Fall 2005 - Halliburton

Fall 2005
Summer 2004
Feature Stories
What’s in a Name 3
Halliburton Introduces New Portfolio 4
New Transfer Policy Implemented 5
Investment Know-How
Choosing Your Investments 6
Lifestyles
Investment Style Drives Investment Decisions 8
Focus on Funds
Conservative Premixed Portfolio 9
Risk Assessment
Evaluating Your Investment Style 10
Newsstand
Market Update 11
Retiree Corner 12
Fund Performance Update 13
Current news
concerning your
Savings Plan

The Halliburton Trust Investments Department
Seated, left to right: Sharon Parkes, Wendy Wang.
Back row, left to right: Nat Duffield, Brinda Maxwell, Maria Bacaling.
Trust Talk is published quarterly by the Halliburton Trust Investments Department. It is designed to provide Savings Plan
members with conventional wisdom on saving and investing. The information included in Trust Talk is not intended as
investment advice. You may want to consult a financial advisor before making any investment decisions.
2
Suggestions or comments about Trust Talk can be sent to: Nat Duffield or Sharon Parkes, Trust Investments Department,
10200 Bellaire Blvd., Houston, TX 77072.

Feature
What’s in a Name?
Halliburton consistently has offered employees a variety of
investment fund opportunities within the Savings Plan. Among
those funds are three that are different from the others: the
Fixed Income Fund (FIF), the General Investment Fund (GIF)
and the Equity Investment Fund (EIF). Since their inception, these funds
were designed to provide investors with a one-stop-shopping
approach to investing. Combined, they employ more than twenty
managers with differing investment styles and stock capitalizations.
Often called lifestyle funds, they are risk-based asset
allocation funds designed to provide diversification
when used as a sole investment. Although lifestyle
funds recently have gained popularity, Halliburton has
offered these funds for years.
On January 1, 2006, we will re-introduce our original
lifestyle funds and rename them to more accurately
capture their core objective: providing premixed asset
allocation portfolios with varying risk levels. The
management, investment and corresponding asset
allocation objectives of these portfolios remain
unchanged.
Changes Coming in 2006
The Benefits and Investment Committees have
developed several changes to the Savings Plan, which
will take effect January 1, 2006. First, they will be
introducing a new investment opportunity with the
Conservative Premixed Portfolio. In addition, the names
of several of our existing funds are going to change to
align more closely with their original purpose. They also
will be implementing a new trading policy governing
fund transfers and reallocations.
This issue of Trust Talk is devoted to informing you of all the
upcoming changes.
➤➤➤➤
JANUARY 1, 2006
Old Name ➤ New Name Same Purpose
Fixed Income Fund
(FIF)
General Investment
Fund (GIF)
Equity Investment
Fund (EIF)
➤
➤
➤
Stable Value
Premixed Portfolio
Moderate Premixed
Portfolio
Aggressive Premixed
Portfolio
To provide preservation of principal and a relatively stable rate
of return, with little risk or volatility, by investing primarily in
bank and insurance investment contracts.
To provide long-term growth while minimizing risks by
diversifying investments among different types of assets.
To provide long-term growth, with a relatively higher level of
risk, by investing primarily in stocks and related securities.
3

Feature
Halliburton Introduces New Portfolio
In addition to our existing portfolio options, on January 1, 2006,
Halliburton will introduce a fourth portfolio targeted to investors
who are approaching or in retirement, or are more conservative in
their investing due to their risk tolerance. The Conservative
Premixed Portfolio’s asset allocation provides it with opportunity for
growth while still providing some security against market fluctuations.
The Conservative Premixed
Portfolio includes three asset
class allocations: global stocks
(38%), bonds (24%) and stable
value (38%). The balance
between the stocks and stable
value investments is designed to
offer growth potential while
mitigating the volatility normally
associated with the stock market.
The managers of the Stable
Value, Moderate and Aggressive
Premixed Portfolios will also
manage the new portfolio’s
holdings. In addition, the country
allocation and top sector holdings
for the global stock portion of the
new portfolio closely match those
of the Moderate and Aggressive Premixed Portfolios.
The bonds are the same as those held in the Moderate
Premixed Portfolio. The stable value investments will
closely resemble and have some of the same holdings
as the Stable Value Premixed Portfolio.
38%
38%
Global Stocks
Bonds
Stable Value 24%
4

Feature
New Transfer Policy Implemented
It’s a mantra repeated by many financial advisors, “Retirement
savings are for retirement.” It helps investors get in the mindset that
they are saving for the long term. In fact, most of the participants in
Halliburton’s funds act in a manner that is consistent with this
objective. However, a small number of plan participants engaging in
rapid-fire trades within a short period of time could affect fund
performance and negatively impact the majority of the plan
participants. This occurrence is not unique to Halliburton. According to
the Committee on Investment of Employee Benefit Assets (CIEBA),
about 70 percent of large plan sponsors have taken action to control
market timing in their plans. An additional 14 percent intend to address
the issue in the near future.
In our own efforts to address the potential adverse
effects of market timing, effective January 1, 2006,
Halliburton will implement a new Investment Transfer
Policy, which places waiting periods on transfers and
reallocations into and out of all funds. These limits do
not apply to rollovers, new contributions, loans or
withdrawals. In addition, the new policy replaces the
current transfer policy governing the Non-U.S. Fund.
For all of the funds and portfolios, except the Stable
Value Premixed Portfolio, if you make a transfer or a
fund reallocation out of a fund, you
cannot transfer money into that
same fund for 20 calendar days.
For example, if on January 1 you
make a transfer or a fund
reallocation out of the Mid Cap
Equity Fund you will have to wait
until January 21 to make any
transfers or reallocations into that
fund. Each time a transfer or fund
reallocation is made out of a fund,
the waiting period resets to the
date of the latest transaction.
Therefore, if you decide on January 10 that you want to
transfer additional money out of the Mid Cap Equity
Fund, you will now have to wait until January 31 to
make any transactions back into that fund.
The policy governing the Stable Value Premixed
Portfolio works differently. If money is transferred or
funds reallocated into the Stable Value Premixed
Portfolio, the number of units that money represented
on the day of the transaction are restricted and cannot
be transferred out of the portfolio for 20 calendar days.
For example, if on January 1 you
transfer $150 into the Stable Value
Premixed Portfolio and each $15
equals one unit, then you have
added 10 units to your portfolio and
those 10 units cannot be
transferred out for 20 calendar
days. However, any balance in this
portfolio prior to the transaction is
not subject to the waiting period.
5

Investment Know-How
Choosing Your Investments
Choosing the right investment vehicles is one of the most
important investment decisions you can make. Lifestyle funds
seek to make balancing your portfolio easier for you by investing
in the various asset classes at weights within predetermined
ranges to meet the fund’s investment strategies and goals.
Halliburton’s Premixed Portfolios are lifestyle funds that
base their asset allocation on targeted risk and return
profiles, such as aggressive, moderate, conservative
and stable value. The Halliburton Investment
Committee creates a portfolio diversified across
several asset classes, such as stocks, bonds and
stable value funds designed to meet specific objectives
as set out in an investment policy statement and
implemented by the Trust Department. Participants can
pick the portfolio that most closely matches their risk
tolerance, investment style and/or return requirements
for their investment goals and situation. Over time,
participants can move from one fund to another as
their circumstances or needs change.
• Lack of Diversification – A recent Vanguard study
showed that almost 50 percent of plan participants
use only one or two investment options. Since only a
small portion of retirement assets are in diversified
lifestyle funds, most participant’s portfolios are likely
under diversified. Each of Halliburton’s Premixed
Portfolios invests in a variety of asset classes to
provide the appropriate level of diversification for its
targeted risk level and return goals. The portfolios
offer the simplicity of a single investment while
providing multiple asset class diversification.
The Premixed Portfolios also help avoid
many of the common mistakes participants
make in their retirement portfolio. These
mistakes include:
• Risk Management – One of the most
common investing errors is not taking
enough risk. Participants who make this
mistake may find themselves without
adequate returns to meet their retirement
goals. The Premixed Portfolios are
designed to provide consistent risk
exposure and provide the maximum return
for the specified level of risk.
Premixed Portfolios
Stable Value Premixed Portfolio
(formerly FIF)
Conservative Premixed Portfolio
(new offering)
Moderate Premixed Portfolio
(formerly GIF)
Aggressive Premixed Portfolio
(formerly EIF)
Single Focus Funds
Bond Index Fund
Balanced Fund
Large Cap Value Equity Fund
S&P 500 Index Fund
Large Cap Growth Equity Fund
Non-U.S. Equity Fund
Mid Cap Equity Index Fund
Small Cap Equity Fund
Halliburton Stock Fund
6

Investment Know-How
• Portfolio Rebalance – Hewitt Associates’ recent
survey of 500,000 savings plan participants found
that only one in five participants adjust their
investment portfolios. When portfolios are not
rebalanced to reflect market changes, participants
can end up with a very different level of risk than
they were expecting when they first invested. For
example, if you were to create a portfolio with a mix
of assets including stocks and bonds, the stocks, at
least in this current market, would likely grow more
quickly than the bonds. This would create an
allocation imbalance as a higher percentage of your
portfolio would be in stocks. With more of your
allocation in stocks, you would be exposed to a
higher risk level than you initially anticipated. You
would then need to reallocate your investments to
bring your risk level back in line with your original
goals. The Premixed Portfolios do this rebalancing
for you. The Investment Committee actively monitors
the investments to make sure the portfolios stay
within the level of risk assigned to them.
run the risk of over diversifying. Participants investing
in both Premixed Portfolios and Single Focus Funds
may want to consult a financial advisor who can help
them understand their diversification and risk exposure
for their choices.
Since the Premixed Portfolios are professionally
managed, self-balancing and well diversified, any one
of them can be used as a complete investment
strategy.
Halliburton’s Savings Plan Options
Participants who are looking for a diverse portfolio
without having to create and maintain it themselves,
can choose from the plan’s four Premixed Portfolios.
The portfolios are actively managed and rebalanced to
ensure they maintain the level of diversification and
risk exposure as set out in their objectives.
Participants who want to create their own portfolios
can choose from the plan’s other nine funds, which
cover a range of asset classes and are now being
branded as Single Focus Funds. Our Single Focus
Funds include actively managed and indexed funds.
Financial advisors typically warn against investing in
both premixed portfolios and individual funds since you
7

Lifestyles
Investment Style Drives Investment Decisions
Martin and Barbara are at different stages of their lives. They
invest their money in different vehicles based on their
individual needs. In addition, they also have different
investing styles, which play a large role in how they make
their investment decisions.
Martin
Martin is in his early forties, is
married and has two schoolaged
children. His wife works
and has invested in her company’s retirement plan. They
are active investors and enjoy researching the various
options available to them. Martin frequently reads the
market reports and considers himself an experienced
investor. He has a number of investments in a personal
portfolio.
Because of his experience, knowledge and desire to be
involved with his investments, Martin chooses to
allocate his plan contributions in several of the Single
Focus Funds. He reviews his investments quarterly to
ensure that they are meeting his investment and
diversification needs. If he finds that they are out of
balance, he either reallocates his contributions or
moves his balances into other funds, as needed.
Martin has chosen an investment style that works best
for him. His investment knowledge is high and he wants
to be involved in the decision making for his investments.
The Single Focus Funds provide him with a variety of
choices to create a portfolio that is right for him.
Barbara
Barbara is within five years of
retirement and currently invests
most of her money in the S&P
500 Index Fund with some of her contributions going to
the Bond Index Fund. She has determined that her risk
tolerance indicates a more conservative approach than
she has in her current allocations. However, she doesn’t
have the time (or the inclination) required to monitor her
investments to make sure that they are producing the
long-term results she wants at an appropriate risk
exposure for her comfort level.
Since Barbara is near retirement, she is looking for
investments in more secure asset classes, while still
providing growth opportunity. She also realizes that her
investment style leads her to look at the Premixed
Portfolios. Understanding that the portfolios are created
to be sole investment devices, Barbara has decided that
she is going to move the balances of her Single Focus
Funds and change her future allocations to invest in the
Conservative Premixed Portfolio.
8

Focus on Funds
Conservative Premixed Portfolio
In this issue of Trust Talk, we will examine the Conservative Premixed Portfolio, available January 1, 2006. The
Conservative Premixed Portfolio invests in global stocks, bonds and stable value investments. This portfolio is
positioned toward the lower end of the risk/return spectrum.
Conservative Premixed
Aggressive Premixed
Premixed Portfolios
Single Focus Funds
Lower
Risk/
Lower
Return
Stable Value Premixed
Bond Index
Moderate Premixed
Balanced
Large Cap Growth Equity Small Cap Equity
S&P 500 Index
Mid Cap Equity
Higher
Risk/
Higher
Return
Large Cap Value Equity
Non-U.S. Equity
Halliburton Stock
In future issues of Trust Talk, we will return to comparing other funds along the risk/return
spectrum. For information on previously reviewed funds, refer to earlier issues of Trust Talk.
Conservative Premixed Portfolio
Objective and Investment Strategy
To achieve long-term growth with a relatively low level of risk. Stocks provide growth for the portfolio
balanced by bonds and asset-backed investment contracts which minimize risk and short-term
volatility.
Estimated Annual 2006 Expense Ratio
0.48%
Fund Composition
Long-Term Potential Risk & Return
Market Risk ▲ ▲ ▲
38%
24%
38%
Global Stocks
Bonds
Stable Value
Inflation Risk ▲ ▲ ▲
Potential Return ▲ ▲
Low Med High
9

Risk Assessment
Evaluating Your Investment Style
How involved you want to be in making your investment
decisions can play a key role in where you invest your money.
By evaluating your own investment style preferences, you can
determine whether you would be more comfortable choosing
from the Premixed Portfolios or the Single Focus Funds.
Answer the following questions and add up the points associated with each question.
How much time per quarter do you
want to spend evaluating the plan’s
investment options?
On average, how often do you check
performance results for your
investments?
How would you rate your level of
experience as an investor?
How confident are you that your
investment decisions will be right for
your circumstances and goals?
On average, how often do you watch
financial programs on T.V. or read
financial publications?
How often do you monitor and
rebalance your investments?
How well do you understand
investment risk?
How well do you understand inflation
risk?
Which would best describe your
approach to investing?
1. As little time as
possible
2. One to three hours 3. As much time as needed
1. Annually 2. Quarterly 3. Weekly
1. Low 2. Moderate 3. High
1. Not confident 2. Somewhat confident 3. Very confident
1. Never 2. Once in awhile 3. Most of the time
1. Never 2. Annually 3. Quarterly
1. Not well 2. Somewhat 3. Very well
1. Not well 2. Somewhat 3. Very well
1. I want to delegate
investment decisions to
financial professionals
2. I want to delegate
investment decisions to
financial professionals, but
monitor how they are doing
3. I want to make my own
investment decisions and
make adjustments to them
when necessary
Score:
9 – 14: You will probably be most comfortable with one of the Premixed Portfolios that matches your risk tolerance
level. Participants in these investments take advantage of the actively managed accounts that are self-balancing to
ensure they continue to maintain their risk/return objectives.
15 – 21: You may be comfortable with either investment style: choosing from one of the Premixed Portfolios or
creating your own portfolio from among the Single Focus Funds.
22 – 27: You will probably like to select your investments from the Single Focus Funds. These funds may require more
time and involvement on your part to create, monitor and adjust your portfolio over time to meet your investment and
risk tolerance needs.
10

Newsstand
Market Update
The third quarter of 2005 proved to be relatively calm for
most of the investment marketplace, despite devastating
storms in the Gulf of Mexico. In seeming defiance of
hurricanes Katrina and Rita, the equity markets
continued to grow steadily during the quarter. Stocks in
both the U.S. and abroad produced positive results in the
third quarter and saw the highest level in four years for
the S&P 500 Index. Although rising oil and gas prices
began to make their way into the economic statistics,
they didn’t appear to negatively impact market
performance. At one point, oil prices rose above $70 per
barrel but fell to $66 per barrel by the quarter’s end. The
U.S. bond market saw slight declines as the Federal
Reserve increased short-term interest rates by 0.5%.
In the U.S., stock market results started strong early in
the quarter, turned down in August and were relatively
flat in September. Still, the S&P 500 Index of large cap
stocks gained 3.6% for the quarter and 2.8% for the year
to date. U.S. small cap stocks gained 4.7% in the third
quarter and 3.4% so far this year. Expectations for the
S&P 500 were for growth of more than 15% in the third
quarter versus the prior year, however, concerns over
inflation and rising interest rates kept stock prices in
check. Growth stocks outperformed value stocks for the
quarter, but value stocks remain on top year to date.
Investors in non-U.S. stocks enjoyed another quarter of
strong performance with the MSCI ACWI Index gaining
11.8%. The U.S. dollar remained relatively stable and
did not negatively impact returns as in previous
quarters. Japan and the Pacific region equities
produced returns of around 20% for the quarter while
Europe and the UK stock markets produced returns
below 10%. The Emerging Markets produced another
huge gain for U.S. investors, gaining 18.1% in the third
quarter and 25.5% year to date.
For the bond markets, the continuing rise in shortterm
interest rates drove returns slightly down for
the quarter. The Lehman Brothers Aggregate Index
returned -0.7% for the quarter but was up 1.8% for
the year to date. The U.S. yield curve continued to
flatten during the quarter, as short term interest rates
rose and longer term rates remained stable. For the
third quarter, the high yield segment (below
investment grade) was the top performer of the
major market segments, followed by mortgagebacked
securities, Treasury securities, and corporate
bonds. For the year to date, all of the major segments
of the bond market produced returns of between
1% and 2%.
Five-Year Performance of Major Asset Classes
Cumulative Percentage Increase/Decrease – Monthly Observations
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
OCT 00
JAN 01
APR 01
JUL 01
OCT 01
JAN02
APR 02
JUL 02
OCT 02
JAN 03
APR 03
JUL 03
OCT 03
JAN 04
APR 04
JUL 04
OCT 04
JAN 05
APR 05
JUL 05
U.S. Large Stocks U.S. Small Stocks U.S. Bonds Non-U.S. Stocks Emerging Market Stocks
11

Newsstand
Retiree Corner
What the Portfolios Mean to You
Participants in the Fixed Income Fund, General
Investment Fund or the Equity Investment Fund, will
only see a change to the fund names (see What’s in a
Name?). They will maintain their same investment
managers, strategies and objectives
under the new names. The other
funds maintain their original names,
but will now be branded as Single
Focus Funds. You don’t need to do
anything if you are still satisfied with
your investment decisions.
However, you do have a new
portfolio option to consider. The
Conservative Premixed Portfolio is
designed for individuals
approaching or in retirement. The
portfolio offers the opportunity for growth still needed
during the early years of retirement, while providing
balance against market volatility with investments in
stable value classes.
For those individuals who don’t want to spend the
time selecting individual funds or who want to select
a targeted risk level for investing, the Premixed
Portfolios may be a good choice. The portfolios are
highly diversified, self-balancing investment
vehicles. Investors in the portfolios are encouraged
to select the one that best fits
their investment goals and risk
level. Investing in more than one
portfolio or investing in one of the
portfolios as well as Single Focus
Funds may produce exposure to
risk and returns that are
unexpected. Many financial
advisors suggest using the
premixed portfolios as a sole
investment vehicle.
Whether you have invested in
one of the Premixed Portfolios or in the Single Focus
Funds, you should periodically review your
investments to make sure that they continue to fit
your circumstances and your needs.
Fast Facts
2006 IRS Contribution Limits
The IRS sets maximum amounts for
contributions to your retirement and
savings accounts. Contributions to
Halliburton's investment funds fall under
the limits set for regular 401(k)
contributions. Participants over 50 years
old, may be able to make an additional
catch-up contribution. If you made a
catch-up election in 2005, it will carry over
to 2006 unless you make a new election.
Here are the 2006 IRS maximum
contribution amounts for all types of
retirement investments.
Account
Traditional and
Roth IRA
SIMPLE IRA and
SIMPLE 401(k)
Regular 401(k),
403(b) and
SARSEPs
Annual
Contribution
Limit
Annual
Catch-up
Limit
$4,000 $1,000
$10,000 $2,500
$15,000 $5,000
12

Fund Performance Update
Halliburton Company Employee Benefit Master Trust
for the period ended September 30, 2005
General investment policy
Balanced Fund Aggressive Moderate Conservative
U.S. stocks 65.0% 70.0% 43.0% 27.0%
Russell 3000 Index
Non-U.S. stocks — 22.5% 14.0% 8.0%
MSCI EAFE Index
Emerging market stocks — 7.5% 5.0% 3.0%
MSCI Emerging Market Free Index
U.S. broad market bonds 35.0% — 33.0% 21.0%
Lehman Aggregate Bond Index
U.S. high yield bonds — — 5.0% 3.0%
Merrill Lynch High Yield Bond Index
iMoneyNet Money Market Fund Average — — — 38.0%
Performance
10 Years* 5 Years* 3 Years* 1 Year 3rd Quarter
PREMIXED PORTFOLIOS
Stable Value Premixed Portfolio (FIF) 6.3% 5.5% 4.9% 5.0% 1.3%
iMoneyNet Money Market Fund Average 3.5% 1.9% 1.2% 2.1% 0.7%
Conservative Premixed Portfolio 7.6% 5.1% 11.5% 10.7% 3.2%
Composite 6.3% 3.0% 9.8% 8.9% 2.6%
Moderate Premixed Portfolio (GIF) 8.7% 5.0% 16.1% 14.9% 4.5%
Composite 8.1% 3.7% 15.1% 13.1% 3.8%
Aggressive Premixed Portfolio (EIF) 9.2% 2.7% 20.4% 21.1% 7.3%
Composite 8.6% 1.3% 21.2% 19.3% 6.5%
SINGLE FOCUS FUNDS
Bond Index Fund 6.4% 6.5% 3.9% 2.7% -0.7%
Lehman Aggregate Bond Index 6.6% 6.6% 4.0% 2.8% -0.7%
Balanced Fund 10.4% 8.0% 14.6% 12.5% 4.3%
Composite 8.8% 2.2% 13.2% 10.4% 2.4%
Large Cap Value Equity Fund 11.5% 7.3% 19.4% 19.4% 4.3%
Russell 1000 Value Index 11.5% 5.8% 20.5% 16.7% 3.9%
S&P 500 Index Fund 9.4% -1.6% 16.6% 12.2% 3.6%
S&P 500 Index 9.5% -1.5% 16.7% 12.3% 3.6%
Large Cap Growth Equity Fund 7.5% -6.1% 13.6% 13.7% 5.3%
Russell 1000 Growth Index 6.9% -8.6% 14.7% 11.6% 4.0%
Non-U.S. Equity Fund 7.9% 4.6% 25.1% 29.0% 12.8%
MSCI ACWI ex U.S. ** 6.1% 3.7% 25.6% 28.9% 11.8%
Mid Cap Equity Index Fund 14.0% 7.0% 21.9% 22.1% 4.8%
S&P MidCap 400 Index 14.1% 7.1% 22.1% 22.2% 4.9%
Small Cap Equity Fund 10.0% 5.2% 20.1% 16.9% 5.0%
Russell 2000 Index 9.4% 6.5% 24.1% 18.0% 4.7%
Halliburton Stock Fund 14.4% 8.4% 75.0% 101.9% 42.4%
* Annualized
** Returns prior to January 1, 2005 include MSCI EAFE Index, the previous Fund benchmark.
13

Performance Notes
The Bond Index, Balanced, Large Cap Value Equity,
S&P 500 Index, Large Cap Growth Equity, Non-U.S.
Equity, and Small Cap Equity Funds were not in
existence until April 1, 1999. The Mid Cap Equity Index
Fund was not in existence until January 1, 2005. The
Conservative Premixed Portfolio will be introduced in
January 2006 and the performance data presented in
this newsletter is proforma.
In order to provide comparative historical returns, the
managers’ return of their Halliburton Trust account is
shown. If the Halliburton Trust had not employed a
manager for the periods presented, the firm’s
composite account return was added. All rates of
return are net of expenses. Your rate of return may vary
depending on your account activity (e.g., contributions,
withdrawals, transfers, loans, etc.) and your plan’s
administration expenses.
To help you better understand how your funds are
performing, the funds are compared with composite
returns or with appropriate indexes. The composites
are created by blending together index returns in
proportion to the investment policy of each fund (see
chart). Because there are no indices comparable to the
Stable Value Premixed Portfolio’s investments, we
compare its return with money market funds tracked by
iMoneyNet.
The performance data represent past performance,
and no assurance can be made regarding future
results.
Index Definitions*
iMoneyNet Money Market Fund Average is an index of
over 700 money market funds.
Lehman Aggregate Bond Index is an index of U.S.
bonds, including government, corporate, mortgagebacked,
and asset-backed securities.
Merrill Lynch High Yield Bond Index is an index of U.S.
corporate bonds that are rated less than investment
grade but are not in default.
MSCI (Morgan Stanley Capital International) All
Country World Index (ACWI) ex. U.S. is an index of
non-U.S. stocks listed on the exchanges of developed
and emerging markets.
MSCI EAFE Index is an index of non-U.S. stocks listed
on the exchanges of Europe, Australasia, and the Far
East.
MSCI Emerging Market Free Index is an index of non-
U.S. stocks traded in emerging markets.
Russell 1000 Growth Index focuses on the 1,000 largest
companies in the Russell 3000 Index that have lower
dividend yields and above-average growth rates.
Russell 1000 Value Index focuses on the 1,000 largest
companies in the Russell 3000 Index that have higher
dividend yields and below-average growth rates.
Russell 2000 Index measures the performance of the
2,000 smallest companies in the Russell 3000 Index.
Russell 3000 Index measures the performance of the
3,000 largest U.S. companies based on total market
capitalization. It is used as a general measure of U.S.
stock market performance.
Standard & Poor’s 500 Index is a popular standard for
measuring large-cap U.S. stock market performance.
The index includes a representative sample of 500
leading companies in prominent industries.
Standard & Poor’s MidCap 400 Index is a popular
standard for measuring mid-cap U.S. stock market
performance. The index includes a representative
sample of 400 leading companies in prominent
industries with a market capitalization of approximately
$1 – $4 billion.
*You cannot invest in any of these indexes. Fund holdings will differ
from index holdings.
14

10200 Bellaire Blvd.
Houston, TX 77072
We encourage you to contact
the Trust Investments
Department with any
suggestions or comments
regarding Trust Talk. You can
expect the next issue in
February 2006.
12465 11/05