July 2010 "It is a mistake to look too far ahead. Only one link in the chain of destiny can be handled at a time." -- Winston Churchill   ORTFOLIO 4 IS THE RESULT OF MULTIPLE regression analysis run independently on each sector of the S&P 500. In other (more understandable) words, we compared nine different fundamental factors (such as P/E, long-term growth rate, etc.) to each stock's 12-month price percentage change. This was an attempt to determine which had the most predictive power for each sector. Not surprisingly, we ended up with a different formula for each of the ten S&P sectors. What We Do Here describes the underlying theory while The Starting Point outlines the actual process we went through to create this portfolio. Initially, the highest rated stocks from each sector were price-weighted to mirror the S&P 500's sector weightings as of June 30, 2000. For the three years 2000-2002 we left the portfolio unchanged for twelve months and repeated the process every June. In 2003 we modified the process slightly to allow reformulation every six months. For details, see Time for a Change. After ten years, we refreshed P4's underlying algorithms with new regression analyses based on the period running from 2000 through 2009. The changes took effect in December 2009. The current optimization, based on data from June 18, 2010, is the second application. Total holdings fell from 49 in December to the current 47 stocks. The Consumer Staples sector suffered a complete turnover. The Energy and Materials sectors only had one survivor. Overall, turnover is again up from prior optimizations, clocking in at 57.1% for the six months. The table below lists the current holdings as well as their date of inclusion. Stocks are grouped by sector along with the associated regression equation. The next semi-annual reoptimization is scheduled for mid-December, 2010. For a copy of the underlying data in PDF format, e-mail your request. Be sure to let us know if you want all the data (there's a lot) or if you're just interested in a particular sector or time period. Also use this link for any comments. Consumer Discretionary Value = -0.0658 - 0.0450(Price to Cash Flow) + 0.1047(Forward 4-Qtr P/E) - 3.8559(Long-Term Earnings Growth Rate) - 0.6266(PEG Ratio)   Discovery Communications 'A' DISCA 6/18/10 Eastman Kodak EK 12/14/09 Marriott International MAR 12/14/09 Meredith Corporation MDP 6/18/10 New York Times Co. A NYT 12/14/09 Office Depot ODP 6/18/10 Pulte Group PHM 6/18/10 Consumer Staples Value = 2.7423 + 0.0545(Price to Cash Flow) - 14.7538(Long-Term Earnings Growth Rate) - 0.9867(PEG Ratio)   Altria Group MO 6/18/10 Constellation Brands 'A' STZ 6/18/10 Reynolds American RAI 6/18/10 Safeway Inc. SWY 6/18/10 Supervalu SVU 6/18/10 Tyson Foods TSN 6/18/10 Energy Value = -0.4766 - 0.1116(Price to Book) + 4.8657(Long-Term Earnings Growth Rate) + 0.1862(PEG Ratio)   Baker Hughes Inc. BHI 6/18/10 Nabors Industries NBR 6/30/10 Range Resources Corp. RRC 6/30/10 Smith International SII 12/12/08 XTO Energy XTO 6/18/10 Financials Value = -0.0386 - 0.6451(Debt to Capital)   E Trade Financial ETFC 6/18/10 Franklin Resources BEN 6/18/10 Hudson City Bancorp HCBK 6/18/10 Moody's Corp. MCO 6/12/09 People's United Financial PBCT 6/18/10 Public Storage PSA 6/18/10 T. Rowe Price Group TROW 12/14/09 Healthcare Value = -0.5071 - 0.8863(Return on Invested Capital) + 0.0288(Forward 4-Qtr P/E) + 0.9225(Pct. Last Earnings Surprise)   Aetna AET 6/18/10 Boston Scientific BSX 12/14/09 CIGNA Corp. CI 6/18/10 Genzyme Corp. GENZ 6/18/10 Tenet Healthcare THC 6/12/09 Wellpoint, Inc. WLP 6/18/10 Industrials Value = -0.4034 - 0.4694(Debt to Total Cap) + 0.0444 (Price to Book) + 0.0233(Price to Cash Flow) + 1.0667(Pct. Last Earnings Surprise)   CH Robinson Worldwide CHRW 6/13/08 Expeditors International EXPD 6/18/10 Fastenal Corp. FAST 6/18/10 Robert Half International Inc. RHI 12/14/09 Materials Value = -0.9344 = 1.4123(1-Year Price Return) + 0.0873(Price to Cash Flow) - 0.5331(Last Earnings Surprise%)   International Paper IP 12/14/09 Titanium Metals TIE 6/18/10 Technology Value = 0.7530 + 0.9327(1-Year Price Return) - 2.2265(Debt to Capital) - 0.1189(Price to Book)   Akamai Technologies AKA 6/18/10 Apple Inc. AAPL 12/14/09 Cognizant Tech Solutions CTSH 12/14/09 Linear Technology LLTC 6/18/10 Novell Inc. NOVL 6/18/10 Telecommunications Value = -0.7490 + 0.0521(Price to Book) + 3.2325(Long-Term Growth Rate)   American Tower AMT 12/12/08 Metropcs Communications, Inc. PCS 12/14/09 Utilities Value = -1.0786 + 9.6375(Return on Capital) + 1.4377(Debt to Capital)   AES Corp. AES 12/14/09 Centerpoint Energy Inc. CNP 12/14/09 Constellation Energy Group CEG 6/18/10 CMS Energy Corp. CMS 12/14/09 Activity Since 7/1/00 Additions: Reason Date Nabors Industries Replaced XTO Energy 6/30/10 Range Resources Corp. Replaced XTO Energy 6/30/10 Discovery Communications 'A' June 2010 Rebalancing 6/18/10 Meredith Corp. June 2010 Rebalancing 6/18/10 Office Depot June 2010 Rebalancing 6/18/10 Pulte Group Inc. June 2010 Rebalancing 6/18/10 Constellation Energy Group June 2010 Rebalancing 6/18/10 Altria Group June 2010 Rebalancing 6/18/10 Constellation Brands 'A' June 2010 Rebalancing 6/18/10 Reynolds American June 2010 Rebalancing 6/18/10 Safeway Inc. June 2010 Rebalancing 6/18/10 Supervalu Inc. June 2010 Rebalancing 6/18/10 Tyson Foods 'A' June 2010 Rebalancing 6/18/10 Baker Hughes Inc. June 2010 Rebalancing 6/18/10 XTO Energy June 2010 Rebalancing 6/18/10 E Trade Financial June 2010 Rebalancing 6/18/10 Franklin Resources June 2010 Rebalancing 6/18/10 Hudson City Bancorp June 2010 Rebalancing 6/18/10 People's United Financial June 2010 Rebalancing 6/18/10 Public Storage June 2010 Rebalancing 6/18/10 Aetna Inc. June 2010 Rebalancing 6/18/10 CIGNA Corp. June 2010 Rebalancing 6/18/10 Genzyme Corp. June 2010 Rebalancing 6/18/10 Wellpoint Inc. June 2010 Rebalancing 6/18/10 Expeditors International June 2010 Rebalancing 6/18/10 Fastenal Co. June 2010 Rebalancing 6/18/10 Titanium Metals June 2010 Rebalancing 6/18/10 Akamai Technologies June 2010 Rebalancing 6/18/10 Linear Technology Corp. June 2010 Rebalancing 6/18/10 Novell Inc. June 2010 Rebalancing 6/18/10 Constellation Energy Group June 2010 Rebalancing 6/18/1 EOG Resources Replace BJ Services 4/28/10 Eastman Kodak Co. December 2009 Rebalancing 12/14/09 Ford Motor Co. December 2009 Rebalancing 12/14/09 Marriott Intl. A December 2009 Rebalancing 12/14/09 New York Times Co. A December 2009 Rebalancing 12/14/09 Kellogg Co. December 2009 Rebalancing 12/14/09 Kimberly-Clark December 2009 Rebalancing 12/14/09 Lorillard Inc. December 2009 Rebalancing 12/14/09 Devon Energy Corp. December 2009 Rebalancing 12/14/09 Massey Energy Co. December 2009 Rebalancing 12/14/09 Southwestern Energy Co. December 2009 Rebalancing 12/14/09 Williams Cos. Inc. December 2009 Rebalancing 12/14/09 Invesco Ltd December 2009 Rebalancing 12/14/09 Janus Capital Group Inc. December 2009 Rebalancing 12/14/09 M&T Bank Corp. December 2009 Rebalancing 12/14/09 Moody's Corp. December 2009 Rebalancing 12/14/09 T. Rowe Price Inc. December 2009 Rebalancing 12/14/09 TECO Energy Inc. December 2009 Rebalancing 12/14/09 Boston Scientific Corporation December 2009 Rebalancing 12/14/09 Hospira Inc. December 2009 Rebalancing 12/14/09 Johnson & Johnson December 2009 Rebalancing 12/14/09 Eli Lilly & Co. December 2009 Rebalancing 12/14/09 Medco Health Solutions Inc. December 2009 Rebalancing 12/14/09 W.W. Granger Inc. December 2009 Rebalancing 12/14/09 Robert Half International December 2009 Rebalancing 12/14/09 International Paper Co. December 2009 Rebalancing 12/14/09 Nucor Corp. December 2009 Rebalancing 12/14/09 Advanced Micro Devices December 2009 Rebalancing 12/14/09 Apple Inc. December 2009 Rebalancing 12/14/09 Broadcom Corp A December 2009 Rebalancing 12/14/09 Cognizant Tech Solutions December 2009 Rebalancing 12/14/09 eBay Inc. December 2009 Rebalancing 12/14/09 Red Hat Inc. December 2009 Rebalancing 12/14/09 Teredata Corp. December 2009 Rebalancing 12/14/09 Texas Instruments December 2009 Rebalancing 12/14/09 Metropcs Communications Inc. December 2009 Rebalancing 12/14/09 AES Corp. December 2009 Rebalancing 12/14/09 Centerpoint Energy Inc. December 2009 Rebalancing 12/14/09 CMS Energy Corp. December 2009 Rebalancing 12/14/09 TECO Energy Inc. December 2009 Rebalancing 12/14/09 Amazon June 2009 Rebalancing 6/12/09 JC Penney June 2009 Rebalancing 6/12/09 Meredith June 2009 Rebalancing 6/12/09 Philip Morris International June 2009 Rebalancing 6/12/09 BJ Services June 2009 Rebalancing 6/12/09 EOG Resources June 2009 Rebalancing 6/12/09 Marathon Oil June 2009 Rebalancing 6/12/09 American Express June 2009 Rebalancing 6/12/09 Equity Residential June 2009 Rebalancing 6/12/09 Host Hotels & Resorts June 2009 Rebalancing 6/12/09 Huntington Bancshares June 2009 Rebalancing 6/12/09 Legg Mason June 2009 Rebalancing 6/12/09 PNC Financial Services Group June 2009 Rebalancing 6/12/09 Zions Bancorporation June 2009 Rebalancing 6/12/09 PerkinElmer June 2009 Rebalancing 6/12/09 Tenet Healthcare June 2009 Rebalancing 6/12/09 Waters June 2009 Rebalancing 6/12/09 Watson Pharmaceuticals June 2009 Rebalancing 6/12/09 Wellpoint June 2009 Rebalancing 6/12/09 Caterpillar June 2009 Rebalancing 6/12/09 Ingersoll-Rand June 2009 Rebalancing 6/12/09 Weyerhaeuser June 2009 Rebalancing 6/12/09 Citrix Systems June 2009 Rebalancing 6/12/09 Compuware June 2009 Rebalancing 6/12/09 JDS Uniphase June 2009 Rebalancing 6/12/09 Juniper Networks June 2009 Rebalancing 6/12/09 LSI June 2009 Rebalancing 6/12/09 MEMC Electornic Materials June 2009 Rebalancing 6/12/09 Motorola June 2009 Rebalancing 6/12/09 Nvidia June 2009 Rebalancing 6/12/09 Qlogic June 2009 Rebalancing 6/12/09 Qualcomm June 2009 Rebalancing 6/12/09 Teredyne June 2009 Rebalancing 6/12/09 AT&T June 2009 Rebalancing 6/12/09 Windstream June 2009 Rebalancing 6/12/09 PPL June 2009 Rebalancing 6/12/09 Amgen Barr Labs Purchased by Teva Pharmaceutical 2/27/09 Altria Purchased UST 1/5/09 Coca-Cola December 2008 Rebalancing 12/12/08 Procter & Gamble December 2008 Rebalancing 12/12/08 UST December 2008 Rebalancing 12/12/08 Anadarko Petroleum December 2008 Rebalancing 12/12/08 Chesapeake Energy December 2008 Rebalancing 12/12/08 Consol Energy December 2008 Rebalancing 12/12/08 Halliburton December 2008 Rebalancing 12/12/08 Murphy Oil December 2008 Rebalancing 12/12/08 Nabors Energy December 2008 Rebalancing 12/12/08 Nobel December 2008 Rebalancing 12/12/08 Peabody Energy December 2008 Rebalancing 12/12/08 Range Resources December 2008 Rebalancing 12/12/08 Smith International December 2008 Rebalancing 12/12/08 Weatherford Inernational December 2008 Rebalancing 12/12/08 Williams Company December 2008 Rebalancing 12/12/08 CIT Group December 2008 Rebalancing 12/12/08 Citicorp December 2008 Rebalancing 12/12/08 Comerica December 2008 Rebalancing 12/12/08 JPMorgan Chase December 2008 Rebalancing 12/12/08 M&T Bank December 2008 Rebalancing 12/12/08 Marshall & Ilsley December 2008 Rebalancing 12/12/08 Northern Trust December 2008 Rebalancing 12/12/08 Suntrust Banks December 2008 Rebalancing 12/12/08 Barr Pharmaceuticals December 2008 Rebalancing 12/12/08 King Pharmaceuticals December 2008 Rebalancing 12/12/08 Millipore December 2008 Rebalancing 12/12/08 Quest Diagnostics December 2008 Rebalancing 12/12/08 Expeditors International December 2008 Rebalancing 12/12/08 Fluor December 2008 Rebalancing 12/12/08 W.W. Granger December 2008 Rebalancing 12/12/08 Applied Materials December 2008 Rebalancing 12/12/08 Broadcom December 2008 Rebalancing 12/12/08 Ciena December 2008 Rebalancing 12/12/08 IAC/Interactive December 2008 Rebalancing 12/12/08 Intel December 2008 Rebalancing 12/12/08 KLA-Tencor December 2008 Rebalancing 12/12/08 Lexmark International December 2008 Rebalancing 12/12/08 Microchip Technology December 2008 Rebalancing 12/12/08 Molex December 2008 Rebalancing 12/12/08 National Semiconductor December 2008 Rebalancing 12/12/08 Novell December 2008 Rebalancing 12/12/08 Novellus Systems December 2008 Rebalancing 12/12/08 Paychex December 2008 Rebalancing 12/12/08 Sandisk December 2008 Rebalancing 12/12/08 Texas Instruments December 2008 Rebalancing 12/12/08 Verisign December 2008 Rebalancing 12/12/08 American Tower December 2008 Rebalancing 12/12/08 Sprint-Nextel December 2008 Rebalancing 12/12/08 Allegheny Energy December 2008 Rebalancing 12/12/08 Brunswick June 2008 Rebalancing 6/13/08 Interpublic Group June 2008 Rebalancing 6/13/08 Sears Holdings June 2008 Rebalancing 6/13/08 Wendy's International June 2008 Rebalancing 6/13/08 Colgate Palmolive June 2008 Rebalancing 6/13/08 Cameron International June 2008 Rebalancing 6/13/08 Prologis June 2008 Rebalancing 6/13/08 Vornado Realty Trust June 2008 Rebalancing 6/13/08 Covidien June 2008 Rebalancing 6/13/08 Medco Health Solutions June 2008 Rebalancing 6/13/08 Mylan June 2008 Rebalancing 6/13/08 PerkinElmer June 2008 Rebalancing 6/13/08 Schering-Plough June 2008 Rebalancing 6/13/08 Tenet Healthcare June 2008 Rebalancing 6/13/08 CH Robinson Worldwide June 2008 Rebalancing 6/13/08 Northrup Grumman June 2008 Rebalancing 6/13/08 Southwest Airlines June 2008 Rebalancing 6/13/08 Apple June 2008 Rebalancing 6/13/08 CA June 2008 Rebalancing 6/13/08 Sun Microsystems June 2008 Rebalancing 6/13/08 Teradata June 2008 Rebalancing 6/13/08 Embarq June 2008 Rebalancing 6/13/08 Qwest Communications June 2008 Rebalancing 6/13/08 Dow Jones & Company December 2007 Rebalancing 12/17/07 Chesapeake Energy December 2007 Rebalancing 12/17/07 national Oilwell Varco December 2007 Rebalancing 12/17/07 Boston Scientific December 2007 Rebalancing 12/17/07 Biogen Idec December 2007 Rebalancing 12/17/07 Allergan December 2007 Rebalancing 12/17/07 Expeditors International December 2007 Rebalancing 12/17/07 Unisys December 2007 Rebalancing 12/17/07 Juniper Networks December 2007 Rebalancing 12/17/07 Electronic Arts December 2007 Rebalancing 12/17/07 Excelon December 2007 Rebalancing 12/17/07 Adobe Systems First Data Taken Private 9/25/07 KB Home June 2007 Rebalancing 6/15/07 Lennar Cl 'A' June 2007 Rebalancing 6/15/07 Pulte Homes June 2007 Rebalancing 6/15/07 Brown-Forman 'B' June 2007 Rebalancing 6/15/07 Ensco International June 2007 Rebalancing 6/15/07 Avalonbay Communities June 2007 Rebalancing 6/15/07 Bristol-Myers Squibb June 2007 Rebalancing 6/15/07 Medco Health Solutions June 2007 Rebalancing 6/15/07 Watson Pharmaceuticals June 2007 Rebalancing 6/15/07 CH Robinson Worldwide June 2007 Rebalancing 6/15/07 Cummins June 2007 Rebalancing 6/15/07 Advanced Micro Devices June 2007 Rebalancing 6/15/07 Avaya June 2007 Rebalancing 6/15/07 BMC Software June 2007 Rebalancing 6/15/07 First Data June 2007 Rebalancing 6/15/07 Jabil Circuit June 2007 Rebalancing 6/15/07 JDS Uniphase June 2007 Rebalancing 6/15/07 Motorola June 2007 Rebalancing 6/15/07 Sanmina-SCI June 2007 Rebalancing 6/15/07 Tellabs June 2007 Rebalancing 6/15/07 Sprint Nextel June 2007 Rebalancing 6/15/07 Monster Worldwide Replace American Power Conversion after acquisition 2/8/07 Vornado Realty Trust Replace Equity Office Properties taken private 2/8/07 Time Warner December 2006 Rebalancing 12/18/06 Wendy's International December 2006 Rebalancing 12/18/06 Wyndham Worldwide December 2006 Rebalancing 12/18/06 Avon Products December 2006 Rebalancing 12/18/06 Wrigley December 2006 Rebalancing 12/18/06 Prologis December 2006 Rebalancing 12/18/06 Public Storage December 2006 Rebalancing 12/18/06 Bausch & Lomb December 2006 Rebalancing 12/18/06 Boston Scientific December 2006 Rebalancing 12/18/06 Celgene December 2006 Rebalancing 12/18/06 Monsanto December 2006 Rebalancing 12/18/06 American Power Conversion December 2006 Rebalancing 12/18/06 Boeing December 2006 Rebalancing 12/18/06 Adobe Systems December 2006 Rebalancing 12/18/06 Ciena December 2006 Rebalancing 12/18/06 Cognizant Technology Solutions December 2006 Rebalancing 12/18/06 Micron Technology December 2006 Rebalancing 12/18/06 Parametric Technology December 2006 Rebalancing 12/18/06 Sun Microsystems December 2006 Rebalancing 12/18/06 Symbol Technologies December 2006 Rebalancing 12/18/06 Citizens Communications December 2006 Rebalancing 12/18/06 Windstream December 2006 Rebalancing 12/18/06 AES December 2006 Rebalancing 12/18/06 Viacom Class B June 2006 Rebalancing 6/15/06 Whole Foods Market June 2006 Rebalancing 6/15/06 Noble June 2006 Rebalancing 6/15/06 Apartment Invst/Mgmt June 2006 Rebalancing 6/15/06 Boston Properties June 2006 Rebalancing 6/15/06 Simon Property Group June 2006 Rebalancing 6/15/06 Allergan June 2006 Rebalancing 6/15/06 Applera-App Biosys June 2006 Rebalancing 6/15/06 Hospira June 2006 Rebalancing 6/15/06 Tenet Healthcare June 2006 Rebalancing 6/15/06 Andrew June 2006 Rebalancing 6/15/06 Avaya June 2006 Rebalancing 6/15/06 Electronic Arts June 2006 Rebalancing 6/15/06 EDS June 2006 Rebalancing 6/15/06 Gateway June 2006 Rebalancing 6/15/06 JDS Uniphase June 2006 Rebalancing 6/15/06 Network Appliance June 2006 Rebalancing 6/15/06 Novell June 2006 Rebalancing 6/15/06 Tellabs June 2006 Rebalancing 6/15/06 AT&T June 2006 Rebalancing 6/15/06 Amazon.com December 2005 Rebalancing 12/14/05 Big Lots December 2005 Rebalancing 12/14/05 Dow Jones & Co. December 2005 Rebalancing 12/14/05 Brown-Forman 'B' December 2005 Rebalancing 12/14/05 Chubb December 2005 Rebalancing 12/14/05 Public Storage December 2005 Rebalancing 12/14/05 Biogen Idec December 2005 Rebalancing 12/14/05 Express Scripts December 2005 Rebalancing 12/14/05 King Pharmaceuticals December 2005 Rebalancing 12/14/05 Fluor December 2005 Rebalancing 12/14/05 Newmont Mining December 2005 Rebalancing 12/14/05 Agilent Technologies December 2005 Rebalancing 12/14/05 Apple Computer December 2005 Rebalancing 12/14/05 Compuware December 2005 Rebalancing 12/14/05 NCR December 2005 Rebalancing 12/14/05 Paychex December 2005 Rebalancing 12/14/05 Unisys December 2005 Rebalancing 12/14/05 Citizens Communications December 2005 Rebalancing 12/14/05 Interpublic Group June 2005 Rebalancing 6/15/05 Cooper Tire & Rubber June 2005 Rebalancing 6/15/05 Starbucks June 2005 Rebalancing 6/15/05 Noble June 2005 Rebalancing 6/15/05 Archstone-Smith June 2005 Rebalancing 6/15/05 Apartment Invst/Mgmt. June 2005 Rebalancing 6/15/05 AON June 2005 Rebalancing 6/15/05 Simon Property Group June 2005 Rebalancing 6/15/05 Tenet Healthcare June 2005 Rebalancing 6/15/05 Millipore June 2005 Rebalancing 6/15/05 Cigna June 2005 Rebalancing 6/15/05 Southwest Airlines June 2005 Rebalancing 6/15/05 Rockwell Collins June 2005 Rebalancing 6/15/05 Donnelley (R.R.) June 2005 Rebalancing 6/15/05 Monsanto June 2005 Rebalancing 6/15/05 Advanced Micro Devices June 2005 Rebalancing 6/15/05 Applied Micro Circuits June 2005 Rebalancing 6/15/05 Avaya June 2005 Rebalancing 6/15/05 Electronic Arts June 2005 Rebalancing 6/15/05 Bellsouth June 2005 Rebalancing 6/15/05 Paychex Replaced PeopleSoft, Acquired by Oracle 1/10/05 Comcast 'A' December 2004 Rebalancing 12/20/04 OfficeMax December 2004 Rebalancing 12/20/04 Wrigley December 2004 Rebalancing 12/20/04 Walgreen December 2004 Rebalancing 12/20/04 Hershey Foods December 2004 Rebalancing 12/20/04 Nabors Industries December 2004 Rebalancing 12/20/04 El Paso December 2004 Rebalancing 12/20/04 Equity Office Properties December 2004 Rebalancing 12/20/04 Safeco December 2004 Rebalancing 12/20/04 Janus Capital Group December 2004 Rebalancing 12/20/04 Prologis December 2004 Rebalancing 12/20/04 Equity Residential December 2004 Rebalancing 12/20/04 Medimmune December 2004 Rebalancing 12/20/04 Chiron December 2004 Rebalancing 12/20/04 Hospira December 2004 Rebalancing 12/20/04 Gilead Sciences December 2004 Rebalancing 12/20/04 American Power Conversion December 2004 Rebalancing 12/20/04 LSI Logic December 2004 Rebalancing 12/20/04 Sun Microsystems December 2004 Rebalancing 12/20/04 Teradyne December 2004 Rebalancing 12/20/04 Computer Associates December 2004 Rebalancing 12/20/04 PeopleSoft December 2004 Rebalancing 12/20/04 Novell December 2004 Rebalancing 12/20/04 Compuware December 2004 Rebalancing 12/20/04 Lucent Technologies December 2004 Rebalancing 12/20/04 Siebel Systems December 2004 Rebalancing 12/20/04 Tellabs December 2004 Rebalancing 12/20/04 Network Appliance December 2004 Rebalancing 12/20/04 Automatic Data Proc. December 2004 Rebalancing 12/20/04 TXU December 2004 Rebalancing 12/20/04 Nextel Replaced AT&T Wireless 10/26/04 Dow Jones & Company June 2004 Rebalancing 6/15/04 eBay June 2004 Rebalancing 6/15/04 Albertson's June 2004 Rebalancing 6/15/04 Avon Products June 2004 Rebalancing 6/15/04 Colgate-Palmolive June 2004 Rebalancing 6/15/04 Gillette June 2004 Rebalancing 6/15/04 BJ Services June 2004 Rebalancing 6/15/04 AFLAC June 2004 Rebalancing 6/15/04 American Express June 2004 Rebalancing 6/15/04 Cincinnati Financial June 2004 Rebalancing 6/15/04 XL Capital June 2004 Rebalancing 6/15/04 Biogen Idec June 2004 Rebalancing 6/15/04 Boston Scientific June 2004 Rebalancing 6/15/04 Zimmer Holdings June 2004 Rebalancing 6/15/04 Boeing June 2004 Rebalancing 6/15/04 Freeport McMoran Copper & Gold 'B' June 2004 Rebalancing 6/15/04 Hercules June 2004 Rebalancing 6/15/04 Applied Micro Circuits June 2004 Rebalancing 6/15/04 Broadcom June 2004 Rebalancing 6/15/04 JDS Uniphase June 2004 Rebalancing 6/15/04 Maxim Integrated Products June 2004 Rebalancing 6/15/04 Mercury Interactive June 2004 Rebalancing 6/15/04 Novellus Systems June 2004 Rebalancing 6/15/04 Allegheny Energy June 2004 Rebalancing 6/15/04 Dynegy CL 'A' June 2004 Rebalancing 6/15/04 FirstEnergy June 2004 Rebalancing 6/15/04 Sprint Repurchased Sprint PCS 4/26/04 AES December 2003 Rebalancing 12/15/03 Yahoo December 2003 Rebalancing 12/15/03 Tellabs December 2003 Rebalancing 12/15/03 KLA-Tencor December 2003 Rebalancing 12/15/03 EDS December 2003 Rebalancing 12/15/03 Newmont Mining December 2003 Rebalancing 12/15/03 Allegheny Tech December 2003 Rebalancing 12/15/03 Robert Half International December 2003 Rebalancing 12/15/03 Monster Worldwide December 2003 Rebalancing 12/15/03 H&R Block December 2003 Rebalancing 12/15/03 Tenet Healthcare December 2003 Rebalancing 12/15/03 Stryker December 2003 Rebalancing 12/15/03 Schering-Plough December 2003 Rebalancing 12/15/03 Chiron December 2003 Rebalancing 12/15/03 State Street December 2003 Rebalancing 12/15/03 Safeco December 2003 Rebalancing 12/15/03 Franklin Resources December 2003 Rebalancing 12/15/03 Equity Residential December 2003 Rebalancing 12/15/03 Nabors Industries December 2003 Rebalancing 12/15/03 Sysco December 2003 Rebalancing 12/15/03 Time Warner December 2003 Rebalancing 12/15/03 Starwood Hotel & Restaurants December 2003 Rebalancing 12/15/03 Starbucks December 2003 Rebalancing 12/15/03 Hilton Hotels December 2003 Rebalancing 12/15/03 Dillard's December 2003 Rebalancing 12/15/03 Aetna Replaced Quintiles Transnational 9/26/03 Sun Microsystems June 2003 Rebalancing 6/13/03 Siebel Ssytems June 2003 Rebalancing 6/13/03 Scientific-Atlanta June 2003 Rebalancing 6/13/03 Oracle June 2003 Rebalancing 6/13/03 NCR June 2003 Rebalancing 6/17/03 Molex June 2003 Rebalancing 6/17/02 LSI Logic June 2003 Rebalancing 6/13/03 Compuware June 2003 Rebalancing 6/13/03 Agilent Technologies June 2003 Rebalancing 6/13/03 ADC Telecom June 2003 Rebalancing 6/13/03 Sigma-Aldrich June 2003 Rebalancing 6/13/03 Navistar International June 2003 Rebalancing 6/13/03 McDermott International June 2003 Rebalancing 6/13/03 R.R. Donnelley June 2003 Rebalancing 6/13/03 Quintiles Transnational June 2003 Rebalancing 6/13/03 Medimmune June 2003 Rebalancing 6/13/03 Genzyme General June 2003 Rebalancing 6/13/03 Amgen June 2003 Rebalancing 6/13/03 T-Rowe Price Group June 2003 Rebalancing 6/13/03 Goldman Sachs June 2003 Rebalancing 6/13/03 Bear Stearns June 2003 Rebalancing 6/13/03 Colgate-Palmolive June 2003 Rebalancing 6/13/03 Ebay June 2003 Rebalancing 6/13/03 Big Lots June 2002 Rebalancing 6/17/02 Comcast Spl 'A' June 2002 Rebalancing 6/17/02 Starbucks June 2002 Rebalancing 6/17/02 Coca-Cola June 2002 Rebalancing 6/17/02 Wm Wrigley June 2002 Rebalancing 6/17/02 Rowan Companies June 2002 Rebalancing 6/17/02 Aflac June 2002 Rebalancing 6/17/02 Fifth Third Bancorp June 2002 Rebalancing 6/17/02 Franklin Resources June 2002 Rebalancing 6/17/02 Plum Creek Timber June 2002 Rebalancing 6/17/02 Providian Financial June 2002 Rebalancing 6/17/02 Aetna June 2002 Rebalancing 6/17/02 Boston Scientific June 2002 Rebalancing 6/17/02 Stryker June 2002 Rebalancing 6/17/02 Zimmer Holdings June 2002 Rebalancing 6/17/02 Apollo Group June 2002 Rebalancing 6/17/02 Concord EFS June 2002 Rebalancing 6/17/02 Delta Air Lines June 2002 Rebalancing 6/17/02 Deluxe June 2002 Rebalancing 6/17/02 Paychex June 2002 Rebalancing 6/17/02 Power One June 2002 Rebalancing 6/17/02 Phelps Dodge June 2002 Rebalancing 6/17/02 United States Steel June 2002 Rebalancing 6/17/02 Andrew June 2002 Rebalancing 6/17/02 Apple Computer June 2002 Rebalancing 6/17/02 Avaya June 2002 Rebalancing 6/17/02 Broadcom June 2002 Rebalancing 6/17/02 Computer Associates June 2002 Rebalancing 6/17/02 Comverse Tech June 2002 Rebalancing 6/17/02 Corning June 2002 Rebalancing 6/17/02 Maxim Integrated Prd June 2002 Rebalancing 6/17/02 Network Appliance June 2002 Rebalancing 6/17/02 Parametric Tech June 2002 Rebalancing 6/17/02 PMC-Sierra June 2002 Rebalancing 6/17/02 Solectron June 2002 Rebalancing 6/17/02 AT&T Wireless Svcs June 2002 Rebalancing 6/17/02 Verizon Communications June 2002 Rebalancing 6/17/02 Kinder Morgan June 2002 Rebalancing 6/17/02 SBC Communications Replacement Following Global Crossing's Delisting 4/22/02 Siebel Systems Replacement Following Cabletron Systems' Dissolution 8/6/01 Allergan Replacing Alza Following Acquisition 6/25/01 Dynegy June 2001 Rebalancing 6/15/01 Calpine June 2001 Rebalancing 6/15/01 Altera June 2001 Rebalancing 6/15/01 Intel June 2001 Rebalancing 6/15/01 Peoplesoft June 2001 Rebalancing 6/15/01 Gateway June 2001 Rebalancing 6/15/01 Micron Technology June 2001 Rebalancing 6/15/01 Agilent Technologies June 2001 Rebalancing 6/15/01 Xerox June 2001 Rebalancing 6/15/01 Teradyne June 2001 Rebalancing 6/15/01 Texas Instruments June 2001 Rebalancing 6/15/01 Cabletron Systems June 2001 Rebalancing 6/15/01 Novell June 2001 Rebalancing 6/15/01 Forest Laboratories June 2001 Rebalancing 6/15/01 Alza June 2001 Rebalancing 6/15/01 Quintiles Transnational June 2001 Rebalancing 6/15/01 Synovus Fincncial June 2001 Rebalancing 6/15/01 Moody's June 2001 Rebalancing 6/15/01 Cincinnati Financial June 2001 Rebalancing 6/15/01 Progressive June 2001 Rebalancing 6/15/01 Nabors Industries June 2001 Rebalancing 6/15/01 Noble Drilling June 2001 Rebalancing 6/15/01 Univision Communications June 2001 Rebalancing 6/15/01 AOL Time Warner June 2001 Rebalancing 6/15/01 Gap June 2001 Rebalancing 6/15/01 KMart June 2001 Rebalancing 6/15/01 Dana June 2001 Rebalancing 6/15/01 Tribune June 2001 Rebalancing 6/15/01 Citizens Communications June 2001 Rebalancing 6/15/01 Global Crossing June 2001 Rebalancing 6/15/01 Qwest Communications June 2001 Rebalancing 6/15/01 Cooper Industries June 2001 Rebalancing 6/15/01 Eaton June 2001 Rebalancing 6/15/01 Waste Management June 2001 Rebalancing 6/15/01 Cummins June 2001 Rebalancing 6/15/01 Sigma-Aldrich June 2001 Rebalancing 6/15/01 WorldCom GTE Merger 7/2/00 Alltel GTE Merger 7/2/00 AMR Kansas City Southern Divestiture 7/13/00 Southwest Airlines Kansas City Southern Divestiture 7/13/00 Clear Channel Communications Seagram Purchased by Vivendi 12/11/00 Deletions:   XTO Energy Purchased by Exxon 6/30/2010 Amazon.com Inc. June 2010 Rebalancing 6/18/2010 Ford Motor Co. June 2010 Rebalancing 6/18/2010 Coca-Cola Enterprises June 2010 Rebalancing 6/18/2010 Kellogg Co. June 2010 Rebalancing 6/18/2010 Kimberly-Clark June 2010 Rebalancing 6/18/2010 Lorillard Inc. June 2010 Rebalancing 6/18/2010 BJ Services Co. June 2010 Rebalancing 6/18/2010 Devon Energy Corp. June 2010 Rebalancing 6/18/2010 Massey energy Company June 2010 Rebalancing 6/18/2010 Southwestern Energy Co. June 2010 Rebalancing 6/18/2010 Williams Companies, Inc. June 2010 Rebalancing 6/18/2010 Invesco Ltd. June 2010 Rebalancing 6/18/2010 Janus Capital Group, Inc. June 2010 Rebalancing 6/18/2010 M&T Bank Corp. June 2010 Rebalancing 6/18/2010 Hospira Inc. June 2010 Rebalancing 6/18/2010 Johnson & Johnson June 2010 Rebalancing 6/18/2010 Eli Lilly & Co. June 2010 Rebalancing 6/18/2010 Medco Health Solutions Inc. June 2010 Rebalancing 6/18/2010 W.W. Grainger Inc. June 2010 Rebalancing 6/18/2010 Nucor Corp. June 2010 Rebalancing 6/18/2010 Advanced Micro Devices June 2010 Rebalancing 6/18/2010 Broadcom Corp. 'A' June 2010 Rebalancing 6/18/2010 Citrix Systems, Inc. June 2010 Rebalancing 6/18/2010 eBay Inc. June 2010 Rebalancing 6/18/2010 Red Hat Inc. June 2010 Rebalancing 6/18/2010 Tellabs Inc. June 2010 Rebalancing 6/18/2010 Teradata Corp. June 2010 Rebalancing 6/18/2010 Texas Instruments, Inc. June 2010 Rebalancing 6/18/2010 Windstream Corp. June 2010 Rebalancing 6/18/2010 TECO Energy, Inc. June 2010 Rebalancing 6/18/2010 BJ Services Bought by Baker Hughes 4/28/10 JCPenney December 2009 Rebalancing 12/14/09 Goodyear Tire December 2009 Rebalancing 12/14/09 Meredith December 2009 Rebalancing 12/14/09 Colgate Palmolive December 2009 Rebalancing 12/14/09 Brown Forman B December 2009 Rebalancing 12/14/09 Philip Morris Interntional December 2009 Rebalancing 12/14/09 Anadarko Petroleum December 2009 Rebalancing 12/14/09 EOG Resources December 2009 Rebalancing 12/14/09 Marathon Oil December 2009 Rebalancing 12/14/09 American Express December 2009 Rebalancing 12/14/09 Equity Residential December 2009 Rebalancing 12/14/09 Host Hotels and Resorts December 2009 Rebalancing 12/14/09 Huntington Bancshares December 2009 Rebalancing 12/14/09 Legg Mason December 2009 Rebalancing 12/14/09 Plum Creek Timber December 2009 Rebalancing 12/14/09 PNC Financial Services Group December 2009 Rebalancing 12/14/09 Suntrust Banks December 2009 Rebalancing 12/14/09 Zions Bancorporation December 2009 Rebalancing 12/14/09 King Pharmaceuticals December 2009 Rebalancing 12/14/09 Millipore December 2009 Rebalancing 12/14/09 Mylan December 2009 Rebalancing 12/14/09 Perkinelmer December 2009 Rebalancing 12/14/09 Schering-Plough Purchased by Merck 12/14/09 Waters December 2009 Rebalancing 12/14/09 Watson Pharmaceutical December 2009 Rebalancing 12/14/09 Wellpoint December 2009 Rebalancing 12/14/09 Caterpillar December 2009 Rebalancing 12/14/09 Expeditors International December 2009 Rebalancing 12/14/09 Fluor December 2009 Rebalancing 12/14/09 Ingersoll-Rand December 2009 Rebalancing 12/14/09 Weyerhaeuser December 2009 Rebalancing 12/14/09 Applied Materials December 2009 Rebalancing 12/14/09 Ciena December 2009 Rebalancing 12/14/09 Compuware December 2009 Rebalancing 12/14/09 IAC/Interactive December 2009 Rebalancing 12/14/09 JDS Uniphase December 2009 Rebalancing 12/14/09 Juniper Networks December 2009 Rebalancing 12/14/09 KLA-Tencor December 2009 Rebalancing 12/14/09 LSI December 2009 Rebalancing 12/14/09 Memc Electornic Materials December 2009 Rebalancing 12/14/09 Microchip Technology December 2009 Rebalancing 12/14/09 Molex December 2009 Rebalancing 12/14/09 Motorola December 2009 Rebalancing 12/14/09 Nvidia December 2009 Rebalancing 12/14/09 Paychex December 2009 Rebalancing 12/14/09 QLogic December 2009 Rebalancing 12/14/09 Qualcomm December 2009 Rebalancing 12/14/09 Sandisk December 2009 Rebalancing 12/14/09 Teredyne December 2009 Rebalancing 12/14/09 Unisys December 2009 Rebalancing 12/14/09 Yahoo December 2009 Rebalancing 12/14/09 AT&T December 2009 Rebalancing 12/14/09 Exelon December 2009 Rebalancing 12/14/09 PPL December 2009 Rebalancing 12/14/09 Office Depot June 2009 Rebalancing 6/12/09 Procter & Gamble June 2009 Rebalancing 6/12/09 Altria June 2009 Rebalancing 6/12/09 Chesapeake Energy June 2009 Rebalancing 6/12/09 Allegheny Energy June 2009 Rebalancing 6/12/09 Consol Energy June 2009 Rebalancing 6/12/09 Halliburton June 2009 Rebalancing 6/12/09 Murphy Oil June 2009 Rebalancing 6/12/09 Nabors Industries June 2009 Rebalancing 6/12/09 Noble June 2009 Rebalancing 6/12/09 Peabody Energy June 2009 Rebalancing 6/12/09 Weatherford International June 2009 Rebalancing 6/12/09 Williams Companies June 2009 Rebalancing 6/12/09 CIT Group June 2009 Rebalancing 6/12/09 Citigroup June 2009 Rebalancing 6/12/09 Comerica June 2009 Rebalancing 6/12/09 JPMorgan Chase June 2009 Rebalancing 6/12/09 M&T Bank June 2009 Rebalancing 6/12/09 Marshall & Ilsley June 2009 Rebalancing 6/12/09 Northern Trust June 2009 Rebalancing 6/12/09 Amgen June 2009 Rebalancing 6/12/09 Celgene June 2009 Rebalancing 6/12/09 Medco Health Solutions June 2009 Rebalancing 6/12/09 Quest Diagnostics June 2009 Rebalancing 6/12/09 W.W. Granger June 2009 Rebalancing 6/12/09 Monsanto June 2009 Rebalancing 6/12/09 Broadcom June 2009 Rebalancing 6/12/09 Electronic Arts June 2009 Rebalancing 6/12/09 Intel June 2009 Rebalancing 6/12/09 Lexmark International June 2009 Rebalancing 6/12/09 National Semiconductor June 2009 Rebalancing 6/12/09 Novell June 2009 Rebalancing 6/12/09 Novellus Systems June 2009 Rebalancing 6/12/09 Sun Microsystems June 2009 Rebalancing 6/12/09 Tellabs June 2009 Rebalancing 6/12/09 Teradata June 2009 Rebalancing 6/12/09 Texas Instruments June 2009 Rebalancing 6/12/09 Verisign June 2009 Rebalancing 6/12/09 Embarq June 2009 Rebalancing 6/12/09 Qwest Communications June 2009 Rebalancing 6/12/09 Sprint Nextel June 2009 Rebalancing 6/12/09 Allegheny Energy June 2009 Rebalancing 6/12/09 Barr Labs Purchased by Teva Pharmaceuticals 2/27/09 UST Purchased by Altria 1/5/09 Brunswick December 2008 Rebalancing 12/12/08 Comcast 'A' December 2008 Rebalancing 12/12/08 Interpublic Group December 2008 Rebalancing 12/12/08 Sears Holdings December 2008 Rebalancing 12/12/08 Wendy's International December 2008 Rebalancing 12/12/08 WM Wrigley December 2008 Rebalancing 12/12/08 Cameron International December 2008 Rebalancing 12/12/08 National Oilwell Varco December 2008 Rebalancing 12/12/08 Transocean December 2008 Rebalancing 12/12/08 Boston Properties December 2008 Rebalancing 12/12/08 Equity Residential December 2008 Rebalancing 12/12/08 Prologis December 2008 Rebalancing 12/12/08 Vornado Realty Trust December 2008 Rebalancing 12/12/08 Boston Scientific December 2008 Rebalancing 12/12/08 Covidien December 2008 Rebalancing 12/12/08 Perkinelmer December 2008 Rebalancing 12/12/08 Tenet Healthcare December 2008 Rebalancing 12/12/08 Northrop Grumman December 2008 Rebalancing 12/12/08 Southwest Airlines December 2008 Rebalancing 12/12/08 Apple December 2008 Rebalancing 12/12/08 CA December 2008 Rebalancing 12/12/08 Motorola December 2008 Rebalancing 12/12/08 Amazon.com June 2008 Rebalancing 6/13/08 Dow Jones & Company June 2008 Rebalancing 6/13/08 Avon Products June 2008 Rebalancing 6/13/08 Chesapeake Energy June 2008 Rebalancing 6/13/08 Ensco International June 2008 Rebalancing 6/13/08 Avalon Bay Communities June 2008 Rebalancing 6/13/08 Biogen-Idec June 2008 Rebalancing 6/13/08 Watson Pharmaceuticals June 2008 Rebalancing 6/13/08 Allergan June 2008 Rebalancing 6/13/08 Expeditors International June 2008 Rebalancing 6/13/08 Fluor June 2008 Rebalancing 6/13/08 Juniper Networks June 2008 Rebalancing 6/13/08 Paychex June 2008 Rebalancing 6/13/08 Broadcom June 2008 Rebalancing 6/13/08 Windstream June 2008 Rebalancing 6/13/08 AT&T June 2008 Rebalancing 6/13/08 Sprint Nextel June 2008 Rebalancing 6/13/08 KB Home December 2007 Rebalancing 12/17/07 Lennar Class A December 2007 Rebalancing 12/17/07 Pulte Homes December 2007 Rebalancing 12/17/07 Nobel December 2007 Rebalancing 12/17/07 Archstone-Smith Trust December 2007 Rebalancing 12/17/07 Bristol-Myers Squibb/FONT> December 2007 Rebalancing 12/17/07 Medco Health Solutions December 2007 Rebalancing 12/17/07 Schering-Plough December 2007 Rebalancing 12/17/07 Advanced Micro Devices December 2007 Rebalancing 12/17/07 Avaya December 2007 Rebalancing 12/17/07 BMC Software December 2007 Rebalancing 12/17/07 CA December 2007 Rebalancing 12/17/07 Ciena December 2007 Rebalancing 12/17/07 Adobe Systems December 2007 Rebalancing 12/17/07 Jabil Circuit December 2007 Rebalancing 12/17/07 JDS Uniphase December 2007 Rebalancing 12/17/07 Micron Technology December 2007 Rebalancing 12/17/07 Sanmina-SCI/FONT> December 2007 Rebalancing 12/17/07 Sun Microsystems December 2007 Rebalancing 12/17/07 TXU December 2007 Rebalancing 12/17/07 First Data Taken Private 9/25/07 Starbucks June 2007 Rebalancing 6/15/07 Time Warner June 2007 Rebalancing 6/15/07 Wendy's International June 2007 Rebalancing 6/15/07 Wyndham Worldwide June 2007 Rebalancing 6/15/07 Walgreen June 2007 Rebalancing 6/15/07 Whole Foods Market June 2007 Rebalancing 6/15/07 Nabors Industries June 2007 Rebalancing 6/15/07 Vornato Realty Trust June 2007 Rebalancing 6/15/07 Prologis June 2007 Rebalancing 6/15/07 Public Storage June 2007 Rebalancing 6/15/07 Applera-App Biosystems June 2007 Rebalancing 6/15/07 Bausch & Lomb June 2007 Rebalancing 6/15/07 Boston Scientific June 2007 Rebalancing 6/15/07 MedImmune June 2007 Rebalancing 6/15/07 Monster International June 2007 Rebalancing 6/15/07 Boeing June 2007 Rebalancing 6/15/07 Adobe Systems June 2007 Rebalancing 6/15/07 Cognizant Technology Solutions June 2007 Rebalancing 6/15/07 Novell June 2007 Rebalancing 6/15/07 Parametric Technologies June 2007 Rebalancing 6/15/07 Symbol Technologies June 2007 Rebalancing 6/15/07 Unisys June 2007 Rebalancing 6/15/07 Citizens Communications June 2007 Rebalancing 6/15/07 AES June 2007 Rebalancing 6/15/07 American Power Conversion Purchased by Schneider Electric 3/28/07 Equity Office Properties Taken Private 2/8/07 Sprint-Nextel December 2006 Rebalancing 12/18/06 Tellabs December 2006 Rebalancing 12/18/06 Network appliance December 2006 Rebalancing 12/18/06 JDS Uniphase December 2006 Rebalancing 12/18/06 Gatewey December 2006 Rebalancing 12/18/06 EDS December 2006 Rebalancing 12/18/06 Electronic Arts December 2006 Rebalancing 12/18/06 Avaya December 2006 Rebalancing 12/18/06 Andrew December 2006 Rebalancing 12/18/06 Newmont Mining December 2006 Rebalancing 12/18/06 Rockwell Collins December 2006 Rebalancing 12/18/06 Robert Half International December 2006 Rebalancing 12/18/06 Monster Worldwide December 2006 Rebalancing 12/18/06 Tenet Healthcare December 2006 Rebalancing 12/18/06 Hospira December 2006 Rebalancing 12/18/06 Biogen Idec December 2006 Rebalancing 12/18/06 Allergan December 2006 Rebalancing 12/18/06 simon Property Group December 2006 Rebalancing 12/18/06 Apartment Invst/MbmtT December 2006 Rebalancing 12/18/06 Brown-Forman 'B' December 2006 Rebalancing 12/18/06 Viacom Class B December 2006 Rebalancing 12/18/06 Dow Jones & Company December 2006 Rebalancing 12/18/06 Cooper Tire & Rubber December 2006 Rebalancing 12/18/06 Big Lots December 2006 Rebalancing 12/18/06 Interpublic Group June 2006 Rebalancing 6/15/06 Officemax June 2006 Rebalancing 6/15/06 WM Wrigley, Jr. June 2006 Rebalancing 6/15/06 Chubb June 2006 Rebalancing 6/15/06 Janus Capital Group June 2006 Rebalancing 6/15/06 Moody's June 2006 Rebalancing 6/15/06 Public Storage June 2006 Rebalancing 6/15/06 Express Scripts June 2006 Rebalancing 6/15/06 King Pharmaceuticals June 2006 Rebalancing 6/15/06 Agilent Technologies June 2006 Rebalancing 6/15/06 Apple Computer June 2006 Rebalancing 6/15/06 Applied Micro Circuits June 2006 Rebalancing 6/15/06 Compuware June 2006 Rebalancing 6/15/06 NCR June 2006 Rebalancing 6/15/06 Bellsouth June 2006 Rebalancing 6/15/06 Citizen's Communications June 2006 Rebalancing 6/15/06 EBay December 2005 Rebalancing 12/14/05 Hershey December 2005 Rebalancing 12/14/05 Noble December 2005 Rebalancing 12/14/05 Apartment Invst/Mgmt December 2005 Rebalancing 12/14/05 AON December 2005 Rebalancing 12/14/05 Simon Property Group December 2005 Rebalancing 12/14/05 Tenet Healthcare December 2005 Rebalancing 12/14/05 Hospira December 2005 Rebalancing 12/14/05 Millipore December 2005 Rebalancing 12/14/05 Cigna December 2005 Rebalancing 12/14/05 Southwest Airlines December 2005 Rebalancing 12/14/05 American Power Conversion December 2005 Rebalancing 12/14/05 R.R. Donnelley December 2005 Rebalancing 12/14/05 Monsanto December 2005 Rebalancing 12/14/05 Advanced Micro Devices December 2005 Rebalancing 12/14/05 Novell December 2005 Rebalancing 12/14/05 Sun Microsystems December 2005 Rebalancing 12/14/05 Teredyne December 2005 Rebalancing 12/14/05 Siebel Systems December 2005 Rebalancing 12/14/05 Avaya December 2005 Rebalancing 12/14/05 Electronic Arts December 2005 Rebalancing 12/14/05 Comverse Technologies December 2005 Rebalancing 12/14/05 Network Appliance December 2005 Rebalancing 12/14/05 El Paso June 2005 Rebalancing 6/15/05 Rowan Companies June 2005 Rebalancing 6/15/05 Safeco June 2005 Rebalancing 6/15/05 Cincinnati Financial June 2005 Rebalancing 6/15/05 Prologis June 2005 Rebalancing 6/15/05 Chiron June 2005 Rebalancing 6/15/05 Biogen Idec June 2005 Rebalancing 6/15/05 Gilead Sciences June 2005 Rebalancing 6/15/05 Power One June 2005 Rebalancing 6/15/05 Apollo Group June 2005 Rebalancing 6/15/05 Freeport-McMoran Copper & Gold 'B' June 2005 Rebalancing 6/15/05 LSI Logic June 2005 Rebalancing 6/15/05 Paychex June 2005 Rebalancing 6/15/05 PMC-Sierra June 2005 Rebalancing 6/15/05 Compuware June 2005 Rebalancing 6/15/05 Lucent Technologies June 2005 Rebalancing 6/15/05 Tellabs June 2005 Rebalancing 6/15/05 Automatic Data Processing June 2005 Rebalancing 6/15/05 Sprint June 2005 Rebalancing 6/15/05 AES June 2005 Rebalancing 6/15/05 PeopleSoft Acquired by Oracle 1/10/05 DowJones & Company December 2004 Rebalancing 12/20/04 Univision December 2004 Rebalancing 12/20/04 Albertson's December 2004 Rebalancing 12/20/04 Avon Products June 2004 Rebalancing 12/20/04 Colgage-Palmolive December 2004 Rebalancing 12/20/04 Gillette December 2004 Rebalancing 12/20/04 BJ Services December 2004 Rebalancing 12/20/04 AFLAC December 2004 Rebalancing 12/20/04 American Express December 2004 Rebalancing 12/20/04 T. Rowe Price Group December 2004 Rebalancing 12/20/04 XL Capital December 2004 Rebalancing 12/20/04 Boston Scientific December 2004 Rebalancing 12/20/04 Zimmer Holdings December 2004 Rebalancing 12/20/04 Boeing December 2004 Rebalancing 12/20/04 Hercules December 2004 Rebalancing 12/20/04 Apple Computer December 2004 Rebalancing 12/20/04 Applied Micro Circuits December 2004 Rebalancing 12/20/04 Broadcom December 2004 Rebalancing 12/20/04 JDS Uniphase December 2004 Rebalancing 12/20/04 Maxim Integrated Products December 2004 Rebalancing 12/20/04 Mercury Interactive December 2004 Rebalancing 12/20/04 Novellus Systems December 2004 Rebalancing 12/20/04 Citizens Communications December 2004 Rebalancing 12/20/04 Allegheny Energy December 2004 Rebalancing 12/20/04 Dynegy 'A' December 2004 Rebalancing 12/20/04 FirstEnergy December 2004 Rebalancing 12/20/04 AT&T Wireless Purchased by Cingular 10/26/04 Comcast 'A' June 2004 Rebalancing 6/15/04 Dillard's June 2004 Rebalancing 6/15/04 Hilton Hotels June 2004 Rebalancing 6/15/04 Starbucks June 2004 Rebalancing 6/15/04 Starwood Hotels and Resorts June 2004 Rebalancing 6/15/04 Time Warner June 2004 Rebalancing 6/15/04 Coca-Cola June 2004 Rebalancing 6/15/04 Sysco June 2004 Rebalancing 6/15/04 Walgreen June 2004 Rebalancing 6/15/04 William Wrigley June 2004 Rebalancing 6/15/04 Nabors Industries June 2004 Rebalancing 6/15/04 Equity Residential June 2004 Rebalancing 6/15/04 Franklin Resources June 2004 Rebalancing 6/15/04 Safeco June 2004 Rebalancing 6/15/04 Charles Schwab June 2004 Rebalancing 6/15/04 State Street June 2004 Rebalancing 6/15/04 Chiron June 2004 Rebalancing 6/15/04 Genzyme General June 2004 Rebalancing 6/15/04 Medimmune June 2004 Rebalancing 6/15/04 Stryker June 2004 Rebalancing 6/15/04 Tenet Healthcare June 2004 Rebalancing 6/15/04 H&R Block June 2004 Rebalancing 6/15/04 Allegheny Technology June 2004 Rebalancing 6/15/04 Newmont Mining June 2004 Rebalancing 6/15/04 ADC Telecom June 2004 Rebalancing 6/15/04 Avaya June 2004 Rebalancing 6/15/04 Computer Associates June 2004 Rebalancing 6/15/04 Compuware June 2004 Rebalancing 6/15/04 EDS June 2004 Rebalancing 6/15/04 KLA-Tencor June 2004 Rebalancing 6/15/04 NCR June 2004 Rebalancing 6/15/04 Siebel Systems June 2004 Rebalancing 6/15/04 Nextel Communications June 2004 Rebalancing 6/15/04 Kinder Morgan June 2004 Rebalancing 6/15/04 Sprint PCS Repurchased by Sprint 4/26/04 Qwest Communications December 2003 Rebalancing 12/15/03 Sun Microsystems December 2003 Rebalancing 12/15/03 Solectron December 2003 Rebalancing 12/15/03 Scientific-Atlanta December 2003 Rebalancing 12/15/03 Parametric Technology December 2003 Rebalancing 12/15/03 Oracle December 2003 Rebalancing 12/15/03 Network Appliance December 2003 Rebalancing 12/15/03 Molex December 2003 Rebalancing 12/15/03 LSI Logic December 2003 Rebalancing 12/15/03 Agilent Technologies December 2003 Rebalancing 12/15/03 Sigma-Aldrich December 2003 Rebalancing 12/15/03 Navistar International December 2003 Rebalancing 12/15/03 McDermott International December 2003 Rebalancing 12/15/03 R.R. Donnelley December 2003 Rebalancing 12/15/03 Deluxe December 2003 Rebalancing 12/15/03 Aetna December 2003 Rebalancing 12/15/03 Boston Scientific December 2003 Rebalancing 12/15/03 Amgen December 2003 Rebalancing 12/15/03 Goldman Sachs Group December 2003 Rebalancing 12/15/03 Bear Stearns December 2003 Rebalancing 12/15/03 Noble December 2003 Rebalancing 12/15/03 Colgate Palmolive December 2003 Rebalancing 12/15/03 Ebay December 2003 Rebalancing 12/15/03 Quintiles Transnational Taken Private 9/26/03 Verizon Communications June 2003 Rebalancing 6/13/03 Yahoo June 2003 Rebalancing 6/13/03 Teradyne June 2003 Rebalancing 6/13/03 Maxim Integrated Products June 2003 Rebalancing 6/13/03 Big Lots June 2003 Rebalancing 6/13/03 Corning June 2003 Rebalancing 6/13/03 Broadcom June 2003 Rebalancing 6/13/03 Andrew June 2003 Rebalancing 6/13/03 United States Steel June 2003 Rebalancing 6/13/03 Phelps Dodge June 2003 Rebalancing 6/13/03 Paychex June 2003 Rebalancing 6/13/03 Delta Air Lines June 2003 Rebalancing 6/13/03 Concord EFS June 2003 Rebalancing 6/13/03 Zimmer Holdings June 2003 Rebalancing 6/13/03 Stryker June 2003 Rebalancing 6/13/03 Forest Laboratories June 2003 Rebalancing 6/13/03 Aetna June 2003 Rebalancing 6/13/03 Providian Financial June 2003 Rebalancing 6/13/03 Franklin Resources June 2003 Rebalancing 6/13/03 Fifth Third Bancorp June 2003 Rebalancing 6/13/03 Cincinnati Financial June 2003 Rebalancing 6/13/03 Big Lots June 2003 Rebalancing 6/13/03 AFLAC June 2003 Rebalancing 6/13/03 Viacom 'B' June 2003 Rebalancing 6/13/03 Starbucks June 2003 Rebalancing 6/13/03 The Gap June 2003 Rebalancing 6/13/03 Clear Channel Communications June 2003 Rebalancing 6/13/03 Big Lots June 2003 Rebalancing 6/13/03 Sigma-Aldrich June 2002 Rebalancing 6/17/02 Cummins June 2002 Rebalancing 6/17/02 Waste Management June 2002 Rebalancing 6/17/02 Eaton June 2002 Rebalancing 6/17/02 Cooper Industries June 2002 Rebalancing 6/17/02 SBC Communications June 2002 Rebalancing 6/17/02 Kohl's June 2002 Rebalancing 6/17/02 Tribune June 2002 Rebalancing 6/17/02 Dana June 2002 Rebalancing 6/17/02 KMart June 2002 Rebalancing 6/17/02 AOL Time Warner June 2002 Rebalancing 6/17/02 Nabors Industries June 2002 Rebalancing 6/17/02 Safeco June 2002 Rebalancing 6/17/02 Progressive June 2002 Rebalancing 6/17/02 Synovus Financial June 2002 Rebalancing 6/17/02 AIG June 2002 Rebalancing 6/17/02 Quintiles Transnat'l June 2002 Rebalancing 6/17/02 Amgen June 2002 Rebalancing 6/17/02 Allergan June 2002 Rebalancing 6/17/02 Medimmune June 2002 Rebalancing 6/17/02 Novell June 2002 Rebalancing 6/17/02 Siebel Systems June 2002 Rebalancing 6/17/02 Texas Instruments June 2002 Rebalancing 6/17/02 Xerox June 2002 Rebalancing 6/17/02 Agilent Technologies June 2002 Rebalancing 6/17/02 Micron Technology June 2002 Rebalancing 6/17/02 Micron Technology June 2002 Rebalancing 6/17/02 Gateway June 2002 Rebalancing 6/17/02 Peoplesoft June 2002 Rebalancing 6/17/02 Intel June 2002 Rebalancing 6/17/02 Altera June 2002 Rebalancing 6/17/02 US Airways June 2002 Rebalancing 6/17/02 Calpine June 2002 Rebalancing 6/17/02 Dynegy June 2002 Rebalancing 6/17/02 Global Crossing Delisted 4/22/02 Cabletron Systems Dissolved into Two New Companies 8/6/01 Alza Acquired by Johnson & Johnson 6/25/01 Enron June 2001 Rebalancing 6/15/01 AES June 2001 Rebalancing 6/15/01 Southwest Airlines June 2001 Rebalancing 6/15/01 Scientific Atlanta June 2001 Rebalancing 6/15/01 Sun Microsystems June 2001 Rebalancing 6/15/01 Cisco Systems June 2001 Rebalancing 6/15/01 3Com June 2001 Rebalancing 6/15/01 Oracle June 2001 Rebalancing 6/15/01 Mercury Interactive June 2001 Rebalancing 6/15/01 Siebel Systems June 2001 Rebalancing 6/15/01 Network Appliance June 2001 Rebalancing 6/15/01 Parametric Technology June 2001 Rebalancing 6/15/01 Medtronic June 2001 Rebalancing 6/15/01 Allergan June 2001 Rebalancing 6/15/01 PE Biosystems June 2001 Rebalancing 6/15/01 American Express June 2001 Rebalancing 6/15/01 State Street June 2001 Rebalancing 6/15/01 Northern Trust June 2001 Rebalancing 6/15/01 Halliburton June 2001 Rebalancing 6/15/01 Rowan Companies June 2001 Rebalancing 6/15/01 Baker Hughes June 2001 Rebalancing 6/15/01 Starbucks June 2001 Rebalancing 6/15/01 Coca-Cola June 2001 Rebalancing 6/15/01 Comcast 'A' June 2001 Rebalancing 6/15/01 Wal-Mart June 2001 Rebalancing 6/15/01 Visteon June 2001 Rebalancing 6/15/01 Harley-Davidson June 2001 Rebalancing 6/15/01 Convergys June 2001 Rebalancing 6/15/01 Staples June 2001 Rebalancing 6/15/01 Alltel June 2001 Rebalancing 6/15/01 Worldcom June 2001 Rebalancing 6/15/01 American Power Conversion June 2001 Rebalancing 6/15/01 Solectron June 2001 Rebalancing 6/15/01 Millipore June 2001 Rebalancing 6/15/01 Sanmina June 2001 Rebalancing 6/15/01 International Flavors & Fragrances June 2001 Rebalancing 6/15/01 Ecolab June 2001 Rebalancing 6/15/01 GTE Merger with Bell Atlantic 7/2/00 Kansas City Southern Divestiture of Stilwell Financial 7/13/00 Seagram Purchased by Vivendi 12/11/00   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