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PORTFOLIO HOLDINGS
As of 12/31!2008
P~I^tfic~iic~: i eq~iesi~ c:~~f~~ral Fmpicsy~es Pension Fund
Shares/ PAR Identifier Description Price Market Value Pct. Accruals Cur.
Assets Owed Yield
Cash
Short Term Investments
000009 Cash -Money Fund 22,561.68 2.22 .00 1.43
Total Short Term Investments 22,561.68 2.22 .00 1.43
Bonds
Agency Bonds
10,000 31359MEK5 FANNIE MAE 5.25% Due 01/15/2009 100.18 10,017.85 .99 242.08 5.24
10,000 3134A3EM4 FREDDIE MAC 5.75% Due 03/15/2009 101.07 10,107.25 1.00 169.31 5.69
10,000 31359MU68 FANNIE MAE 5.375% Due 08/15/2009 102.33 10,232.81 1.01 203.06 5.25
10,000 31359MYN7 FANNIE MAE 4.25% Due 08/15/2010 104.79 10,478.91 1.03 160.56 4.06
5,000 31359MZL0 FANNIE MAE 4.75% Due 12/15/2010 106.52 5,325.78 .52 10.56 4.46
7,000 31359MHK2 FANNIE MAE 5.5% Due 03/15/2011 108.64 7,604.84 .75 113.36 5.06
10,000 31359MZ30 FANNIE MAE 5% Due 10/15/2011 108.98 10,898.44 1.07 105.56 4.59
10,000 3128X26U4 FREDDIE MAC 4.35% Due 04/27/2012 107.36 10,736.00 1.06 77.33 4.05
3,000 3134A4SA3 FREDDIE MAC 4.5% Due 01/15/2013 109.14 3,274.22 .32 62.25 4.12
10,000 3134A4TZ7 FREDDIE MAC 4.5% Due 07/15/2013 109.77 10,977.34 1.08 207.50 4.10
5,000 3134A4UK8 FREDDIE MAC 4.875% Due 11/15/2013 111.49 5,574.61 .55 31.15 4.37
8,000 31359MA45 FANNIE MAE 5% Due 04!15!2015 112.70 9,015.63 .89 84.44 4.44
8,000 31359M7X5 FANNIE MAE 5% Due 05/11/2017 114.12 9,129.38 .90 55.56 4.38
Total Agency Bonds 113,373.06 11.17 1,522.72 4.63
Corporate Bonds
6,000 251529AF0 DEUTSCHE BANK FINANCIAL 7.5% Due 04/25/2009 100.12 6,007.20 .59 82.50 7.49
5,000 87612EAJ5 TARGET CORP 5.375% Due 06!15!2009 101.00 5,050.00 .50 11.94 5.32
5,000 459745FP5 INTL LEASE FINANCE CORP 5% Due 04!15/2010 80.62 4,031.00 .40 52.78 6.20
5,000 14040EHH8 CAPITAL ONE BANK USA NA 5.75% Due 09/15/2010 97.16 4,858.00 .48 84.65 5.92
5,000 500255AM6 KOHLS CORPORATION 6.3% Due 03/01/2011 96.75 4,837.50 .48 105.00 6.51
5,000 06423AA06 BANK ONE CORP 5.9% Due 11/15/2011 100.62 5,031.00 .50 37.69 5.86
5,000 587499A46 MERCANTILE SAFE DEP & TR 5.7% Due 11/15/2011 104.87 5,243.50 .52 36.42 5.44
5,000 054303AQ5 AVON PRODUCTS INC 4.625% Due 05/15/2013 94.60 4,730.00 .47 29.55 4.89
5,000 38141GD04 GOLDMAN SACHS GROUP INC 5.25% Due 92.25 4,612.50 .45 55.42 5.69
10/ 15!2013
5,000 774341AA9 ROCKWELL COLLINS 4.75% Due 12/01/2013 101.43 5,071.50 .50 19.79 4.68
5,000 90333WA64 US BANK NA 6.3% Due 02/04/2014 106.37 5,318.50 .52 128.63 5.92
5,000 40429CCR1 HSBC FINANCE CORP 5.25% Due 04!15/2015 92.50 4,625.00 .46 55.42 5.68
5,000 548661CH8 LOWES COMPANIES INC 5% Due 10/15/2015 97.87 4,893.50 .48 52.78 5.11
5,000 92976GAE1 WACHOVIA BANK NA 5.6% Due 03/15!2016 92.50 4,625.00 .46 82.44 6.05
5,000 494368868 KIMBERLY-CLARK 6.125% Due 08/01/2017 106.50 5,325.00 .52 127.60 5.75
5,000 48121CYK6 JP MORGAN CHASE BANK NA 6% Due 10/01/2017 100.50 5,025.00 .49 75.00 5.97
Total Corporate Bonds 79,284.20 7.81 1,037.61 5.80
Mortgage Bond s
10,172.47 3128P76G7 FG C90939 5.5% Due 12/01/2025 102.68 10,445.09 1.03 46.62 5.36
9,976.36 3128P7CP6 FG C90978 6% Due 07/01/2026 103.39 10,314.55 1.02 49.88 5.80
11,940.92 3128P7CU5 FG C90983 5.5% Due 08/01/2026 102.68 12,260.94 1.21 54.73 5.36
Page 1 of 5
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Dana Investment Advisors, Inc.
PORTFOLIO HOLDINGS
AS of 12/3 1/2008
~C11°ii~";s~a~: ~ ~~~~i~~i~ ~~~~r~ ~~~r~y~es PensiOrt ~ur~d
Shares) PAR IdentiFer Description Price Market Value Pct. Accruals Cur.
Assets Owed Yield
11,335.22 314106GA6 FN 884093 6% Due 05/01!2036 103.18 11,695.68 1.15 56.68 5.82
Total Mortgage Bonds 44,716.26 4.40 207.91 5.58
Taxable Bond Funds
311 SHY Ishares Barclays 1-3Yr Trs Bd 84.66 26,328.64 2.59 104.57 3.41
1,100 IEI Ishares Lehman 3-7 Year Trea 115.56 127,116.44 12.52 322.49 2.80
50 GVI iShares Lehman Intermediate 106.74 5,337.00 .53 18.42 4.02
Total Taxable Bond Funds 158,782.08 15.64 445.48 2.94
Treasury Bonds
10,000 912827563 US TREASURY N/B 5.5% Due 05/15/2009 101.94 10,193.75 1.00 69.89 5.40
15,000 912828HS2 US TREASURY N/B 2% Due 02/28/2010 101.78 15,267.19 1.50 101.10 1.96
15,000 912828EJ5 US TREASURY N/B 4.25% Due 10/15/2010 106.73 16,010.16 1.58 134.86 3.98
10,000 912828FW5 US TREASURY N/B 4.625% Due 10/31/2011 110.34 11,034.38 1.09 77.94 4.19
15,000 912828HT0 US TREASURY N/B 2.75% Due 02/28/2013 106.81 16,021.88 1.58 139.02 2.57
10,000 9128286H2 US TREASURY N/B 4.25% Due 08/15/2013 113.63 11,362.50 1.12 159.38 3.74
5,000 912828DV9 US TREASURY N!B 4.125% Due 05/15/2015 114.69 5,734.38 .56 26.21 3.60
5,000 912828EE6 US TREASURY N/B 4.25% Due 08/15/2015 116.27 5,813.28 .57 79.69 3.66
5,000 912828FF2 US TREASURY N/B 5.125% Due 05/15/2016 121.17 6,058.59 .60 32.56 4.23
15,000 912828GH7 US TREASURY N/B 4.625% Due 02/15/2017 118.45 17,767.97 1.75 260.16 3.90
7,000 912828HH6 US TREASURY N/B 4.25% Due 11/15/2017 116.77 8,173.59 .81 37.80 3.64
Total Treasury Bonds 123,437.67 12.16 1,118.61 3.61
Total Bonds 519,593.27 51.17 4,332.33 4.13
Stocks
Domestic Equity Strategy
136 ABT Abbott Laboratories 53.37 7,258.32 .71 .00 2.70
256 ACN Accenture Ltd-CIA 32.79 8,394.24 .83 .00 1.52
166 ADBE Adobe Systems Inc 21.29 3,534.14 .35 .00 .00
56 AFL Aflac Inc 45.84 2,567.04 .25 .00 2.44
128 ARG Airgas Inc 38.99 4,990.72 .49 .00 1.64
78 AMGN Amgen Inc 57.75 4,504.50 .44 .00 .00
APH Amphenol Corp-CIA 23.98 .00 .00 4.00 .00
79 APA Apache Corp 74.53 5,887.87 .58 .00 .81
41 AAPL Apple Inc 85.35 3,499.35 .34 .00 .00
193 T AT&T Inc 28.50 5,500.50 .54 .00 5.75
132 BBT BB&T Corp 27.46 3,624.72 .36 .00 6.85
117 BDX Becton Dickinson & Co 68.39 8,001.63 .79 40.92 1.93
190 BMY Bristol-Myers Squibb Co 23.25 4,417.50 .44 58.90 5.33
148 CA Ca Inc 18.53 2,742.44 .27 .00 .86
65 CELG Celgene Corp 55.28 3,593.20 .35 .00 .00
375 CNP Centerpoint Energy Inc 12.62 4,732.50 .47 .00 5.78
58 CVX Chevron Corp 73.97 4,290.26 .42 .00 3.51
458 CSCO Cisco Systems Inc 16.30 7,465.40 .74 .00 .00
88 KO Coca-Cola Co/The 45.27 3,983.76 .39 .00 3.36
54 CL Colgate-Palmolive Co 68.54 3,701.16 .36 .00 2.33
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Dana Investment Advisors, Inc.
PORTFOLIO HOLDINGS
As of 12/31/2008
Portff~€~~, ~'eques#~ ~el~ter~l Er~tplfl~r~~ ~ef~~iorl ~L11iC~
Shares/ PAR Identifier Description Price Market Value Pct. Accruals Cur.
Assets Owed Yield
82 COP Conocophillips 51.80 4,247.60 .42 .00 3.63
136 CVS CVS Caremark Corp 28.74 3,908.64 .38 .00 .96
70 DVA Davita Inc 49.57 3,469.90 .34 .00 .00
129 XRAY Dentsply International Inc. 28.24 3,642.96 .36 .00 .71
64 DEO Diageo Plc-Sponsored ADR 56.74 3,631.36 .36 .00 4.42
145 DN DirecTV Group Inc/The 22.91 3,321.95 .33 .00 .00
104 DCI Donaldson Co Inc 33.65 3,499.60 .34 .00 1.37
45 DNB Dun and Bradstreet Cprp. 77.20 3,474.00 .34 .00 1.55
59 ESRX Express Scripts Inc 54.98 3,243.82 .32 .00 .00
68 XOM Exxon Mobil Corp 79.83 5,428.44 .53 .00 2.00
83 FDS Factset Research Systems Inc 44.24 3,671.92 .36 .00 1.63
70 FE Firstenergy Corp 48.58 3,400.60 .33 .00 4.53
108 FMC FMC Corp 44.73 4,830.84 .48 13.50 1.12
76 FPL FPL Group Inc 50.33 3,825.08 .38 .00 3.54
284 GME Gamestop Corp-Class A 21.66 6,151.44 .61 .00 .00
133 GD General Dynamics Corp. 57.59 7,659.47 .75 .00 2.43
244 GE General Electric Co 16.20 3,952.80 .39 75.64 7.65
68 GIS General Mills Inc 60.75 4,131.00 .41 .00 2.83
52 GENZ Genzyme Corp 66.37 3,451.24 .34 .00 .00
69 GILD GILEAD SCIENCES INC 51.14 3,528.66 .35 .00 .00
30 GS Goldman Sachs Group Inc 84.39 2,531.70 .25 .00 2.21
11 GOOG Google Inc-CIA 307.65 3,384.15 .33 .00 .00
211 HRS Harris Corp 38.05 8,028.55 .79 .00 2.10
233 HPO Hewlett-Packard Co 36.29 8,455.57 .83 16.24 .88
180 HNZ HJ Heinz Co 37.60 6,768.00 .67 38.18 4.41
120 HON Honeywelllnternationallnc 32.83 3,939.60 .39 .00 3.35
133 INFY Infosys Technologies-Sp Adr 24.57 3,267.81 .32 .00 1.37
515 INTC Intel Corp 14.66 7,549.90 .74 .00 3.82
51 IBM International Business Machines Corp 84.16 4,292.16 .42 .00 2.38
82 JNJ Johnson & Johnson 59.83 4,906.06 .48 .00 3.08
JCI Johnson Controls Inc 18.16 .00 .00 18.72 .00
86 JPM JP Morgan Chase 31.53 2,711.58 .27 .00 4.82
160 KR Kroger Co 26.41 4,225.60 .42 .00 1.36
92 LMT Lockheed Martin Corp 84.08 7,735.36 .76 .00 2.71
17 MA MasterCard Inc (CL A) 142.93 2,429.81 .24 .00 .42
117 MCD McDonald'S Corp 62.19 7,276.23 .72 .00 3.22
118 MCK Mckesson Corp 38.73 4,570.14 .45 11.52 1.24
92 MET Metlife Inc 34.86 3,207.12 .32 .00 2.12
191 MCHP Microchip Technology Inc 19.53 3,730.23 .37 .00 6.94
394 MSFT Microsoft Corp 19.44 7,659.36 .75 .00 2.67
27 MON Monsanto Co 70.35 1,899.45 .19 .00 1.36
241 NDAQ NASDAQ OMX Group Inc. 24.71 5,955.11 .59 .00 .00
95 NOV National Oilwell Varco Inc 24.44 2,321.80 .23 .00 .00
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Dana Investment Advisors, Inc.
PORTFOLIO HOLDINGS
As of 12/31/2008
~r~l~f~i=..~ ~ ~~~:_I~~~~ ~~r~~t-al EI~pEoye~s ~efl~icl~ fund
Shares/ PAR Identifier Description Price Market Value Pct. Accruals Cur.
Assets Owed Yield
125 NKE Nike Inc-CI B 51.00 6,375.00 .63 31.25 1.96
56 NBL Noble Energy Inc 49.22 2,756.32 .27 .00 1.46
42 NUE Nucor Corp 46.20 1,940.40 .19 14.70 3.03
75 OXY Occidental Petroleum Corp 59.99 4,499.25 .44 20.80 2.13
437 ORCL Oracle Corp 17.73 7,748.01 .76 .00 .00
58 PNRA Panera Bread Co (CL A) 52.24 3,029.92 .30 .00 .00
106 BTU Peabody Energy Corp. 22.75 2,411.50 .24 .00 1.05
204 PM Philip Morris International 43.51 8,876.04 .87 110.16 4.96
82 PNC PNC Global Investment Servicing 49.00 4,018.00 .40 .00 5.39
54 PCP Precision Castparts Corp 59.48 3,211.92 .32 .00 .20
70 PG Procter & Gamble Co 61.82 4,327.40 .43 .00 2.59
104 ROST Ross Stores Inc 29.73 3,091.92 .30 9.88 1.28
30 SRE Sempra Energy 42.63 1,278.90 .13 .00 3.28
206 STJ St Jude Medical Inc 32.96 6,789.76 .67 .00 .00
94 STT State Street Corp 39.33 3,697.02 .36 22.56 2.44
144 SYY Sysco Corp 22.94 3,303.36 .33 34.56 4.18
147 DIS The Walt Disney Co 22.69 3,335.43 .33 51.45 1.54
140 RIG Transocean Inc 47.25 6,615.00 .65 .00 .00
143 UNP Union Pacific Corp 47.80 6,835.40 .67 33.75 2.26
79 UTX United Technologies Corp 53.60 4,234.40 .42 .00 2.87
210 UNM Unum Group 18.60 3,906.00 .38 .00 1.61
120 USB US Bancorp 25.01 3,001.20 .30 51.00 6.80
57 VMI Valmont Industries Inc 61.36 3,497.52 .34 .00 .85
128 VZ Verizon Communications Inc 33.90 4,339.20 .43 .00 5.43
62 VFC VF Corp 54.77 3,395.74 .33 .00 4.31
147 WMT Wal-Mart Stores Inc 56.06 8,240.82 .81 36.58 1.69
179 XTO XTO Energy Inc 35.27 6,313.33 .62 21.48 1.36
Total Domestic Equity Strategy 403,074.62 39.70 715.79 2.23
International Equity Strategy
400 AEG Aegan N.V.-Ny Reg Shr 6.05 2,420.00 .24 .00 13.44
257 AZ Allianz SE-ADR 10.83 2,783.31 .27 .00 6.29
132 CAJ Canonlnc-Spons ADR 31.40 4,144.80 .41 .00 3.24
434 CX Cemex Sab-Spons ADR Part Cer 9.14 3,966.76 .39 .00 .00
119 CCU CIACerveceriasUnidas-ADR 26.26 3,124.94 .31 .00 3.99
418 DNSKY DanskeBankA/S-UnsponsADR 5.15 2,152.70 .21 .00 11.83
89 EONGY E.ON AG -Sponsored ADR 40.75 3,626.75 .36 .00 4.07
89 ENH Endurance Specialty Holdings 30.53 .2,717.17 .27 .00 3.28
105 HENOY Henkel KGAA -Spons ADR 32.15 3,375.75 .33 .00 1.99
210 EFG Ishares Msci Eafe Growth Inx 45.45 9,544.50 .94 .00 .92
279 KTC KT Corp-Sp Adr 14.67 4,092.93 .40 .00 4.81
412 MAKSY Marks & Spencer PLC -ADR 6.43 2,649.16 .26 .00 13.45
180 DCM NTT Docomo Inc-Spon ADR 19.62 3,531.60 .35 .00 2.08
106 SNY Sanofi-Aventis-ADR 32.16 3,408.96 .34 .00 3.81
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Dana Investment Advisors, Inc.
PORTFOLIO HOLDINGS
As of 12/31 /2008
Portfolio: Tequesta General Employees Pension Fund
Shares/ PAR Identifier Description Price Market Value Pct.
Assets Accruals
Owed Cur.
Yield
297 TI/A Telecom Italia Spa-Spon ADR 11.34 3,367.98 .33 .00 10.99
80 TMX Telefonos De Mexico-Sp ADR L 20.94 1,675.20 .16 .00 3.59
143 TNTTY TNT Nv -ADR 19.35 2,767.05 .27 .00 6.13
56 TM Toyota Motor Corp -Spon ADR 65.44 3,664.64 .36 .00 3.66
172 YARIY Yara International-ADR 22.03 3,789.16 .37 .00 2.97
131 ZFSVY Zurich Financial Svcs-ADR 21.85 2,862.35 .28 .00 5.60
Total Intemational Equity Strategy 69,665.71 6.86 .00 4.55
Total Stocks 472,740.33 46.56 715.79 2.57
Total Portfdio 1,014,895.28
Interest Receivable 445.48
Paydown Receivable 0.00
Acxruals 4,332.33
Dividends owed 715.79
Total Portfolio with Accruals & Receivables 1,020,388.88
The market prices shown on these pages represent the last reported sale on the valuation date as to listed securities or the bid price in the case of
over-the-counter quotations. Prices on bonds and some other investments are based on round lot price quotations and are for evaluation purposes
only and may not represent actual market values. Bonds sold on an odd lot basis (less than $1 million) may have a dollar price lower than the round lot
quote. Where no regular market exists, prices shown are estimates by sources considered reliable by Dana Investment Advisors, Inc. While the prices
are obtained from sources we consider reliable, we cannot guarantee them.
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Fourth Quarter Review
DANA INVESTMENT ADVISORS, INC.
An Unforgettable Year
The year 2008 will be discussed, studied, and remembered for
many years, although most market participants would rather forget
the experience. The third quarter ended with money markets, debt
markets, and bank lending all in a state of dysfunction amidst a still
unfolding liquidity crisis. The Federal Reserve and the Treasury
were struggling to stabilize markets, and all interest rate and policy
tools were directed towards reestablishing liquidity in the markets.
These measures included reduction of the Fed target rate from 2%
at the beginning of the quarter to effectively zero on December 16th.
The Fed and the Treasury also negotiated bank mergers, closed major
banks and sold assets to competitors, purchased low quality assets,
funded commercial paper operations, and setup programs to inject
capital directly into major financial institutions.
Deleveraging was one of the key buzzwords for the quarter. When
leveraged participants, including hedge funds, banks, and private
equity, try to squeeze out the asset sales door in order to reduce
leverage as their underlying assets are declining in value, they end
up chasing their tail. Lenders try to reduce their risk by tightening
loan terms and reducing credit lines, which results in more assets
being made available for sale, and the vicious spiral continues. The
good news is that the Fed and the Treasury are adding liquidity to
the markets as quickly as possible to prevent a true deflationary
spiral, and the evidence at the end of the quarter seems to indicate
that they are having some success. Credit spreads have begun to
tighten after hitting their highs in early October.
Can the market go up on poor economic news? The stock market
finished the quarter near an eight week high, even though economic
activity and expected future eamings growth continued to decelerate
throughout the quarter. Consumers and businesses pulled back
spending, companies found they had to make inventory adjustments,
and layoffs increased through the quarter. Fourth quarter GDP will
likely show a large decline, and the first quarter of 2009 will likely
be negative as well. After the adjustment to a lower level of overall
economic activity and consumption is made in the fourth quarter,
we are hopeful that some areas of the economy can begin to show
growth in 2009.
We have managed the portfolios with consideration given to both
risk control and opportunity, as some of the best opportunities often
surface at a time of high uncertainty. More poor economic news is
ahead, but the current high level of risk aversion has built in some
cushion against bad news. We see some early signs of risk taking
returning to the markets, and many of our holdings are trading at
historically low valuation levels. High cash levels are also a positive
indicator, as these funds will find their way back into the market at
some point. One theme that we have emphasized in our portfolios
is balance sheet strength. We have also focused on companies
that can deliver on expected eamings, and have attractive valuation
levels in order to minimize downside risk.
Dana's Equity Strategies
Dana's investment philosophy revolves around strict risk controls
to manage volatility and provide downside protection. These risk
controls include remaining fully invested and sector neutral versus
each strategy's respective benchmark in order to contain market
timing and sector bets. We're pleased that each of Dana's equity
strategies outperformed their benchmark in 2008.
The equity markets were exceptionally volatile in 2008 and no
single sector delivered positive performance for the full year (see
chart). Our portfolio managers capitalized on many different themes
this year in order to outperform. In early 2008, we focused on
companies with heavy international exposure and more recently in
finding companies with greater than average pricing power. Since
corporate earnings estimates are expected to fall from current
levels, we're now watchful for companies with high levels of
earnings consistency and predictability. Given the current state of
the credit markets, we're also avoiding companies that depend on
short term credit or have near term credit events.
Importantly, the companies held in our various strategies typically
exhibit strong free cash flow characteristics. This, coupled with a high
level of recurring revenue and eamings, allowed many of our holdings
to actually increase their dividends in the fourth quarter in the face
of stiff credit headwinds and a slowing economy (see table below).
AT&Tlnc 6.1% +2.5%
Sysco Corp 4A% +9.1%
Edison ]nd 3.9% +1.6%
AllP 3.4% +13.8%
United Technolonies 2.9% +20.3%
AFLAC hu 2.6% +16.7%
NIKE 2.0% +8.7%
Becton, Dickinson 1.9% +15.8%
Dana Investment Advisors, Inc. 115800 W. Bluemound Rd., Suite 250, Brookfield, WI 53005
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Dana Large Cap Core
Dana's Large Cap Core strategy successfully delivered on our goal of downside protection for 2008, outperforming the S&P
500 Index by 370 basis points. For the full year period, the financial sector was one of our top relative contributors as Dana's Large
Core strategy did not own many of the sector's weakest performers such as AIG, Wachovia, Citigroup and Merrill Lynch. The latest
quarter proved challenging though, and the strategy lagged its benchmark. Holdings within the energy sector created the
largest detraction to performance in Q4 2008. The large integrated oil companies had the strongest performance within the
sector. Exxon Mobil, for example, had a positive 3% return in Q4; while the energy component of the S&P 500 was down
21%. The strategy held an equal-weighted position in Exxon (2%), the cap weighted index held 4%.
Selected Additions
s . ~ ^ FMC Corporation (FMC) -strong cash flow, earnings and estimate trends;
steady growth; attractive ROA trends; good product mix
Nucor Corporation (NUE}
Verizon Communications (VZ) ^ Gamestop Corporation (GME) -relative bright spot in retail; growing earnings
and revenue; attractive valuations; benefit from struggling competitors
AT&T Inc. (T) ^ General Dynamics (GD) -continued earnings growth; contracts and backlog
Exxon Mobil (XOM) provide some stability; acquisitions enhancing growth
Mcllonald's Corporation (MGD) ^ H.J. Heinz Company (HNZ} -high, stable cash generation; leading core
brands; pricing power; defensive in challenging economy
Bank of America (BAC)
Transocean Ltd. (RIG)
Hclmerich & Payne Inc. (HP)
Halliburton Company (HAL}
Amphenol Corporation (APH)
Avg. Market Cap ($billions) 66.3 78.3
Median Market Cap ($billions) 17.0 6.4
Dividend veld 2.74% 3.32%
Price to Cash Flow 8.7 8.8
Price/Earnings (12month trailing) 10.2 10.9
Est. 5-Year Earnings Growth 10.3 10.0
PEG Ratio (5 year est. Growth) 1.0 1.1
Alpha 0.78 2.47 4.27
Beta 0.93 0.94 0.86
Info Ratio 0.51 0.84 0.96
Batting Average .500 .600 .711
Selected Deletions
^ Bank of America (BAC) -credit and balance sheet concerns; questions about
futuregrowth; integration concerns; desire to reduce bank exposure
^ Cummins Engine (CMI) -global macro and credit environment hurting more
than expected; very disappointing earnings report and outlook
^ Halliburton Company (HAL) -services companies hurt by steep drop in price
of oil;steep estimate declines for 2009
^ Johnson Controls (JCI) - preannounced a Q4 loss; pulled 2009 guidance;
auto exposure dragging down earnings and creating uncertainty
Performance
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4Q2008 1 year 3 year 5 year Since Inception
g~ Dana Large Cap Core ^ S&P 500
Uana Investment Advisors, Inc. 115800 ti'. Bluernound Rd., Suite 250, Brookfield, WI 53005
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w,
Fourth Quarter Review
DANA INVESTMENT ADVISORS, INC.
. ,¢,; •
Dana Large Cap Growth
The Financial sector represents a much larger percentage of most Value-oriented indices compared to the Growth style.
Financials were the worst performing sector within the S&P 500 in 2008 (down 52% vs. 37% for the S&P 500), yet the Growth
style lagged Value in both Q408 and 2008. Technology, Industrials and Basic Materials also under-performed the S&P 500
average, and these sectors represent large components within most Growth indices. Dana's Large Growth strategy
out-performed its Russell 1000 Growth index benchmark for both Q4 and for 2008, making this the 6th consecutive year of
out-performance versus the benchmark.
Factset Systems (FUS)
Nucor Corporation (NUE)
Valmont Industries (VMI)
Vcrizon Communications (VL)
AT&T lnc. (T)
Hartford Financial Services (HIG)
National Oilwell Varco (NOV)
Noble Corporation (NE)
Cummins Engine (CMI)
Johnson Controls (JCI)
Avg. Market Cap ($billions) 38.3 56.3
Median Market Cap ($billions) 17.3 3.2
Dividend Yeld 1.72% 2.06%
Price to Cash Flow 8.6 7.9
Price/Earnings (12month traili ng) 12.1 11.7
Est. 5-Year Earnings Growth 14.4 13.0
PEG Ratio (5 year est. Growth) 0.8 0.9
Alpha 2.68 :.
3.86 -~ e
4.01
Beta 0.97 0.92 0.90
Info Ratio 0.80 0.95 0.73
Batting Average .667 .700 .645
0.75
- . 0.81
;~ ,.,
Selected Additions
^ Colgate Palmolive (CL) -strong cash flow, growth prospects (esp. Asia);
attractive ROA trends
^ Donaldson (DCI) -high recurring revenue mix, improving returns on capital, free
cash flow generation
^ FactSet Research Systems (FDS) -strong cash flow, earnings and estimate
trends; steady growth; attractive ROA trends; high recurring revenue, customer
^ retention trends despite financial crisis
Gamestop Corporation (GME) -relative bright spot in retail; growing earnings
and revenue; attractive valuations; benefit from struggling competitors
Selected Deletions
^ Amphenol (APH) -global slowdown creates larger than expected headwind for
growth in revs, EPS
^ Autodesk (ADSK) -larger than anticipated drop-off in sales volumes for leading
CAD/CAM vendor
^ Cummins Engine (CMI) -global macro and credit environment hurting more
than expected; very disappointing earnings report and outlook
^ Halliburton Company (HAL) -services companies hurt by steep drop in price
of oil; steep estimate declines for 2009
Performance
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4Q2008 1 year 3 year 5 year Since Inception
Dana Large Cap Value ^ Russell 1000 Growth
Dana In~~ctitmcnt .-~~l~~isui:,, Inc. 115800 W. Blucmoimd Rd., Snitc ~SU, L3rvukficld, V1'[ 53005
Dana Composite Performance
at 12/31/2008
Yield Q4Returrr~ Duration
Limited Volatility 4.88% 0.92°~~ 1.11
Intermediate ~ 4.90°/, -(1.46% 3.35
Municipal X7.77°,~~, -0.06% 2.92
(uTas Kcluit~. @ 35°,~0 " ~~reliminari as of 1 /13/09)
US Treasury,Yields
on 12/31/2008
6 month 0.26%
2 year 0.76%
5 Year L55%
101'ear 2.21%
3O Year 2.68%
U.S. Fixed Income Performance
Lehman Aggregate
Treasury
Agency
Inv. Grade Corporates
Fred-Rate :Mortgages
4th tr. 1 Year
4.58% 5.24%
8.75%
6.33%
3.98%
4.45%
13.74%
9.26%
-4.94%
8.52%
Temporary Liquidity Guarantee (TLG) Program
This program allows participating banks and financial entities to issue
debt between Q4 2008 and June 2009 that will be guaranteed by
FDIC for maturities up to and including June 30, 2012. x111 issuance
is in bullet form as callable structures would not be feasible in a short
issuance period.
Full Faith and Credit Statement: "1 he FDIC har concluded that the
FDIC'sguar-antee of qualiJ~~ing debt under the Debt Gt~rarantee Program is sub-
ject to the full faith and credit of the United States purruant to section 15(d) of
the FDI Act, 72 L'..S'.C. 1825(d)." All principal and interest is guaran-
teed with no upper limits on the amount invested. And unlike CDs,
these issues do offer daily liquidity. Other outstanding issues or issues
with maturities longer than June 30, 2012 will not be guaranteed by
the FDIC.
2 ~, -
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Sector Returns
Treasuries -Treasury ~rields fell as investors feared uncertainty in corporate bonds. The two-year Treasury fell in ~~ield
from 1.96°,io in Q3 to 0.76% on December 31, 2008, while the 10-year Treasure- fell from 3.82% to 2.21%. Periodically
there were times when the 3-mo T-bill offered negative yields. Overall, the treasury sector of the Lehman Aggregate
Indet had the best performance during the fourth quarter as well as during the last 12-months.
Agencies -Agency bonds saw significant gains in December as the Ped bought Agencies and the success of TLG pa-
per finally brought a sustainable rally to agency bullets. Although most of the red's buying and investor interest was in
the shorter maturities, the best relative performance (vs. Treasuries} was generated by 7- 10 year bullets.
Corporates - This duarter was one of the most turbulent times for corporate bonds in recent history. Large price de-
clines were witnessed as $90 effectively became the new par. However, most of the prices have experienced recovery
back close to $100 levels. V('hile corporates had the lowest returns relative to the other sectors of the Lehman Aggre-
gate bond index, long corporate bonds returned 8.68% in the 4th duarter, and intermediate corporates returned 2.44°,/0.
Bond Outlook
The Federal Reser\-e aggressively etpanded its balance
sheet through "quantitative easing" and took its target rate
to effectively zero. Investment grade spreads may remain
wide during this period of etraordinary uncertainty. Ad-
ditionally, lending conditions remain tight for corporate
borrowers making it tough for many weaker credits to ob-
tain necessary funding.
Corporate and government bond prices moved in oppo-
site directions in 200b, although both were influenced by
the same factors - a deteriorating economy, heightened
risk aversion, and massive government efforts to restore
confidence and stabilin~ in the financial sector. Yields on
corporate bonds rose to levels not seen in a generation
and already reflect deep pessimism about the future of
corporate defaults. ~~'hile prices have recently shown signs
of recovering for many credits, we feel that corporate
bonds continue to offer attractive investment opportuni-
ties. As of year-end, the lowest corporate spread of
(230bps) against a 15 year US Treasury is still higher than
the highest spread of (235bps) on December 31, 2007.
Based on these spreads and the potential reduction in risk
aversion, investors may be well rewarded to go down in
credit quality this year compared to last year.
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December 31, 2007 -~+-~-A-BBB
Source: Bloomberg
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Duration
December 31, 2011h I-rwn -- ,aa -n -sage
Dana Composite Characteristics
Dana Composite Average Quality Average Coupon Current Yield Average YTM Effective Duration
(at market)
Dana lntcrmcdiate AA+ 5.04 4.90 5.58 3.35
Dana Irmited Volatility AGY 4.90 4.88 3.33 l.ll
Dana i\4unicipal AA+ 4.92 7.??* 9.25* 2.92
Data reflects composites as of market close December 31, 2t>u8 *-Tax Egrrivalent at 35%
Dana Investment Ackisors, loc. is an independent federally regisrerul im•esrment adviser providing equity and tiled ina,me im~estmenr manasn~menr services to a broad range.
of clients. Thu returns presenrul have been prepared and presented in accordance with the AI!y1R PPS Stand:uds. ;\IMR ha. neither endorsed nc~ presented pert+-,rmance, nor
is :\11\18 affiliated with Dana Im~csrment Advisors, Inc. in -any wxyt All fee:-paying accounts utilizing similar investment strategies ro those discussed herein were. included in the
composite: performance returns presented. Total firm assets fur the period ending 12-31-07 were $2,794,2?0,(IOII. The number of portfi~lios contained in the Dana l..inilted
Volatility l and Irmitui Volaciliry 11 Strategies weer 3± and 5] respecoyely. The number of portfolios contained in the Dana lnrerme<liare and \lunicipal Bond Stratcjnes were
31 and 6ti respectiveh'. The percentage of firm assets in 20117 represcnted in nc~ Dana Irmited Volatility I StraregV was G.1°-;,; with an annual 200? rentrn dispenion of 11.60" h.
The percentage of Firm assets in 21N)? represcnted in the. Dana Limitul Volatilin~ 11 Stratctn~ was 21.0";,; with an annual 2l`107 rentrn dispersion of 0.4?Oil. The percentage of firm
assets in 200 represented in the Dana Inrcrmcdiare Bond Strategy was 3.3"..; with an annual 20U i return dispersion of L2"". "fhe pc;rccnrtge of firm asseh in 2tK~? represenrcd
in the Dana Municipal Bond Srrate}ry• w°as 4.44'u; with an annual 200? return dispersion of 0..39"u. To receive a complete list and description of Dana Investment Advisor, Lnc.'s
u,mlwsites and;`or a presentation that adheres ro the Ali14R-PPS standards, contact Nick 13erich at Tel. (2li?l i82-3631.:\II data is presented in Li.S. Dollars. Portfolio Charac-
rcristics reflect rbc respec rive Dana Pixud Income Strategy holdings as of marker. close on nc~ dare indicated. Returns presenrul arc exclusive of investment management :md
custodial fees, and net of transaction costs. lm•cscment man:tfrement fees would reduce the returns presented, for example: on a uoe-million dollar portfr Jio with :m advisory fee
of .7i";. taming a 10'!;. rean:n, nc~- rural compounded advisory Ece over a hvc year period would be $50 36R. Thr resulting average annerd renim fix the pc:rind would rhereforc
be 9.1?0'0..111 returns were calculated on a rime weighted rural return basis. Performance does include nc~ accrual of income and the reinvestment of dividends and interest
received. lndexcs shown were selectul because they demonstrated similar characrerisncs u> the I?aria strategy ro which they were contpared.'Duriq~r various market cycles, the
strare}>ies discussed he:rrin hate demonstrated portfolio characteristics and remms that have been both more and Icss volatile than that of nc~ comparable index. \\'hilc data
contained herein was ti>:trherod fc<.,m sources deemed reliable, the accuracy of the tiara presented canner be guaranteed. Past pertinm:mce is nut indicative of future returns.
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