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Home My WebLink AboutDocumentation_Pension General_Tab 25_05/04/2009DANA IN\'FtiT\(F\ i AI)VISORS, INC:. As of March 31, 2009 Table of Contents (IVl kilt Fiscal = 9-30 * Unannualized DANA INVESTMENT ADVISORS. INC. "The information set forth above is based upon infonnation believed to be accurate and reliable but we do not guarantee its accuracy." Obtain a reasonable total rate of return, with reasonable consistency while attempting to protect the assets against the inroads of inflation. Performance over 3-5 Investment Objectives: year market cycle to be in excess of composite indices. Managers performance to be in the top 40% of M obius Universe. Total Return to be equal to actuarial Large Growth earnings assumption and equal or exceed CPI plus 3% over 3-5 year cycle. Comparative Indices: 60% S&P 500 / 40% Lehman Govt/Credit Intermediate Fiscal 2nd Qtr 2009 * 12-31-08 to 3-31-09 Not more than 5% of funds assets invested in anyone issuing company or aggregate investment in one company exceed 5% of outstanding capital stock of the Investment Restrictions company. Equity - Investments in stock not to exceed 60% at cost or 70% at market. Listed on National Exchange. Fixed - Standard & Poor's Investment Grade Fiscal 2nd Qtr 2009 * 12-31-08 to 3-31-09 or M oody's investment grade. Value of bonds in single corporation shall not exceed 10% of the total fund. Fiscal = 9-30 * Unannualized DANA INVESTMENT ADVISORS. INC. "The information set forth above is based upon infonnation believed to be accurate and reliable but we do not guarantee its accuracy." Total Return Through 3-31-09 Large Core Large Growth Bonds Total Portfolio Fiscal 2nd Qtr 2009 * 12-31-08 to 3-31-09 Fiscal Year -to- Date * 9-30-08 to 3-31-09 Fiscal 2nd Qtr 2009 * 12-31.08 to 3-31-09 Fiscal Year -to- Date * 9-30-08 to 3-31-09 Fiscal 2nd Qtr 2009 * 12-31-08 to 3-31-09 Fiscal Year -to- Date * 9-30-08 to 3-31-09 Fiscal 2nd Qtr 2009 * 12-31-08 to 3-31-09 Fiscal Year -to- Date * 9-30-08 to 3-31-09 Average Annual Since Inception 10.3-05 to 3.31-09 Tequesta General EE's -11.84% -30.65% -3.84% -25.97% 0.14% 6.37% -3.95% -11.84% -0.49% S&P 500 -11.01% -30.53% Russell 1000 Growth -4.12% -25.97% Govt/Corp Intemediate -0.05% 4.79% Blend: 60% S&P 500 40% G/C Intennediate -6.32% -16.49% -3.90% Fiscal = 9-30 * Unannualized DANA INVESTMENT ADVISORS. INC. "The information set forth above is based upon infonnation believed to be accurate and reliable but we do not guarantee its accuracy." Combined Account Data as of 3-31-09 Dana Equity Allocation Dana Fixed Income Allocation Dana Large Cap Growth Dana International Treasury Bonds Equity Taxable Bond 23% 41% 15/o o Funds 37% Dana Large Cap Core Mortgage Bonds Corporate Bonds Agency Bonds 44% 80/0 14% 18% DANA INVESTMENT ADVISORS, INC. Bond Portfolio Characteristics Credit Quality Current Annualized Yield to Maturity @ Average Coupon Effective Duration Market Tequesta General EE's AAA 3.02% 4.95% 2.97 Govt/Credit Intermediate AA+ 3.41% 4.42% 3.84 Dana Equity Allocation Dana Fixed Income Allocation Dana Large Cap Growth Dana International Treasury Bonds Equity Taxable Bond 23% 41% 15/o o Funds 37% Dana Large Cap Core Mortgage Bonds Corporate Bonds Agency Bonds 44% 80/0 14% 18% DANA INVESTMENT ADVISORS, INC. Comhint-d Avennnt Mata ac of3-31-(19 DANA INVESTMENT ADVISORS, INC. 5 0 Dana Investment Advisors, Inc. s' PORTFOLIO HOLDINGS Portfolio: 1087m - Tequesta General Employees Pension Fund As of 03/31/2009 Shares/ PAR Identifier Description Price Market Value Pct. Assets Accruals Cur. Owed Yield Cash 251529AFO DEUTSCHE BANK FINANCIAL 7.5% Due 04/25/2009 100.00 6,000.00 .60 195.00 7.50 Short Term Investments 87612EAJ5 TARGET CORP 5.375% Due 06/15/2009 100.75 5,037.50 .51 79.13 5.33 000009 Cash - Money Fund INTL LEASE FINANCE CORP 5% Due 04/15/2010 38,773.28 3.89 .00 .38 6.33 5,000 Total Short Term Investments KOHLS CORPORATION 6.3% Due 03/01/2011 38,773.28 3.89 .00 .38 Bonds 5,000 06423AAQ6 BANK ONE CORP 5.9% Due 11/15/2011 98.00 4,900.00 .49 111.44 Agency Bonds 5,000 587499A46 MERCANTILE SAFE DEP & TR 5.7% Due 11/15/2011 104.25 5,212.50 .52 107.67 10,000 31359MU68 FANNIE MAE 5.375% Due 08/15/2009 101.78 10,178.13 1.02 68.68 5.28 10,000 31359MYN7 FANNIE MAE 4.25% Due 08/15/2010 104.37 10,436.72 1.05 54.31 4.07 5,000 31359MZLO FANNIE MAE 4.75% Due 12/15/2010 106.03 5,301.56 .53 69.93 4.48 7,000 31359MHK2 FANNIE MAE 5.5% Due 03/15/2011 107.88 7,551.80 .76 17.11 5.10 10,000 31359MZ30 FANNIE MAE 5% Due 10/15/2011 108.48 10,848.44 1.09 230.56 4.61 10,000 3128X26U4 FREDDIE MAC 4.35% Due 04/27/2012 106.93 10,693.30 1.07 186.08 4.07 3,000 3134A4SA3 FREDDIE MAC 4.5% Due 01/15/2013 109.29 3,278.67 .33 28.50 4.12 10,000 3134A4TZ7 FREDDIE MAC 4.5% Due 07/15/2013 109.25 10,925.00 1.10 95.00 4.12 5,000 3134A4UK8 FREDDIE MAC 4.875% Due 11/15/2013 110.95 5,54727 .56 92.08 4.39 8,000 31359MA45 FANNIE MAE 5% Due 04/15/2015 111.95 8,956.25 .90 184.44 4.47 8,000 31359M7X5 FANNIE MAE 5% Due 05/11/2017 110.88 8,870.00 .89 155.56 4.51 9,633.20 Total Agency Bonds FG C90939 5.5% Due 12/01/2025 92,587.14 9.29 1,182.25 4.48 Corporate Bonds 6,000 251529AFO DEUTSCHE BANK FINANCIAL 7.5% Due 04/25/2009 100.00 6,000.00 .60 195.00 7.50 5,000 87612EAJ5 TARGET CORP 5.375% Due 06/15/2009 100.75 5,037.50 .51 79.13 5.33 5,000 459745FP5 INTL LEASE FINANCE CORP 5% Due 04/15/2010 79.00 3,950.00 .40 115.28 6.33 5,000 500255AM6 KOHLS CORPORATION 6.3% Due 03/01/2011 100.50 5,025.00 .50 26.25 627 5,000 06423AAQ6 BANK ONE CORP 5.9% Due 11/15/2011 98.00 4,900.00 .49 111.44 6.02 5,000 587499A46 MERCANTILE SAFE DEP & TR 5.7% Due 11/15/2011 104.25 5,212.50 .52 107.67 5.47 5,000 054303AQ5 AVON PRODUCTS INC 4.625% Due 05/15/2013 97.36 4,867.80 .49 87.36 4.75 5,000 38141GDQ4 GOLDMAN SACHS GROUP INC 5.25% Due 10/15/2013 94.21 4,710.39 .47 121.04 5.57 5,000 774341AA9 ROCKWELL COLLINS 4.75% Due 12/01/2013 100.13 5,006.25 .50 79.17 4.74 5,000 90333WAB4 US BANK NA 6.3% Due 02/04/2014 103.88 5,193.75 .52 49.88 6.06 5,000 40429CCR1 HSBC FINANCE CORP 5.25% Due 04/15/2015 75.88 3,793.75 .38 121.04 6.92 5,000 548661CH8 LOWES COMPANIES INC 5% Due 10/15/2015 101.13 5,056.25 .51 115.28 4.94 5,000 92976GAE1 WACHOVIA BANK NA 5.6% Due 03/15/2016 84.38 4,218.75 .42 12.44 6.64 5,000 4943681368 KIMBERLY-CLARK 6.125% Due 08/01/2017 107.63 5,381.25 .54 51.04 5.69 5,000 48121CYK6 JP MORGAN CHASE BANK NA 6% Due 10/01/2017 93.75 4,687.50 .47 150.00 6.40 Total Corporate Bonds 73,040.69 7.33 1,422.02 5.90 Mortgage Bonds 9,633.20 3128P7BG7 FG C90939 5.5% Due 12/01/2025 103.96 10,014.62 1.00 44.15 5.29 9,212.87 3128P7CP6 FG C90978 6% Due 07/01/2026 104.86 9,660.48 .97 46.06 5.72 10,884.23 3128P7CU5 FG C90983 5.5% Due 08/01/2026 103.96 11,315.17 1.14 49.89 5.29 10,764.88 31410BGA6 FN 884093 6% Due 05/01/2036 104.55 11,255.02 1.13 53.82 5.74 Total Mortgage Bonds 42,245.29 4.24 193.92 5.51 Taxable Bond Funds 311 SHY Ishares Barclays 1-3YrTrs Bd 84.32 26,223.52 2.63 .00 3.28 1,100 IEI Ishares Lehman 3-7 Year Trea 114.86 126,343.80 12.68 .00 2.79 50 GVI iShares Lehman Intermediate 103.90 5,195.00 .52 .00 4.13 335 MBB Ishares Lehman Mbs Fixed -Rat 105.94 35,489.90 3.56 .00 4.29 Total Taxable Bond Funds 193,252.22 19.39 .00 3.17 Treasury Bonds 10,000 9128275G3 US TREASURY N/B 5.5% Due 05/15/2009 100.63 10,062.50 1.01 206.63 5.47 15,000 912828HS2 US TREASURY N/B 2% Due 02/28/2010 101.27 15,189.84 1.52 2527 1.98 15,000 912828EJ5 US TREASURY N/B 4.25% Due 10/15/2010 105.69 15,853.13 1.59 292.48 4.02 10,000 912828FW5 US TREASURY N/B 4.625% Due 10/31/2011 109.31 10,931.25 1.10 192.92 4.23 Page 1 of 4 Stocks Domestic Equity Strategy 142 ABT 246 ACN 166 ADBE 65 ARG Dana Investment Advisors, Inc. 55 APA 76 AAPL 193 PORTFOLIO HOLDINGS 256 BK 72 BAX Portfolio: 1087m - Tequesta General Employees Pension Fund 175 BMY As of 03/31/2009 Shares/ PAR Identifier Description Price Market Value Pct. Assets Accruals Cur. 440 CSCO 27 CME 88 Owed Yield 15,000 912828HTO US TREASURY N/B 2.75% Due 02/28/2013 105.44 15,815.63 1.59 34.75 2.61 10,000 912828BH2 US TREASURY N/B 4.25% Due 08/15/2013 112.13 11,212.50 1.13 51.66 3.79 5,000 912828DV9 US TREASURY N/B 4.125% Due 05/15/2015 113.09 5,654.69 .57 77.49 3.65 5,000 912828EE6 US TREASURY N/B 4.25% Due 08/15/2015 114.09 5,704.69 .57 25.83 3.73 5,000 912828FF2 US TREASURY N/B 5.125% Due 05/15/2016 119.41 5,970.31 .60 96.27 4.29 15,000 912828GH7 US TREASURY N/B 4.625% Due 02/15/2017 116.36 17,453.91 1.75 84.32 3.97 7,000 912828HH6 US TREASURY N/B 4.25% Due 11/15/2017 113.63 7,953.75 .80 111.77 3.74 Total Treasury Bonds 121,802.20 12.22 1,199.39 3.66 Total Bonds 522,927.54 52.48 3,997.58 4.08 Stocks Domestic Equity Strategy 142 ABT 246 ACN 166 ADBE 65 ARG 73 AMGN 55 APA 76 AAPL 193 T 256 BK 72 BAX 108 BDX 175 BMY 200 BR 148 CA 51 CEPH 58 CVX 440 CSCO 27 CME 88 KO 54 CL 95 COP 43 BCR 136 CVS 129 XRAY 288 DTV 104 DCI 45 DNB 629 EMC 55 XOM 83 FDS 107 FE 104 FMC 76 FPL 250 GME 154 GD 355 GE 72 GIS 52 GENZ 69 GILD 34 GS 11 GOOG 96 HRS 233 HPQ 195 HNZ Abbott Laboratories Accenture Ltd -CI A Adobe Systems Inc Airgas Inc Amgen Inc Apache Corp Apple Inc AT&T Inc Bank Of New York Mellon Corp BAXTER INTERNATIONAL Becton Dickinson & Co Bristol-Myers Squibb Co Broadridge Financial Solutions Ca Inc Cephalon Inc Chevron Corp Cisco Systems Inc CME Group Inc Coca-Cola Co/The Colgate-Palmolive Co Conocophillips CR Bard Inc CVS Caremark Corp Dentsply International Inc. DirecTV Group Inc/The Donaldson Co Inc Dun and Bradstreet Corp. EMC Corp Exxon Mobil Corp Factset Research Systems Inc Firstenergy Corp FMC Corp FPL Group Inc Gamestop Corp -Class A General Dynamics Corp. General Electric Co General Mills Inc Genzyme Corp Gilead Sciences Inc Goldman Sachs Group Inc Google Inc -CI A Harris Corp Hewlett-Packard Co HJ Heinz Co 47.70 6,773.40 .68 27.49 6,762.54 .68 21.39 3,550.74 .36 33.81 2,197.65 .22 49.52 3,614.96 .36 64.09 3,524.95 .35 105.12 7,989.12 .80 25.20 4,863.60 .49 28.25 7,232.00 .73 51.22 3,687.84 .37 67.24 7,261.92 .73 21.92 3,836.00 .38 18.61 3,722.00 .37 17.61 2,606.28 .26 68.10 3,473.10 .35 67.24 3,899.92 .39 16.77 7,378.80 .74 246.39 6,652.53 .67 43.95 3,867.60 .39 58.98 3,184.92 .32 39.16 3,720.20 .37 79.72 3,427.96 .34 27.49 3,738.64 .38 26.85 3,463.65 .35 22.79 6,563.52 .66 26.84 2,791.36 .28 77.00 3,465.00 .35 11.40 7,170.60 .72 68.10 3,745.50 .38 49.99 4,149.17 .42 38.60 4,130.20 .41 43.14 4,486.56 .45 50.73 3,855.48 .39 28.02 7,005.00 .70 41.59 6,404.86 .64 10.11 3,589.05 .36 49.88 3,591.36 .36 59.39 3,088.28 .31 46.32 3,196.08 .32 106.02 3,604.68 .36 348.06 3,828.66 .38 28.94 2,77824 .28 32.06 7,469.98 .75 33.06 6,446.70 .65 .00 3.35 .00 1.82 .00 .00 .00 1.89 .00 .00 00 .94 00 .00 00 6.51 .00 3.40 .00 2.03 00 1.96 .00 5.66 .00 1.50 .00 .91 00 .00 .00 3.87 .00 .00 .00 1.87 36.08 3.73 .00 2.98 .00 4.80 .00 .80 00 1.11 6.45 .74 .00 .00 .00 1.71 .00 1.77 .00 .00 .00 2.35 .00 1.44 .00 5.70 13.00 1.16 00 3.73 .00 .00 .00 3.65 75.64 3.96 .00 3.45 .00 .00 .00 .00 00 1.76 .00 .00 .00 2.76 18.64 1.00 74.70 5.02 Page 2 of 4 r- 00 Dana Investment Advisors, Inc. PORTFOLIO HOLDINGS Portfolio: 1087m - Tequesta General Employees Pension Fund As of 03/31/2009 Shares/ PAR Identifier Description Price Market Value Pct. Assets Accruals Cur. Owed Yield 128 HON Honeywell International Inc 27.86 3,566.08 .36 .00 4.34 133 INFY Infosys Technologies -Sp Adr 26.63 3,541.79 .36 .00 1.26 38 IBM International Business Machine 96.89 3,681.82 .37 .00 2.06 70 JNJ Johnson & Johnson 52.60 3,682.00 .37 .00 3.50 130 JPM JP Morgan Chase 26.58 3,455.40 .35 .00 .75 169 KR Kroger Co 21.22 3,586.18 .36 .00 1.70 41 LMT Lockheed Martin Corp 69.03 2,830.23 .28 .00 3.30 24 MA MasterCard Inc (CL A) 167.48 4,019.52 .40 .00 .36 113 MCD McDonald'S Corp 54.57 6,166.41 .62 .00 3.67 102 MCK Mckesson Corp 35.04 3,574.08 .36 14.16 1.37 125 MDT Medtronic Inc 29.47 3,683.75 .37 .00 2.54 153 MET Metife Inc 22.77 3,483.81 .35 .00 3.25 191 MCHP Microchip Technology Inc 21.19 4,047.29 .41 .00 6.40 383 MSFT Microsoft Corp 18.37 7,035.71 .71 .00 2.83 53 MOS Mosaic 41.98 2,224.94 .22 .00 .48 95 NOV National Oilwell Varco Inc 28.71 2,727.45 27 .00 .00 125 NKE Nike Inc -Cl B 46.89 5,861.25 .59 31.25 2.13 56 NBL Noble Energy Inc 53.88 3,017.28 .30 .00 1.34 54 NUE Nucor Corp 38.17 2,061.18 .21 18.90 3.67 64 OXY Occidental Petroleum Corp 55.65 3,561.60 .36 24.00 2.30 419 ORCL Oracle Corp 18.07 7,571.33 .76 .00 1.11 171 PTV Pactiv Corp 14.59 2,494.89 25 .00 .00 58 PNRA Panera Bread Co (CL A) 55.90 3,242.20 .33 .00 .00 106 BTU Peabody Energy Corp. 25.04 2,654.24 .27 .00 .96 182 PM Philip Morris International 35.58 6,475.56 .65 110.16 6.07 113 PCP Precision Castparts Corp 59.90 6,768.70 .68 .00 .20 75 PG Procter & Gamble Co 47.09 3,531.75 .35 .00 3.40 104 ROST Ross Stores Inc 35.88 3,731.52 .37 .00 123 96 SRE Sempra Energy 46.24 4,439.04 .45 11.70 3.37 106 STJ St Jude Medical Inc 36.33 3,850.98 .39 .00 .00 299 SYY Sysco Corp 22.80 6,817.20 .68 .00 421 113 RIG Transocean Inc 58.84 6,648.92 .67 .00 .00 159 UNP Union Pacific Corp 41.11 6,536.49 .66 38.61 2.63 282 UNM Unum Group 12.50 3,525.00 .35 .00 2.40 57 VMI Valmont Industries Inc 50.21 2,861.97 .29 7.41 1.04 128 VZ Verizon Communications Inc 30.20 3,865.60 .39 .00 6.09 57 VFC VF Corp 57.11 3,255.27 .33 .00 4.13 135 WMT Wal-Mart Stores Inc 52.10 7,033.50 .71 40.06 2.09 203 XTO XTO Energy Inc 30.62 6,215.86 .62 22.38 1.63 Total Domestic Equity Strategy 369,118.39 37.04 543.14 2.14 International Equity Strategy 400 AEG Aegon N.V.-Ny Reg Shr 3.84 1,536.00 .15 .00 21.17 257 AZ Allianz SE -ADR 8.36 2,148.52 .22 .00 8.15 139 BASFY BASF S.E. 30.50 4,239.14 .43 .00 7.82 132 CAJ Canon Inc-Spons ADR 29.03 3,831.96 .38 .00 3.51 434 CX Cemex Sab-Spons ADR Part Cer 6.25 2,712.50 .27 .00 .00 119 CCU CIA Cervecerias Unidas-ADR 28.10 3,343.90 .34 .00 3.73 418 DNSKY Danske Bank A/S-Unspons ADR 4.16 1,738.88 .17 .00 14.64 89 EONGY E.ON AG -Sponsored ADR 27.68 2,463.52 .25 .00 6.00 89 ENH Endurance Specialty Holdings 24.94 2,219.66 .22 .00 4.01 105 HENOY Henkel KGAA - Spons ADR 27.10 2,845.50 .29 .00 2.36 210 EFG Ishares Msci Eafe Growth Inx 38.72 8,131.20 .82 .00 2.15 279 KTC KT Corp -Sp Adr 13.79 3,847.41 .39 .00 5.11 412 MAKSY Marks & Spencer PLC - ADR 8.39 3,456.68 .35 .00 10.31 180 DCM NTT Docomo Inc -Spon ADR 13.65 2,457.00 .25 .00 3.00 Page 3of4 The market prices shown on these pages represent the last reported sale on the valuation date as to /fisted 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 In vestment Advisors, Inc. While the prices are obtained from sources we consider reliable, we cannot guarantee them. Page 4 of 4 rn Xt Dana Investment Advisors, Inc. PORTFOLIO HOLDINGS Portfolio: 1087m - Tequesta General Employees Pension Fund As of 03/31/2009 Shares/ PAR Identifier Description Price Market Value Pct. Assets Accruals Cur. Owed Yield 4.38 106 SNY Sanofi-Aventis-ADR 27.93 2,960.58 .30 .00 297 TINA Telecom Italia Spa -Spon ADR 10.10 2,999.70 .30 .00 12.34 80 TMX Telefonos De Mexico -Sp ADR L 15.04 1,203.20 .12 .00 5.00 143 TNTTY TNT Nv - ADR 17.05 2,438.15 .24 .00 6.96 56 TM Toyota Motor Corp -Spon ADR 63.30 3,544.80 .36 .00 3.79 65 VIVDY Vivendi 26.45 1,719.54 .17 .00 5.28 172 YARIY Yara International -ADR 21.95 3,775.40 .38 .00 2.98 131 ZFSVY Zurich Financial Svcs -ADR 15.84 2,075.04 21 .00 7.72 Total International Equity Strategy 65,688.28 6.59 .00 5.60 Total Stocks 434,806.67 43.63 543.14 2.67 Total Portfolio 996,507.49 Interest Receivable 0.00 Paydown Receivable 0.00 Accruals 3,997.58 Dividends Accrued 543.14 Total Portfolio with Accruals & Receivables 1,001,048.21 The market prices shown on these pages represent the last reported sale on the valuation date as to /fisted 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 In vestment Advisors, Inc. While the prices are obtained from sources we consider reliable, we cannot guarantee them. Page 4 of 4 Glimmers of Hope S&P 500 is up over 28% from the March 9th low. y Retail sales recovering from 4th quarter; domestic auto sales up 11 % in March. Factory orders up in February for the first time in seven months. r Bank meltdown seems to have been averted (refer to Stock charts). y Personal consumption expenditures grew in the first quarter after contracting for six months. r Volatility, a measure of market risk, is at a six month low. Bank of New York Mellon Corp. (BK) 31 -Dec -2008 to 17 -Apr -2009 (Daily) U.S. Dollar High: 32.860 Low: 15.440 Lact: 30.980 Darn So—c 34 32 �r 30 28 26 24 22 20 Jan Feb Mar Apr YFar.Sor R.—h Si srwiis 1004 DANA INVESTMENT ADVISORS, INC. 18 16 Goldman Sachs Group Inc. (GS) 31 -Dec -2008 to 17 -Apr -2009 (Daily) High: 131.270 U.S. Dollar Low: 59.130 L=t: 121.020 130 rr�Lr 120 110 100 r� �rr�rrF j �F�r rC I j- 90 rr r I 80 rr rr �r �rr 70 r� k r so Jan Feb Mar Apr Para S-- Pri— ' Exsh—, fFarrSa: Ao—ch. $,wares 1009 JPMorgan Chase & Co. (JPM) 31 -Dec -2008 to 17 -Apr -2009 (Daily) U.S. Dollar Jan Fe'— High: 34.150 Low: 14.960 La -ft 33.70L0 34 r`rl 328 2 26 Cr L 24 zz r I 1-20 18 I 16 b Mar Apr 10 Is' Quarter 2009 Market Recap A U.S. equity markets continued their decline, reaching a 12 -year low on March Stn After some optimism early in the year, markets soured after the change in administration, based on lack of clarity regarding Treasury Department plans, and uncertainty over policy direction. Loss of trust in financial system continued, though faith improved in March after CitiGroup preannounced strong results. Markets rebounded the last three weeks of the quarter, with some of the stocks hit hard over the past six months showing the strongest returns. Financials were once again the weakest part of the market, down -29.5% in 1 St Quarter. Industrials were down -21.8% due to significant economic weakness and worries over changes in defense spending. Information Technology was the only sector with a positive return for the quarter, ending the quarter up 4.0% thanks to a strong rebound in March. 1St quarter bank earnings announcements are the key going forward. DANA INVESTMENT ADVISORS, INC. 11 It's All About the Banks The year began with a continued rally in stocks that brought the market to an eight week high on optimism that a change in the White House would bring change in the markets and the economy as well. Unfortunately, by the close on inauguration day the markets were down 10% for the year and reports showed that the economy continued to decelerate through the end of the year. Unemployment continued to rise through the beginning of the quarter, housing continued to decline, and economic activity continued to slow. More funds were injected into the auto industry, while a solution to the problems of the industry eluded all parties involved. Treasury Secretary Geithner's announcement of a further recovery plan for the financial sector in early February was greeted with a 5% market decline, as market participants felt that banks would be unwilling or unable to unload problem assets, even with Federal assistance. The market continued to follow the banking sector lower through February and into early March, with the KBW bank index down 55% through March 9th and the S&P 500 down 25% through the same period. The good news is Ben Bernanke and the Fed seem to realize that they may need to be both the lender — and buyer — of last resort. The Fed purchased large amounts of mortgage backed securities in the quarter and also began purchasing Treasuries following their March meeting. The Fed knows that they cannot allow deflation, as a stronger dollar would cause downward price pressure on the already dubious assets that fill the bank's balance sheets. One thing banks do have operating in their favor is a spread between their loan income and borrowing costs has risen significantly. This revenue booster was behind Citigroup's positive memo leaked after the market close on March 9th. This date marked the market low for the quarter, and from March 9th through the end of the quarter, the KBW bank index gained 44% and the S&P 500 gained 18%. By the end of the quarter, many economic indicators showed signs of improvement, or at least a slower rate of deterioration. Housing transactions began to stabilize in some markets, inventory drawdowns began to slow, and consumer spending, auto sales, and overall consumption began to form a bottom. We still have serious concerns about the employment situation, corporate bond spreads, and what might be lurking on bank balance sheets. The recovery cannot proceed without a stabilized banking system, so as we look towards first quarter earnings, it's all about the banks. DANA INVESTMENT ADVISORS, INC. 12 Performance Attribution — Large Cap Core y r Relative Performance: -29 bps in Q 12009 +261 bps trailing 1 year � Sector Contributors: Consumer Discretionary (GME, VFC) Energy (RIG, underweight to majors) Financials (underexposure to banks) Sector Detractors: Information Technology (HRS, ACN underweight to semis) Consumer Staples (GIS,KR,PM,HNZ Materials (ARG,NUE) Top Contributors IBM Transocean Ltd. (RIG) Apple Inc. (AAPL) St. Jude Medical (STJ) GameStop Corporation (GME) DANA INVESTMENT Laggards Harris Corporation (HRS) PNC Financial (PNC) y General Dynamics (GD) r Unum Group (UNM) MetLife Inc. (MET) 13 Selected Additions and Deletions — Large Cap Core Additions Apple Inc. (AAPL) — good product momentum; market share growth; good cash flow generation; strong balance sheet DirecTV Group (DTV) — estimate trends better than consumer/media peers due to strong subscriber growth; overseas growth is particularly attractive; valuation at historical low > Medtronic Inc. (MDT) — steady revenue growth; good product diversity; attractive valuation, particularly after a steep stock decline in late February/early March Precision Castparts Corporation (PCP) — revenue and earnings holding up better than Industrial peers; Boeing strike compressed valuation to attractive levels y Broadridge Financial Solutions (BR) — this spin-off from ADP showing strong revenue and earnings growth; good cash generation and low debt; good ROA trends Deletions BB&T Corporation (BBT) — disappointing Q4 earnings report; deteriorating credit quality; low tangible common equity; concern over banks in general Walt Disney Company (DIS) — steep decline in earnings estimates, and expectation of earnings miss (12% miss occurred on February 3) Intel Corporation (INTC) — significant negative preannouncement in early January US Bancorp (USB) — three consecutive earnings misses (two by over 30%); bank concerns St. Jude Medical (STJ) — low relative valuation after post -November rally DANA INVESTMENT ADVISORS, INC. 14 Large Cap Core Portfolio Characteristics Historical 3 Yr Sales Growth 16 15 14.55 14 13.10 13 12 11 10 Client Russell 1000 Data as of 3-31-09 The Dana "Triple Play" Faster growth in sales & earnings + Higher profitability + Lower Valuation = Better Returns with Less Risk! Historical 3 Yr EPS Growth 18 16.25 16 14 iN 12 ¢ -r Client Russell 1000 12 Mo. Forward P/E Ratio 12 11 - 10.45 10 •� LEW 9 A& Client Russell 1000 12 Mo. Trailing P/E Ratio 13 23.50 22 - 12.06 12{ 19.90 20 67.57 10.92 11 18 10 58.55 L Client Russell 1000 Data as of 3-31-09 The Dana "Triple Play" Faster growth in sales & earnings + Higher profitability + Lower Valuation = Better Returns with Less Risk! Historical 3 Yr EPS Growth 18 16.25 16 14 iN 12 ¢ -r Client Russell 1000 12 Mo. Forward P/E Ratio 12 11 - 10.45 10 •� LEW 9 A& Client Russell 1000 15 Return on Equity 24 23.50 22 - — 19.90 20 67.57 75 18 15 Client Russell 1000 Market Cap (Average/Median) 67.57 75 58.55 c 50 ---, 0 ds 25 0 E k x Client Russell 1000 15 Performance Attribution — Large Cap Growth �tP. V Relative Performance: +41 bps in Q 12009 +239 bps trailing 1 year Sector Contributors: Energy +102 (RIG, NOV, underweight to integrated oil companies) Consumer Discretionary +74 bps (GME, ROST, PNRA, no media) Utilities +37 bps (FPL) r Sector Detractors: Information Technology -94 bps (HRS, CAN, not in IBM or INTC) HealthCare -50 bps (ESRX, CELG, GENZ) Materials -34 bps (no steel) Top Contributors CME Group (CME) GameStop Corp (GME) Ross Stores Inc. (ROST) y Transocean Ltd (RIG) FactSet Research Systems (FDS) DANA INVESTMENT Laggards y General Dynamics Corp (GD) Harris Corp. (HRS) AFLAC Inc. (AFL) Donaldson Co. (DCI) y Express Scripts (ESRX) 16 Selected Additions and Deletions — Large Cap Growth Additions Bank of New York Mellon Corp (BK) — added exposure to "oversold" bank group, custodian / asset management business model creates high % of recurring revenues with lower exposure to credit risks Cephalon Inc (CEPH) — biotech with growing franchise of core drugs serving three therapeutic areas, central nervous system, pain & oncology. Exceptional risk/reward prospects vs. stock it replaced (CELG). CME Group (CME) — largest futures and options exchange, persistently high levels of volatility and increased use of derivatives as a hedging tool should support volumes, possible offering of a CDS clearing solution providing another growth platform, best -in -class technology, lack of credit risk Pactiv Corp. (PTV) — materials stock that is really an attractively priced consumer company. Maker of Hefty garbage bags offers defensive business model with solid growth in earnings, trading less than .5x sales. Possible M&A candidate if price stays depressed. Mosaic Company (MOS) — world's largest phosphate fertilizer producer, second largest potash producer; cutting capacity and production to help soften price declines; fertilizer applications expected to be above average this spring should ease inventory oversupply; consolidating industry; strong balance sheet Deletions y Aflac Inc. (AFL) — investments in poorly performing European bank perpetual preferred stocks adds earnings risk. v Airgas (ARG) — still like company long term, but experiencing downward earnings revisions, industrial customer base experiencing rapid demand destruction Celgene Corp (CELL) — biotech with strong franchise in cancer therapies, experiencing decelerating growth in several core drugs coupled with higher than average valuation increased risk, stock sold prior to downward earnings guidance Monsanto (MON) — great long tern franchise in ag, but traded for alternative ag position (MOS) that offered much greater risk/reward prospects. v NASDAQ OMX Group (NDAQ) —provided relative outperformance within financials; market share slipping following price competition in European exchanges; weaker pricing expected to erode margins DANA INVESTMENT ADVISORS, INC. 17 Large Cap Growth Portfolio Characteristics The Dana "Triple Play" Faster growth in sales & earnings + Higher profitability + Lower Valuation = Better Returns with Less Risk! Historical 3 Yr Sales Growth 26 22 7.0 60 18 14 Client Russell 1000 Growth Client Russell 1000 Growth Data as of 3-31-09 DANA INVESTMENT ADVISORS, INC. Historical 3 Yr EPS Growth 30 1 28.26 25 21.47 20 Lm - Client Russell 1000 Growth 12 Mo. Irailing P/ERatio 14 12 12.95 13 11.5s 10.99 11.81 I I I 12 -- - 1 1 9A � 4k J`rl F fi 10 � I_sl �F 1 Client Russell 1000 Growth Data as of 3-31-09 DANA INVESTMENT ADVISORS, INC. Historical 3 Yr EPS Growth 30 1 28.26 25 21.47 20 Lm - Client Russell 1000 Growth Client Russell 1000 Growth Return on Assets 14 12.17 12 10 10.83 10 Client Russell 1000 Growth 18 12 Mo. Forward P/E Ratio 13 12 11.5s 10.99 p; 11 4k J`rl F fi � I_sl �F 1 10 Client Russell 1000 Growth Return on Assets 14 12.17 12 10 10.83 10 Client Russell 1000 Growth 18 Portfolio Focus: Strong Fundamentals — Large Cap Equity Stable, sustainable levels of free cash flow Liquid balance sheets with minimal near term maturities Dividends and dividend growth y Dana equity holdings that have raised dividends since October 2008 4 DANA INVESTMENT ADVISORS, INC. Company Yield Dividend Change Oracle Corp 1.1% First Ever AFLAC Inc. 8.2% ', Becton Dickinson & Co 2.1% 15.8% Dun & Bradstreet Corp 1.9% 13.3% Abbott Laboratories 3.6% 11.1% CVS Caren-iark Corp 1.2% 10.5% Monsanto Co. 1.3% 10.4% Colgate-Palmolive Honeywell International Inc. 4.5% 10.0% 7sysco Corp 4.8% 9.1% General Dynamics Corp 4.2% 8.6% FPL Group Inc. 4.3% 6.2% AT&T Inc 7.0% 2.5% Microchip Technology 6.9% 0.3% 19 Market History — We've Been Through This Before DJIA log scale 100,000 10,000 1,000 DJIA — DJIA g 12 Year Lows 100 �� I 1921-1932 �/, /r♦ 10 1900 1920 a i t 1997-2009 �•� 1962-1974 f 1/ 1940 1960 1980 2000 The annualized 10 year negative total return of -4.4% through March 6th is the worst 10 year performance in U.S. stock market history, including the great depression. When 10 year annual total returns fall to 1% or less, the cumulative return for the next ten years has averaged +183%. • The worst subsequent 10 year cumulative return was +101% (Q4 1938 — Q4 1948). • The best 10 year cumulative return was +325% (Q3 1974 - Q3 1984). Remember that markets look forward. The 12 year low in 1932 happened about three months before the end of the bear market, even though the economy continued to struggle for several years. The 1974 Bear market ended in December, but GDP contracted even in the Ql 1975 at a 4.7% clip the worst GDP quarter of that entire recession. Despite this, the Dow managed to rally 24.65%. DANA INVESTMENT ADVISORS, INC. 20 Equity Valuations Are Becoming Very Attractive. 21 Treasury Yields 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 --,k—Sep 30, 2008 03 Months 0.90 06 Months 1.61 02 Years 1.96 05 Years 2.98 10 Years 3.82 30 Years 4.31 —40—Dec 31, 2008 0.08 0.26 0.76 1.55 2.21 2.68 —41 ---Mar 31, 2009 0.20 0.42 0.80 1.66 2.66 3.53 DANA INVESTMENT ADVISORS, INC. 22 Fixed Income Markets @J Fed continues its commitment to fight deflation; buys Treasuries & mortgages. v Bank survival / nationalization was a key topic during the quarter. Treasuries and financials underperformed during the quarter. Agencies, mortgages and industrials outperformed during the quarter. DANA INVESTMENT ADVISORS, INC. 23