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HomeMy WebLinkAboutDocumentation_Pension General_Tab 04_08/02/2010 .a- • -• ° . s � • r r I • ° � i As of June 30, 2010 �,.�,. �,�,..� . `��, ..� .��� DANA INV�STMENT ADVISORS, INC. €�.�. ��t�� 1€��:7 t`"� a� ' � I l I r-' °.�l .r�' �? s� �•' f �i'iL-t,.13`�_�`.i�_'.v.� Ll����r�#�'.'s;:. .-Jl�Gs �'J .itt�<^-a�✓.. �'���.�,��; �`� � � `� 4 , . , �..;(,a'?`n Tabie af Contents Pa e s 3 PerFormance & Allocation 5 Economic Outlook & Review 15 Holdings as of 6-30-10 18 Broker Commission Report �. - �. . Village of Tequesta General Employees' Pension - � . � . . � � �� � ¢� Obtain a reasonable total rate of retum, w ith reasonable consistency w hile atterrpting to �rotect the assets against the inroads of inftation. Performance over 3-5 year market cyc�e to be in excess of composite Investment Objectives: indices. Manager's performance to be in the top 40% of comparabie manager universe. Total Return to be equal to actuarial earnings assumption and equal or exceed CPI plus 3% over 3-5 year cycle. Comparative Indices: 50% S&P 500; 40% Intermediate GovUCredit; 10% MSCI EAFE Not rrpre than 5% of fund's assets invested in any one issuing company or aggregate investment in one company exceed 5% of outstanding capital stock of the company. Equity - Investments in stock not to Investment Restrictions: exceed 60% at cost or 70% at market. Listed on National Exchange. Fxed - Standard & Wor's Investment Grade or Nbody's investment grade. Value of bonds in single corporation shall not exceed 10% of the total fund. - � � � �; ° �. �a;_ a = , - Total Return Fiscal 3rd Qtr 2010* Fiscal Year-to-Date" Average Annual Since Inceptian 3-31-10 to 6-30-10 9-30-09 to 6-30-10 10-3-05 to 6-30-10 � r � � , . , ., : � 1 � • > w a � Blend ��: 50% S&P 500 40% Intermediate Govt Credit -5.96% 1.01 % 1.96% 10% MSCIEAFE Employees' Fixed Income 2.23% 4.47% Govt/Credit Intermediate 2.97% 4.88% Employees' Domestic Equity -10.52% -0.18% S&P 500 -11.43% -1.02% Employees' International -14.28% -10.05% MSCI EAFE -13.75% -11.01% Fiscal = 9-30 * Unannualized '"` Blend History: Oct 2005 to Nov2009 - 60% S&P 500; 40% Intermediate Govt/Credit Nov2009 to Current - 50% S&P 500; 40% Intermediate Govt/Credit; 10% MSCI EAFE The information set forth above is based upon information believed to be accurate and reliable but we do not guarantee its accuracy. i '• • Viilage ofi Tequesta General Employees' Pension . � � ,� � _. .. . . . . � �_� � _ � �� ;5 �"� =� � �� s.- Current Annualized Credit Quality Yield to Maturity @ Average Coupon Effective Duration Market . • - ti .� • • Govt/Credit Intermediate AAA 2.07% 3.68% 3.93 A b - � .lY°+.� s ,, � l� -. ■ Equity $791,128 56.4% o Cash & Equivalents d $37,257 � °� 2.7% ■ Fixed Income $575, 553 41.0% Equity Allocation Fixed Income Allocation ■ NidCap ■ Corp Grow th ■ Agency Bonds Bonds iShare 14 20 � 54.3% 9.7% � � � t.. � >�� � � � s� �� �_. _ �� � ��� � . ■ Treasury ❑ Txble ■ Dana Lr � Dana InYI Bonds gond ��g Bonds g 20.4 /0 4.8 /o Core 16.3% Funds 74.0% 6.4% The information set Forth above is based upon information believed to be accwate and reliable but we do not guarantee its accuracy. � `• o � -� .-- � - � ,�. �.. � � ad Fixed Incame Market Summary Bond market rallied in Q2 as rates fell across the yield curve. Key drivers were: • Euro area financial stress led to "flight to quality" Treasury rally. ■ Slower growth in China and domestically reduced inflation concerns. • Weak economic indicators and equity markets reduced investors risk tolerance. All bond sectors perFormed well with Treasuries and Investment Grade Corporates being the strongest. • High quality corporates outperformed lower quality issues. ■ Yield curve flattened and 10 Year Treasury dipped below 3%. _ _ __ _ _ _ _ _----- i Aggregate 5.3% Index Returns . �� I ■ Q2 2010 Inter Aggregate 4,60� ❑ Year-to-Date : ��, ■ Past 12 Months Treas u ry 5,9% . Agency 3.9% % I InvGrade Corp 6,1�/ Mortgages 4.7% i .' 0% 3% 6% 9% 12% 15% 18% � •• • ��� ������»Y����� ��tribution Large Cap Core Relative Performance � OutperFormed in Q2 2010 YTD 2010 return of -3.98% vs. S&P 500 return of -6.65% Q2 Sector Contributors Information Technology: good perFormance from Apple Inc. (AAPL) and EMC Corporation (EMC), and avoidance of significant losers Consumer Discretionary: strong performance from Whirlpool (WHR) and our general value bias in a significantly down quarter Health Care: positive return from McKesson Corporation (MCK) and continued relative strength from DaVita Inc. (DVA) Q2 Sector Detractors - Energy: weakness from Williams Companies (WMB) and Noble Corporation (NE), and underexposure to integrated oil companies Industrials: poor performance from Flowserve Corporation (FLS) and General Dynamics (GD) ,� �: � � �4 � � �:� ; �: �� �� ������ � ��cii°�i�ual �.�����c�� - ���i� Inc. +7°/Q ■ Noble Corporation -26°1� -� Annaly Capital Mgmt. +4% ■ Flowserve Corporation -20°�� - _ ;_�ectra Energy Corp. +3% * ■ General Dynamics Corp. -23% - . ;�. Pepper Snapple Group +3% �" ■ Microsoft Corporation -21 °l� � :�r ��N�� -�-� �;�r, ■ General Electric Compan� -��`�i,� r. ,. . , ,�_ s , x . *a.� �a 8 �a �s.,s �, a.,� �,.,� � `'m �€ �a $ i. � �..� r l � ` � � � i v� � � � g 4 a.}' Large Cap Core Additions: Dr. Pepper Snapple Group (DPS) — Dr. Pepper Snapple has been navigating changes, both internal and within its industry, well and sees continued improvement in its operations. Margins are above industry average. Deal with Coke strengthens product distribution long-term and provides a cash infusion that should translate to share repurchases. Deere & Company (DE) — Deere held up better than peers through the recession and now seeing improvements in revenue and earnings. While majority of sales remain domestic, the company has significant opportunities from demand growth in China, India, Brazil and other emerging markets. Product mix shifts are improving margins. Estimates are trending higher, led by strength in U.S. and Brazil. � Spectra Energy Corporation (SE) — following continued weak perFormance from Williams Companies (WMB), switched to Spectra Energy for more attractive valuation, better (and more stable) ROA trends, much better estimate revision trends. Deletions: Philip Morris International (PM) — weak estimate revision trends driven by strengthening of U.S. dollar. Poor industry-relative valuations. Flowserve Corporation (FLS) — caught in the downdraft with energy services companies. Weakness in Euro also hurting the company. - Bristol-Myers Squibb Corporation (BMY) — poor industry-relative valuations; poor estimate revision trends; ongoing challenges from generics and patent litigation. � ,, . �� ��� � � Equity Market Summary - S&P 500 down 11.4% in Q2 and almost 15% from April 26th peak Key drivers were: ■ Euro area financial stress ■ Decelerating growth in China � Weak U.S. employment and housing statistics All economic sectors within the S&P 500 were down in Q2; defensive sectors outperFormed • Utilities, Telecom & Cons Staples outperformed the S&P 500 • Materials, Financials & Energy were the weakest performers � Value style outperformed growth in Q2, YTD, and over the last twelve months Small / midcap stocks outperForming large caps -- ----- __ Index Returns ■ C�2 2010 ■ Year-to-Date ■ Past 12 Months 'i � , �� S&P 500 ' • ' �' NASDAQ • ' !� ; � Russell 1000 Growth I .�, Russell 1000 Value .� . .. Russell 2000 -1.9° -12% -7% -2% 3% 8% 13% 18% i "• • ; � :,� � � i� � ��'v � � �:, � � i � �i � � �J � � High volatility remains the norm :� Recent market activity remains highly volatile • 50% of the trading days in June for the S&P 500 represented moves of 1 % or more ■ NASDAQ also saw an equal number of high volatility days �.� 4 � 'lla �341ha ] � f.�ip 2C 10 Annual C�ccurrence �f 1°ao Or Greater 5^a:led'wea=nefla-•renro�.o Moyes (Day To Day Ctoses� . .�, Transparznc=s?usiti•:emcve '' ° 1900 To Date S8P 50� {DJIA Prior to 192G) T�'-���r. G��or1='� �- d5 �i4t c�F ieS Tra�J'rg L'ays ;36",oS ha�4b ��0: ��Sd 0 ��#` 8'p l:�i,i�i 7o Da:�e \Leckiau ? 1 o a . a - - - ---- - ---- - ' ---- ---------------- ------- -- ---- - -- - ----- --- --- 1+#° o yo l��hi 1�1V 1�.�) 143D l�+i� 14:�: lu!s{� 19?�1 lyS<) I9v(� .v�J�1 :t"�14 ��� Annual Dccurrence Of 1°�0 4r Greater Th'�"o'' 5+:s0127tl0 'i�°n Mloues fn The NASDAfl IndQx �ae�,or,2a 1971 To Date (Day To Day Closes) T��'"�oaY•� S��"bI 36°` ;::•The Lauthc -3roup i� j 0 �,iia 9C�°n $h3C�EC� �S.I'v't = 15E�clilYC tSiCP'JB TfdIFS�7ai(@Ilt = F70S�•IIV6 t}�i.�4B 3(r? fl ��71 T�3 Date II �AAed�an 2�.5° : I LL1 _____ _ _ ____________ ___ ____________ _______ _ _________ _ _ _ _ _ _ _ ___ _ _ _ ___ �j6,� a9i1 IG�S 19?9 1'383 19&T t59�E 1945 1°93 i0�3 a::0' i ° ,• • 8 _ iw �"+r� �iu. e � �. � X�� k n 'Ldi. � � �4 °� `'b " +e° `�` �. � �i.✓ 1J' � A i Strong earnings momentum First quarter earnings season was remarkably strong, with margins rising, revenue growth accelerating & earnings up significantly ■ 375 positive earnings surprises vs. just 76 disappointments � Median surprise +6.7% per Zack's, +14.3% in aggregate per Thomson Reuters • Up vs. Down earnings ratio for Q1 above long-term average & strongest reading since Q4 2006 _ _ �'� The �e.:.. r,•._.uP '_opYr�ht �,�,�: �a�t�ir�c;� ���v��,M�_E RA71t� _.__ t;��:i�irxerly (;e��cli�7c�s 1��t�� Tc� F'r�sartit �SC r,��. �Q;„ir� R�r-!une 101� R�Fcrti-g Peri�ati s i _ Aa•pr���e: �- 1.52 . = Sc° Lanai n+� f;P�Ca55 � �b'�t F;mCC5S1•��' _�nitt�lll� - Rec?asi�n G.2: �� p = . . . .. .. . . �1 95 36 A7 F.8 39 9;: 31 :�2 53 9d �� 46 y? 98 ?� �"u '7? C2 63 Od �)5 O�a 07 9� ;� 1� Source: Leuthold Group July 2010 � 's • # �����.� � ��'�����, Continued productivity growth & margin expansion Businesses have done an excellent job of keeping their cost structures in line with revenues. • Productivity growth remains robust • Profit margins are rebounding after contracting during the past recession Ann% Ann% Chg Chg NON-FINANCIAL SECTOR PRODUCTIVITY GROWTH 6 6 4 4 2 2 Ann% Ann% Chg Chg NON-FINANCIAL CORPORATE SECTOR MARGINS 15.0 15.0 12.5 � 12.5 -� _ �. / 10A � 10.0 7.5 � � 7.5 s;� �CA Re���rch 2410 1888 2000 2042 2a44 20d6 2008 201D * SOURCE: IBES ** CASH IN MONEY MARKET FUNDS AND SAVINGS DEPOSIT i ° •s • ������ �������� ������� Corporate balance sheets are flush with cash � Business capital expenditures _� as a% of GDP are at record �° ��''�"'�'�' �'$� � lows, although operating cash E �' '�`�'� ' `.'� � � `�� � flow has rebounded �� � ��;�,�;�� t� Cash as a% of overall �� corporate capitalizations is at a �� 60 year high � � 7 r, Aggressive actions involving t ° � dividends, M&A and share � buybacks could be a market - _ � � - - j ` �atalyst ���� �a �� �� �� �� �� ze�� o� .� _. ,;te�.. �u'-�s.:�.�! _L�.;�- ._. F;...�:•e c� .n�,.t;;i ,., �,n�'c�s s; 4�h�; i'�� trt,z,�..r��: � �,,,1 �.<��� t�i 1��?;�i.;:<. ���� �S&P 5+D0 ex-Financials Cash �$bn) 1200 � ooa � ooa aoa soo soo ��a �oo aoa zoo �oo 0 0 c� �n t� rn r c� u� r�- t�r .- s� u� r� rn �(3 ob oQ oD � 6� O� (73 (77 C7 [? C� C7 b i i i i i i � i � i � i � a N 03 N � 4} N N cU a} tU N � N N n a c� o 0 0 0 o a c� c� r� ca n a.�urCa: Car�.s�s?a:. De�*sct� 2z^�. f . ` s e �.x . �; A � .�, � - ��..����� �����;i���.�� ���.�t��� Valuations are reasonable � Equity valuations are attractive vs. historical levels g� Equities also look very attractive vs. corporate bonds • Earnings yield spread vs. bond yields at record levels S&P 500: FORWARD P/E RATIO* 25 � �� 25 F ��M � ��� � � � 2� � � � � 4 `� 2� �� � �'� � � ..........---------.w�.. .... ��..r�,.....------------ 15 ;��`"�. '��i Mean � � ,,� �¢r'�� ,� � 15 * \ � � �r� � � . ` �� � r � = � � 10 10 % S&P 500 FORWARD EARNINGS* % 4 YIELO MINUS CORPORATE BOND YIELD** 4 �� �� 2 ��+ � � �l.�;� S� � 2 � �� � ` ; 0 4 .. ; , o ��; � � i „ti t ,�� � r � a � ��� �'�`�� : �� �� -2 � � -2 ! �� �� -4 � BCA Research 2010 ' 90 95 2000 05 10 ' SOURCE: THOMSON REUTERS / IBES. ** SOURCE: BANK OF AMERICA MERRILL LYNCH. r ° • � IViacroeconomic Overview .� Economic data shows continued expansion, but at slowing rates. GDP in the back half of 2010 was expected to slow down, however estimates are falling. Q1 GDP has come down with each revision. This reflects lower actual services and export performance. Although mortgage rates have hit all time lows, housing market activity has stalled after expiration of tax incentives } Tensions surrounding a new financial crisis centered in Europe have reduced risk appetite. Market seems to overreact to Chinese economic "slowing." GDP � 10 £ �- 8 i '- 6 � i �4 2.74� 1� �� � I_I �II_11� I � �, � .I � I � ' ' � � , i Q ; -2 �- � -6 _ __ ___�_._ . -�__._ ,__ ___ __ _�_� ___�._:_ $ '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 �(% 1 Q Ann) Gross Domestic Product, Bil. Chained 2005 $, SAAR - United States Recession Periods - United States i 's • . - t; Dana Investment Advisors, Inc. ��� PORTFOLIO HOLDINGS Por#falio: 'ltl87�om�s - Teq�aesta Generai Employees Pension Fund - ASOfosisoi2o�o Comp Shares/ PAR Identifier Description Price Market Value Pct. Assets Accruals Cur. Owed Yield Cash Short Term Investments 000009 Cash - Money Fund 29,035.00 2.08 00 .01 Total Short Term Investments 29,035.00 2.08 .00 .01 Bonds Agency Bonds 10,000 31359MYN7 FANNIE MAE 4.25% Due 08/15/2010 100.50 10,049.76 72 159.38 4.23 5,000 31359MZL0 FANNIE MAE 4.75 % Due 12/15/2010 102.01 5,100.39 37 9.90 4.66 7,000 31359MHK2 FANNIE MAE 5.5 % Due 03/15/2011 103.60 7,252.11 52 112.29 5.31 10,000 31359MZ30 FANNIE MAE 5% Due 10/15/2011 105.78 10,578.13 76 104.17 4.73 10,000 3128X26U4 FREDDIE MAC 4.35% Due 04/27/2012 106.19 10,619.05 76 76.12 4.10 3,000 3134A4SA3 FREDDIE MAC 4.5% Due 01/15/2013 108.95 3,268.59 23 61.87 4.13 �0,000 3134A4TZ7 FREDDIE MAC 4.5% Due 07/15/2013 110.04 11,003.91 79 206.25 4.09 5,000 3134A4UK8 FREDDIE MAC 4.875% Due 11/15/2013 111.59 5,579.30 40 30.47 4.37 8,000 31359MA45 FANNIE MAE 5% Due 04/15/2015 113.66 9,092.50 65 83.33 4.40 8,000 31359M7X5 FANNIE MAE 5% Due 05/11/2017 114.27 9,14125 .65 54.44 4.38 Total Agency Bonds 81,684.99 5.85 898.22 4.42 Corporate Bonds 10,000 233835AT4 DAtMLER FINANCE NA LLC 7.3% Due 01l15/2012 107.63 10,762.50 77 334.58 6.78 25,000 205363AK0 COMPUTER SCIENCES CORP 5.5% Due 03/15/2013 107.38 26,843.75 1.92 401.04 5.12 10,000 007924AF0 AEGON NV 4.75% Due 06/01/2013 103.78 10,378.10 74 38.26 4.58 5,000 38141 GDQ4 GOLDMAN SACHS GROUP INC 5.25% Due 10/15/2013 105.63 5,281.25 38 54.69 4.97 25,000 172967CK5 CITIGROUP INC 5.125% Due 05/05/2014 102.59 25,648.25 1.84 195.75 5.00 25,000 7591EPAF7 REGIONS FINANCIAL CORP 7.75% Due 11/10/2014 105.63 26,406.25 1.89 269.10 7.34 10,000 36962G4G6 GENERAL ELEC CAP CORP 3.75% Due 11/14/2014 102.13 10,212.50 .73 47.92 3.67 10,000 824348AN6 SHERWIN-WILLIAMS CO 3.125% Due 12/15/2014 103.75 10,375.00 74 13.02 3.01 25,000 65535HAA7 NOMURA HOLDINGS INC 5% Due 03/04/2015 105.50 26,375.00 1.89 402.78 4.74 10,000 2635346X6 E.I. DU PONT DE NEMOURS 4.75% Due 03/15/2015 109.18 10,917.50 78 138.54 4.35 25,000 913903AN0 UNIVERSAL HEALTH SVCS 7.125% Due 06/30/2016 101.25 25,312.50 1.81 00 7.04 25,000 06051 GEA3 BANK OF AMERICA CORP 6.5 % Due 08/01 /2016 108.38 27,093.75 1.94 672.57 6.00 5,000 4943686B8 KIMBERLY-CLARK 6.125 % Due 08/01/2017 117.98 5,899.18 42 126.75 5.19 5,000 48121CYK6 JP MORGAN CHASE BANK NA 6% Due 10/01/2017 108.75 5,437.50 39 74.17 5.52 25,000 91311QAE5 UNITED UTILITIES PLC 5.375% Due 02/01/2019 101.75 25,437.50 1.82 556.16 5.28 10,000 24702RAJ0 DELL INC 5.875% Due 06/15/2019 112.50 11,250.00 81 24.48 522 25,000 406216AX9 HALLIBURTON COMPANY 6.15% Due 09/15/2019 109.75 27,437.50 1.97 448.44 5.60 20,000 828807CD7 SIMON PROPERTY GROUP LP 5.65 % Due 02/01l2020 105.88 21,175.00 1.52 486.53 5.34 Total Corporate Bonds 312,243.03 22.37 4,284.78 5.47 Mortgage Bonds 6,582.03 3128P76G7 FG C90939 5.5% Due 12/01/2025 108.11 7,115.52 51 29.16 5.09 5,655.75 3128P7CP6 FG C90978 6% Due 07/01/2026 109.30 6,181.85 44 27.34 5.49 5,913.02 3128P7CU5 FG C90983 5.5% Due 08/01/2026 108.11 6,392.28 .46 26.20 5.09 7,182.98 314106GA6 FN 884093 6% Due 05/01/2036 109.99 7,900.24 57 34.72 5.46 Total Mortgage Bonds 27.589.89 1.98 117.42 5.28 Taxable Bond Funds 335 MBB Ishares Lehman Mbs Fixed-Rat 109.43 36,659.05 2.63 00 3.70 Total Taxable Bond Funds 36,659.05 2.63 .00 3.70 Treasury Bonds 15,000 912828EJ5 US TREASURY N/B 4.25% Due 10/15/2010 101.16 15,173.44 1.09 132.38 420 10,000 912828FW5 US TREASURY N/B 4.625 % Due 10/31/201 � 105.59 10,559.38 76 76.66 4.38 15,000 912828HT0 US TREASURY N/B 2.75% Due 02/28/2013 105.06 15,759.38 1.13 136.75 2.62 10,000 912828MR8 US TREASURY N/B 2.375 % Due 02/28/2015 103.13 10,312.50 74 78.74 2.30 5,000 912828DV9 US TREASURY N/B 4.125% Due 05/15/2015 111.19 5,559.38 40 25.78 3.71 Page 1 of 4 "�`� Dana Investment Advisors, Inc. �'�� PORTFOLIO HOLDINGS Portfolio: 1087comp - Tequesta General Employees Pension Fund - ASOfosisoi2o�o Comp Shares/ PAR IdentiTier Description Price Market Vatue Pct. Assets Accruals Cur. Owed Yield 5,000 912828EE6 US TREASURY N/B 425% Due O8l15/2015 111.92 5,596.09 40 79.25 3.80 5,000 912828FF2 US TREASURY N/B 5.125% Due OS/15/2016 116.78 5,839.06 42 32.03 4.39 15,000 912828MK3 US TREASURY N/B 3.125% Due 01/31/2017 104.67 15,700.78 1.12 19423 2.99 15,000 912828GH7 US TREASURY N/B 4.625% Due 02/15/2017 114.36 17,153.91 1.23 258.72 4.04 15,000 912828ND8 US TREASURY N/B 3.5% Due OS/15/2020 104.81 15,721.88 1.13 65.63 3.34 TotalTreasury Bonds 117,375.80 8.41 1,080.17 3.50 Total Bonds 575,552.76 41.24 6,380.59 4.80 Stocks Domesiic Equity Strategy 262 ABT Abbott Laboratories 46.78 12,256.36 88 00 3.76 328 AEP American Electric Power Co 32.30 10,594.40 76 .00 5.20 322 AMP Ameriprise Financial Inc 36.13 11,633.86 83 00 1.99 770 NLY Annaly Capital Management In 17.15 13,205.50 95 523.60 15.86 46 AAPL Apple Inc 251.53 11,570.38 .83 00 00 368 T AT&T Inc 24.19 8,901.92 64 00 6.95 210 BMO Bank of Montreal 5428 11,398.80 82 00 4.82 290 BCE BCE Inc 2927 8,488.30 .61 122.34 5.60 353 BBY Best Buy Co Inc 33.86 11,952.58 86 00 1.77 463 CHK Chesapeake Energy Corp 20.95 9,699.85 69 34.73 1.43 148 CVX Chevron Corp 67.86 10,04328 J2 00 424 520 CSCO Cisco Systems Inc 21.31 11,081.20 79 00 .00 720 CMCSA Comcast Corp (A) 17.37 12,506.40 90 00 2.18 463 CAG Conagra Foods Inc 23.32 10,797.16 77 00 3.43 204 COP Conocophillips 49.09 10,014.36 72 .00 4.48 228 CBE Cooper Industries Inc 44.00 10,032.00 72 61.56 2.45 191 DVA Davita Inc 62.44 11,926.04 85 00 00 180 DE Deere & Co 55.68 10,022.40 72 54.00 2.16 314 DPS Dr Pepper Snapple Group 37.39 11,740.46 84 67.50 2.67 190 DD Du Pont (E.I.) De Nemours 34.59 6,572.10 47 00 4.74 621 EMC EMC Corp 18.30 11,364.30 81 00 00 181 XOM Exxon Mobil Corp 57.07 10,329.67 74 00 3.08 104 FCX Freeport-Mcmoran Copper 59.13 6,149.52 44 00 2.03 167 GD General Dynamics Corp. 58.56 9,779.52 70 70.14 2.87 650 GE General Electric Co 14.42 9,373.00 67 65.00 2.77 322 GIS Genera� Mills Inc 35.52 11,437.44 .82 00 3.15 93 GS Goldman Sachs Group I�c 13127 � 2,208.11 87 00 1.07 251 HPQ Hewlett-Packard Co 4328 10,86328 78 18.48 74 94 IBM International Business Machine 123.48 11,607.12 83 00 2.11 1,000 IJK Ishares S&P Midcap 400/Grwth 76.88 76,880.00 5.51 00 67 215 JNJ Johnson & Johnson 59.06 12,697.90 91 00 3.66 334 JPM JP Morgan Chase 36.61 12,227.74 88 00 55 187 KMB Kimberly-Clark Corp 60.63 11,337.81 81 123.42 4.35 83 LZ Lubrizol Corp 80.31 6,665.73 48 00 1.79 557 MAT Mattellnc 21.16 11,786.12 84 00 3.54 179 MCK Mckesson Corp 67.16 12,021.64 86 29.52 1.07 313 MET Metlife Inc 37.76 11,8�8.88 85 00 1.96 450 MSFT Microsoft Corp 23.01 10,354.50 .74 00 2.26 697 MYL Mylan Laboratories Inc 17.04 11,876.88 85 00 00 179 NOC Northrop Grumman Corp 54.44 9,744.76 70 .00 3.45 245 OKE Oneok Inc 43.25 10,596.25 76 00 4.07 524 ORCL Orecle Corp 21.46 11,245.04 81 00 93 207 PNC PNC Financial Services Group I 56.50 11,695.50 .84 00 J1 231 ROST Ross Stores Inc 53.29 12,309.99 88 00 1.20 �� • !�A Dana Investment Advisors, Inc. ��"� PORTFOLIO HOLDINGS Portfolio: 1Q87comp - Tequesta General Employees Pension Fund - Asofosisoizo�o Comp Shares! PAR Identifier Description Price Market Value Pct. Assets Accruals Cur. Owed Yield 808 SLE Sara Lee Corp 14.10 11,392.80 82 88.88 3.12 561 SDRL Seadrill Ltd. 18.28 10,255.08 73 288.00 13.13 538 SE Spectra Energy Corp 20.07 10,797.66 77 00 4.98 457 TXN Texas Instrumen[s Inc 23.28 10,638.96 .76 00 2.06 419 TEL Tyco Electronics Ltd 25.38 10,634.22 76 00 2_52 149 UNP Union Pacific Corp 69.51 10,356.99 74 49.17 1.90 400 UNH Unitedhealth Group Inc 28.40 11,360.00 81 00 1.76 541 UNM Unum Group 21.70 11,739.70 84 00 1.52 234 WMT Wal-Mart Stores Inc 48.07 11,248.38 .81 00 2.52 131 WHR Whirlpool Corp 87.82 11,504.42 82 00 1.96 460 XLNX Xilinx Inc 25.26 11,619.60 83 00 2.53 Total Domestic Equity Strategy 662,355.86 47.46 1,596.34 2.66 International Equity Strategy 904 AEG Aegon N.V. 5.28 4,773.12 34 00 00 797 AZSEY Allianz SE 10.00 7,968.17 .57 00 3.82 524 AV Aviva PLC 9.32 4,883.68 35 00 4.65 93 BASFY BASF S.E. 55.37 5,149.01 37 00 2.92 199 CAJ Canon inc 37.31 7,424.69 .53 .00 1.46 748 CX Cemex S.A.B de C.V. 9.67 7,233.16 52 00 00 146 CCU Compania Cervecerias Unidas S. 43.09 6,291.14 .45 00 2.95 397 DNSKY Danske Bank A/S 9.71 3,854.87 28 00 00 148 DBSDY DBS Group Holdings Ltd 39.19 5,800.85 42 49.76 3.98 231 EONGY E.ON AG 27.24 6,292.88 45 00 5.12 127 HENOY Henkel AG and Co 49.06 6,231.08 45 00 1.02 110 EFA Ishares Msci Eafe Index Fund 46.51 5,116.10 37 00 2.91 426 KT KT Corp 19.17 8,166.42 59 00 3.62 542 MAKSY Marks & Spencer PLC 9.93 5,381.08 .39 00 4.19 60 PKX Posco 94.32 5,659.20 41 00 126 217 SNY Sanofi-Aventis 30.06 6,523.02 47 00 3.67 198 TNTTY TNT NV 25.45 5,039.79 36 00 2.24 96 TM Toyota Motor Corp 68.57 6,582.72 47 00 1.37 186 VIVDY Vivendi S.A. 20.60 3,831.00 .27 .00 6.37 247 VOD Vodafone Group Plc 20.67 5,105.49 37 195.53 5.86 225 YARIY Yara International ASA 28.45 6,400.76 46 00 1.97 228 ZFSVY Zurich Financial Svcs AG 22.21 5,063.86 36 00 5.53 Total International Equity Strategy 128,772.09 9.23 245.29 2.89 Total Stocks 791,127.95 56.68 1,841.63 2.70 Total Portfolio 1,395,715.71 Interest Receivable 0.00 Paydown Receivable 0.00 Accruals 6,380.59 DividendsAccrued 1,841.63 Total Portfolio with Accruals & Receivables 1,403,937.93 The market p�ices shown on these pages represent the last reported sale on the stated report date as to listed secu�ities or the bid p�ice in the case of o ve� the-counter quotations, Prices on bonds and some othe� in vestments a�e based on round /ot price quotations and are for e valuation purposes only and may not �ep�esent actua/ market va/ues. Bonds so/d on an odd /ot basis (/ess than $1 mi//ion) may have a do//arprice /owe� than the round /ot quote. Where no �egularma�ket exists, p�ices shown are estimates bysou�ces considered re/iable by Dana lnvestmentAdviso�s. While the prices are obtained f�om sou�ces we consider reliable, we cannot guarantee them. Dana /nvestment Advisors is not a custodian. Clients should be receiving detailed statements from their custodian at least quarte�ly. While Dana lnvestmentAdvisors regularly reconciles to custodian infoimation, we encou�age clients to �eview their custodian statement(s). Village of Tequesta General Employees' Pension � . o . . ' � a �� � � �� � � � - � �, � _. . . r � . ;� .. �. ._,.1 _ .. .. . .� _ ��;? Broker Name Shares Comm Rate Net Amount Commission Capital Institutional Services 7,893 0.0371 360,552.65 292.86 Insti net 10,611 0.0480 372,873.01 508.95 Weeden 501 0.0199 19,842.75 9.99 e . • 1 ! i 1 � . : ' : r # � ° • s s - � ._ �. : ..:.i . 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