0.0 0.1 0.1 Telecommunications Services 0.0 0.0 1.0 12.7 0.0 -0.1 -0.1 Utilities 0.0 0.0 0.2 1.0 0.0 0.0 0.0

100.0 3.1 100.0 2.5 0.3 0.3 0.6

Contribution Detractors

Stock Health Care Stock Information Technology Consumer Staples Consumer Discretionary Industry Industrials Industry Health Care Financials Telecommunications Services

Wurts & Associates 10 Performance Measurement System Fresno County Employees' Retirement Association Portfolio Holdings And Characteristics - Equity Period Ending: June 30, 2005

Portfolio Dividend Price / Price / Quarterly TCW CORE Shares Price Weight Market Cap Yield Earnings Book Beta Return Consumer Discretionary AFLAC INCORPORATED 24,400 43.28 1.1 21.71 1.0 18.9 4.2 0.11 16.5 AMAZON. COM CORPORATION 177,300 33.08 6.1 13.60 26.5 2.33 -3.4 APOLLO GROUP, INC. 56,600 78.22 4.6 14.17 45.0 15.4 0.46 5.6 EBAY INCORPORATED 175,200 33.01 6.0 44.53 54.1 6.6 1.89 -11.4 GENERAL ELECTRIC CO. 51,400 34.65 1.9 367.50 2.5 21.1 3.3 0.75 -3.3 PIXAR INCORPORATED 78,200 50.05 4.1 5.91 30.7 4.8 0.76 2.6 XM SATELLITE RADIO HOLDINGS - CL A 115,000 33.66 4.0 7.13 2.38 6.4 27.6 67.79 2.0 37.0 8.0 1.51 -0.55 Consumer Staples STARBUCKS CORPORATION 53,300 51.66 2.9 20.14 47.8 8.3 0.60 0.0 WAL-MART STORES, INC. 36,000 48.20 1.8 201.57 1.2 19.4 4.1 0.47 -3.5 WALGREEN CO. 49,900 45.99 2.4 47.02 0.5 30.3 5.7 0.39 3.7 7.0 89.58 0.8 34.6 6.4 0.49 0.34 Financials AMERICAN INTERNATIONAL GROUP, INC. 24,600 58.10 1.5 150.76 0.9 15.5 1.9 0.47 5.1 COMMERCE BANCORP INCORPORATED NEW JERSEY 65,190 30.31 2.1 4.91 1.5 17.8 2.9 0.50 -6.3 PROGRESSIVE COMPANY 95,500 98.81 9.8 19.64 0.1 13.0 4.2 0.49 7.7 13.3 58.44 0.4 14.0 3.7 0.49 5.26 Health Care AMGEN, INCORPORATED 52,900 60.46 3.3 74.82 31.0 3.9 0.71 3.9 GENENTECH INCORPORATED 98,300 80.28 8.2 84.81 96.7 12.4 1.25 41.8 11.5 79.81 77.8 9.9 1.10 30.87 Information Technology ADOBE SYSTEMS, INC. 65,600 28.62 1.9 13.99 27.9 9.7 1.82 -14.8 CISCO SYSTEMS, INC. 104,500 19.11 2.1 121.93 23.0 5.0 2.14 6.7 DELL INCORPORATED COMMON STOCK 92,900 39.51 3.8 95.54 31.1 15.1 1.62 2.7 ELECTRONIC ARTS INCORPORATED 62,300 56.61 3.6 17.35 35.6 5.0 1.16 9.3 MAXIM INTEGRATED PRODUCTS 97,600 38.21 3.9 12.53 1.0 24.3 5.9 2.33 -6.2 NETWORK APPLIANCE, INC. 202,300 28.27 5.9 10.35 47.9 7.1 2.73 2.2 QUALCOMM, INC. 130,300 33.01 4.5 53.92 1.1 29.2 5.6 1.13 -9.7 SYMANTEC CORPORATION 44,800 21.74 1.0 15.47 29.4 4.2 1.55 1.9 XILINX INC. 90,300 25.50 2.4 8.95 1.1 29.3 3.3 2.87 -12.5 YAHOO! INCORPORATED 204,900 34.65 7.3 48.39 54.1 6.8 2.70 2.2 36.4 39.84 1.1 37.2 7.0 2.11 -1.00 Miscellaneous GOOGLE INC. 14,100 294.15 4.3 4.3 0.00 0.00 TCW CORE 100.0 45.09 0.8 38.7 7.1 1.47 3.74

Wurts & Associates 11 Performance Measurement System Fresno County Employees' Retirement Association Equity Activity Period Ending: June 30, 2005 Start from Apr 01, 2005 TCW CORE Additions Deletions Security Name Shares Market Value New Security Name Shares Market Value Eliminated ADOBE SYSTEMS 3,100 102,207 * , INC. 87,875 1,375,474 * ADOBE SYSTEMS, INC. 53,585 1,965,067 * APPLIED MATS. 26,735 434,709 * AMAZON. COM CORPORATION 13,675 471,555 GENENTECH 3,535 198,551 * AMAZON.COM 3,325 113,910 * GENENTECH INCORPORATED 13,865 782,722 APOLLO GP.'A' 735 54,251 * HARLEY-DAVIDSON, INCORPORATED 31,100 1,628,684 * APOLLO GROUP, INC. 12,365 917,131 STARBUCKS CORPORATION 14,700 819,658 EBAY 4,020 150,235 * SYMANTEC CORPORATION 77,200 1,468,320 EBAY 3,545 132,649 * EBAY INCORPORATED 20,735 747,590 GOOGLE INC. 14,100 2,651,366 *

Wurts & Associates 12 Performance Measurement System