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HomeMy WebLinkAboutPension General_Documentation_Tab 04_11/06/2006_~~` ,~ '/ I~.~~~;~ I~rt~~Eti i ;~t~:ti 1 ~~,1 i;;c~I~~, I>`;c:. November 6, 2006 DANA INVESTMENT ADVISORS, INC. Account Profile Investment Objectives: 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 year market cycle to be in excess of composite indices. Managers performance to be in the top 40% of Mobius Universe. Total Return to be equal to actuarial 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 Investment Restrictions: Not more than 5% of funds 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 exceed 60% at cost or 70% at market. Listed on National Exchange Fixed: Standard & Poor's Investment Grade or Moody's Investment Grade. Value of bonds in single corporation shall not exceed 10% of the total fund. DANA INVESTMENT ADVISORS, INC. 2 Key Money Rates As of 10-20-06 Latest Week Year Late New York Rate Ago Ago Prime Rate 8.25 8.25 6.75 Discount Rate 6.25 6.25 4.75 Federal Funds 5.23 5.21 3.77 Late New York Latest Yield Week Ago Year Ago 3-mo. T-Bill 5.08 5.05 3.85 6-mo. T-Bill 5.14 5.11 4.15 1-yr. T-Bill 5.03 5.02 4.19 10-yr. Note 4.78 4.78 4.38 30-yr. Bond 4.91 4.91 4.60 BanxQuote U.S.Index Latest Yield ~m Week Ago Year Ago Money Market 1.50 1.51 1.18 6-mo. CD 3.33 3.34 2.24 1-yr. CD 3.85 3.88 2.69 2-yr. CD 3.80 3.85 2.94 5-yr. CD 3.99 4.04 3.47 DANA INVGSTMGNT ADVISORS, INC. . ~ ~. BanxQuote U.S.Index ~ Latest Yield ~~ ~ Week Ago Year Ago 3-mo. CD 3.07 3.07 2.58 6-mo. CD 3.78 3.80 2.82 1-yr. CD 4.05 4.09 3.14 2-yr. CD 3.99 4.04 3.37 5-yr. CD 4.17 4.22 3.74 Latest Week Year Late London Rate Ago Ago 1-mo. 5.32 5.32 4.02 3-mo. 5.36 5.36 4.19 6-mo. 5.40 5.39 4.37 LIBOR Latest Rate Week Ago Year Ago 1-mo. 5.32 5.32 4.04 3-mo. 5.37 5.37 4.20 6-mo. 5.40 5.41 4.37 1-yr. 5.38 5.41 4.58 Source: http://~~v.bauxquote.com/money.asp 3 No Text Performance vs Comparables (Gross of Fees) Lehman Govt/Corp Intermediate S&P 500 B Lend: 60% S&P 500 40% Lehman G/C Intermediate From Inception date 10-3-OS ~* Return includes cash from 10-3-05 to 3-31-06 3.20% 13.55% 5.67% 110.99% 4.68% 18.01% Current Asset Allocation Bonds Stocks Cash 40% S3% 7`% "The iuforn7ation set forth above is based upon info~7nation believed to be accurate and reliable but we do not guarantee its accuracy." DANA INVESTMENT ADVISORS, INC. 5 Bond Characteristics vs Comparables ___ Portfolio G~aracteristics Current Averabe Effective Credit Quality Annualized Yield to Coupon Duration Maturity C Market Tequesta General Employees AA+ 5.11% 5.16% 3.24 LB G/C Intermediate ~ AA+ ~ 5.02% ~ 4.97% ~ 3.63 As of October 2005, the Portfolio's inception, the Yield to Maturity was 4.82%. The Portfolio's yield has increased 0.29% resulting in a potential annual yield increase on a $322,000 portfolio of $934. "The inforinatiou set forth above is based upon information believed to be accurate and reliable but we do not guarantee its accuracy.' DANA INVL-STMENT AnVISORS. INC. ~# . ' , , .. .. FOMC Statement ~~-zo-o~ For immediate release The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. The moderation in economic growth appears to be continuing, partly reflecting a cooling of the housing market. Readings on core inflation have been elevated, and the high levels of resource utilization and of the prices of energy and other commodities have the potential to sustain inflation pressures. However, inflation pressures seem likely to moderate over time, reflecting reduced impetus from energy prices, contained inflation expectations, and the cumulative effects of monetary policy actions and other factors restraining aggregate demand. Nonetheless, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for bot11 inflation and economic growth, as implied by incoming information. Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Jack Guynn; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Kevin M. Warsh; and Janet L. Yellen. Voting against was Jeffrey M. Lacker, who preferred an increase of 2.5 basis points in t11e federal funds rate target at this meeting. DANA INVESTMENT ADVISORS, INC. 7 Treasury Yield. Curve 5.5 5.0 4.5 4.0 3.5 03 Months 06 Months 02 Years OS Years 10 Years 30 Years --~ Oct 20, 2006 5.08 5.13 4.85 4.75 4.78 4.90 --~- Dec 30, 2005 4.07 4.37 4.40 4.35 4.39 4.54 DANA INVESTMENT ADVISORS, INC. Fec~ Funds Futures 9 Third. Quarter 2006 Equity Quarterly -Review The Dow Jones Industrial Average was flirting with its all tithe high, previously reached in January of 2000, as the third quarter came to a close. Except for the media hype, investors took the news in stride when the Dow finally surpassed its record close on several occasions in early October. Nevertheless, the Dow is hardly a proxy for the market as a whole, although it does punctuate the strong momentum in the equity markets during the quarter -especially the large cap stocks. Heading into d,e seasonally challenged third quarter we were worried about high commodity prices (especially oil), geopolitical concerns, the Fed's onward march of interest rate increases, and signs of a bursting housing bubble and a stretched consumer. Looking back at the stout market returns, there appeared no reason for concern. As mentioned d1e Dow nearly eclipsed its all-time high and all of the other major indexes were decidedly positive. The S&P 500 produced a total return of 5.7% during the quarter and the NASDAQ was up 4.0%. The Dow split the difference during the quarter as it was up 4.7%. The year-to-date numbers are impressive -Dow +9.0%, S&P .500 +8.5% and the NASDAQ +2.4%. After the May meltdown in the market it hardly seemed possible that we would produce a record close and intraday record this year. As they say on the Street, "Buy when there is blood on the streets." Key themes that emerged during the quarter were macro in nature and the effects were manifested in market segments and individual securities. There seemed to be two primary catalysts that propelled the market during the quarter. First, the Federal Reserve ended its two-year rate hiking campaign in August with a pause in rates, Leaving them at 5.25%. The Fed also remained on the sidelines when it met in September Ind now the consensus is for future rate cuts versus rate hikes. The Fed cited easing inflationary trends and a slowing economy as reasons for d1e pause. Second, the price of oil decreased 15% during the quarter. Oil topped out at $78.40 in the middle of July, during the heated conflict between Israel and Hezbollah. With this clash coming to a cease fire that has surprisingly lasted, no hurricanes in the Gulf of Mexico to disrupt exploration, prod~~iction and refining, and huge oil reserves, the price of oil has dropped below $60. These two catalysts buoyed consumer optimism and pushed the market higher after the steep declines during the second quarter. Sector performance was led by health care, technology and telecom -sectors that were mauled during the second quarter. Losers were the production oriented sectors -industrials, materials and energy. The sector winners are considered growth sectors while the sector losers are considered value sectors. Value continued to outperform growth; however that tide may change as noted in the recent sector leadership. Also, the Russell growth index was up 2.75% for September -its highest monthly jump ever recorded and was ahead of the Russell value index for the second straight month. Large caps have outpaced small caps; the Russell 2000 small cap index was up only 0.44% during the quarter, but still managed a slight lead for the year-to-date return. DANA INVF5TMGNT ADVISORS, INC. 10 Tlzirc~ Quarter 2006 Equity Quarterly - Portfolio Performance Large Cap Our Large Cap Core strategy returned 3.65% for the quarter and is up 8.16% year-to-date. While trailing the S&P 500 slightly, these returns are better than 75% of the Large Cap Mutual Funds. The financial sector was our portfolio bright spot, with five of our top ten performers. Leading the financials was an insurer, Allstate (ALL), which reported earnings that exceeded the Street's expectations due to lower catastrophe losses and better life insurance results. American Capital Strategies (ACAS), an investment firm specializing in buyouts, trended higher due to a favorable macro environment. Other financial winners including two money center banks -Bank of America (BAC) and JP Morgan Chase (JPM) and another insurer - MetLife (MET). Our top performer during the quarter was Motorola (MOT). Motorola, a mobile device maker, reported robust second quarter results on the heels of its successful mobile phones, namely the RAZR and SLUR. A high end department store, Nordstrom (JWN), led our constuner discretionary stocks due to continued strong storewide sales. Finally, AT&T (T) the largest telecom services company in the US, received a number of analyst upgrades following its solid second quarter report due to higher wire line margins and improving results from Cingular (60% owned by AT&T). Small Cap While our Small Cap strategy had a negative return of 2.07% during the quarter, it is up about 8.2% year-to-date. Our largest winner was Digital River (DRIV). The outsourcer of e-commerce solutions soared on management's comments during the quarterly conference call indicating the company had secured a significant contract win (believed to be Microsoft). Another winner was Men's Wearhouse (MW), a specialty retailer of men's clothing, which experienced margin strength as it executes its strategy of increasing the mix of high margin private label products. Defying the negative quarterly trend in energy, we had a winning nan~e from the oil patch -Giant Industries (GI). The refiner was acquired by Western Refining (WNR) in an all cash deal that represented an approximate 20% premium. Healthcare Services Group (HCSG), an industrial company that provides facility maintenance and food services for the healthcare industry, increased on the heels of a strong earnings report and analysts raising their estimates. Finally, We1lCare (WCG), a managed health care company, experienced strong enrollment growth, particularly in the south, which led to strong revenue and earnings. DANA INVESTMENT ADVISORS, INC. 11 Tlzirc~ Quarter 2006 Equity Quarterly - 4t~1 Quarter. & Beyond In football and die equity markets, it seems like the fourth quarter is the most important quarter, especially for the past several years, as the equity markets have rallied into the New Year and provided most of the positive performance during this quarter. h~terestingly, it appears that the markets have already begun their year-end rally as evidenced by the strong third quarter. Two key items we will be paying particular attention to during the fourth quarter are the third quarter earnings announcements and the November 7~~' Congressional elections. The earnings reports will be interesting, not in what the companies report, as it is expected to be another double digit earnings advance -the 13`h straight, but what companies articulate concerning their business prospects. The third quarter is typically the confession quarter as companies come to grips with less optimistic results than were previously conveyed to the Street and detail their prospects for 2007. Given the slower pace of the economy and inflationary pressures there could be some nasty surprises and cautious guidance. The November elections should not mean much in the near term, as it will take some time for policies to be implemented. However, the elections will set the tone for the economic and political enviromllent for the next two years. The markets have: typically taken an agnostic view of who controls the Beltway, but change equals uncertainty and the market does not like uncertainty. We are hopeful as we close out 2006 -the markets arc somewhat attractively valued, earnings growth is impressive, interest rates remain accommodating the sudden decrease in commodities brightens the expense picture and the consumer has found another source of relief in lower prices at the pump. In our fundamental analysis we have noted tighter valuation ranges and a more arduous time choosing superior stocks. We have been focusing on revenue growers with pricing power and more efficient operators that generate positive cash flow. These stocks should positively contribute to our portfolios and investment returns. DANn INVESTMENT ADVhORS, INC.. I2 Third Quarter 200b Equity Quarterly -Review The Dow Jones Industrial Average was flirting with its all time high, previously reached in January of 2000, as the third quarter came to a close. Except for the media hype, investors cook the news in stride when the Dow finally surpassed its record close on several occasions in early October. Nevertheless, the Dow is hardly a proxy for the market as a whole, although ie does punctuate the strong momentum in the equity markets during eke quarter -especially the large cap stocks. Heading into the seasonally challenged ehird quarter we were worried about high commodity prices (especially oil), geopolitical concerns, the Fed's onward march of interest rate increases, and signs of a bursting housing bubble and a stretched consumer. Looking back at the stout market returns, there appeared no reason for concern. As mentioned the Dow nearly eclipsed its all-rime high and all of the other major indexes were decidedly positive. The S&P 500 produced a total return of 5.7% during the quarter and the NASDAQ was up 4.0%. The Dow split the difference during the quarter as it was up 4.7%. The year-to-date numbers are impressive -Dow +9.0%, S&P 500 +85% and the NASDAQ +2.4%. After the May meltdown in the market it hardly seemed possible that we would produce a record close and intraday record this year. As they say on the Street, "Buy when there is blood on the streets." Key themes that emerged during the quarter were macro in nature and the effects were manifested in market segments and individual securities. There seemed to be two primary catalysts that propelled the market during the quarter. First, the Federal Reserve ended its two-year rate hiking campaign in August with a pause in rates, leaving them at 5.25%. The Fed also remained on the sidelines when it met in September and now the consensus is for future rate cuts versus rate hikes. The Fed cited easing inflationary trends and a slowing economy as reasons for the pause. Second, the price of oil decreased 15% during the quarter. Oil topped out at $78.40 in the middle of July, during the heated conflict between Israel and Hezbollah. With this clash coming to a cease fire that has surprisingly lasted, no hurricanes in the Gulf of Mexico to disrupt exploration, production and refining, and huge oil reserves, the price of oil has dropped below $60. These two catalysts buoyed consumer optimism and pushed the market higher after the steep declines during the second quarter. Sector performance was led by health care, technology and telecom -sectors that were mauled during the second quarter. Losers were the production oriented sectors -industrials, materials and energy. The sector winners are considered growth sectors while the sector losers are considered value sectors. Value continued to outperform growth; however drat tide may change as noted in the recent sector leadership. Also, the Russell growth index was up 2.75% for September -its highest monthly jump ever recorded and was ahead of the Russell value index for the second straight month. Large caps have outpaced small caps; the Russell 2000 small cap index was up only 0.44% during the quarter, but still managed a slight lead for the year-to-date return. DANA INVI;STMLNT ADVISORS, INC. 13 Third Quarter 2006 Equity Quarterly -Portfolio I'er.formance Large Cap Our Large Cap Corc strategy returned 3.65% for the quarter and is up 8.16% year-to-date. While trailing the S&P 500 slightly, these returns arc better than 75°/n of the Large Cap Mutual Funds. The financial sector was our portfolio bright spot, with five of our top ten performers. Leading the financials was an insurer, Allstate (ALL), which reported earnings that exceeded the Street's expectations due to lower catastrophe losses and better life insurance results. American Capital Strategies (ACAS), an investment firm specializing in buyouts, trended higher due to a favorable macro environment. Other financial winners including two money center banks -Back of America (BAC) and JP Morgan Chase (JPM) and another insurer - MetLife (MET). Ot~ir top performer during the quarter was Motorola (MOT). Motorola, a mobile device maker, reported robust second quarter results on the heels of its successful mobile phones, namely the RAZR and SLUR. A high end department store, Nordstrom QWN), led our consumer discretionary stocks due to continued strong storewide sales. Finally, AT&T (T) the largest telecom services company in the US, received a number of analyst upgrades following its solid second quarter report due to higher wire line margins and improving results from Cingular (60°/n owned by AT&T). Small Cap While our Small Cap strategy had a negative return of 2.07% during the quarter, it is up about 8.2% year-to-date. Our largest winner was Digital River (DRIV). The outsourcer of e-commerce solutions soared on management's comments during the quarterly conference call indicating the company had secured a significant contract win (believed to be Microsoft). Another winner was Men's Wearhouse (MW), a specialty retailer of men's clothing, which experienced margin strength as it executes its strategy of increasing the mix of high margin private label products. Defying the negative quarterly trend in energy, we has a winning name from the oil patch -Giant Industries (GI). The refiner was acquired by Western Refining (WNR) in an all cash deal that represented an approximate 20% premium. Healthcare Services Group (HCSG), an industrial company that provides facility maintenance and food services for the healthcare industry, increased on the heels of a strong earnings report and analysts raising their estimates. Finally, WellCare (WCG), a managed health care company, experienced strong enrollment growth, particularly in the south, which led to strong revenue and earnings. DANA 1NVESTMI:NT ADVISORS, INC.. 14 Third Quarter 2006 Equity Quarterly - 4t~~ Quarter cSZ Beyond In football and the equity markets, it sums like the fourth quarter is the most important quarter, especially for die past several years, as the equity markers have rallied into the New Year and provided most of the positive performance during dzis quarter. Interestingly, it appears that the markets have: already begun their year-end rally as evidenced by the strong third quarter. Two key items we will be paying particular attention to during the fourth quarter are the third quarter earnings announcements and the Novem~ier 7`~' Congressional elections. The eannings reports will be interesting, not in what the companies report, as it is expected to be another double digit earnings advance -the I3r~' straight, but what companies articulate concerning their business prospects. The third quarter is typically the confession quarter as companies come to grips with less optimistic results than were previously conveyed to the Strut and detail their prospects for 2007. Given the slower pace of the economy and inflationary pressures Chore cotild be some nasty surprises and cautious guidance. The November elections should not mean much in the near term, as it will take some time for policies to be implemented. However, the elections will set the tone for the economic and political environment for the next two years. The markers have typically oaken an agnostic view of who controls the Beltway, but change equals uncertainty and the market does not like uncertainty. We are hopeful as we close out 2006 -the markets are somewhat attractively valt.ied, earnings growd~ is impressive, interest rates remain accomtliodating the sudden decrease in commodities brightens the expense picture and the consumer has found another source of relief in lower prices at the pump. In our fundamental analysis we have noted tighter valuation ranges and a more arduous tinge choosing superior stocks. We have been focusing on revenue: growers with pricing power and more efficient operators that generate positive cash flow. These stocks should positively contribute to our portfolios and investment YCtllr]1S. DANA 1NVESTMFNT AIIVISORS, INC.. 15 Bond Per. formance Review On a total return basis, Corporate securities were the top performing asset class for the Lehman Brothers Aggregate Index for the third quarter of~ 2006. 2006 2005 YTD Aggregate 3.81% 3.06% Treasuries 3.68% 2.34% Agencies 3.22% 3.23% Corporate 4.54% 2.90% Asset-T3acked 2.85%> 3.56% Fixed MBS 3.63% 3.57% • The strength of the bond market returns came from the intermediate part of the yield curvy - 5 and 10 year yields moved more the 2 and 30 year yields: 6-30-06 9-30-06 2 yr 5.15% 4.68% S yr 5.09% 4.58% 10 yr 5.14% 4.63%> 30 yr 5.19% 4.76%~ DANA INVESTMENT ADVISORS, INC. l6 Bond Performance Review - C;onr~ntc~~~l The catalyse for the rally in interest rates, was the Federal Reserve pausing its tightening of i~nonetaiy policy. After 26 months of monetary tightening, the Federal Reserve held the Fed Funds rate at 5.25% in August and kept the rate unchanged after the September meeting. • The Bond market has construed from the Federal Reserve's connnentary that a pause in rates is equivalent to an end of future tightening. Moreover, the economic data has tended to validate the Bond markets reaction to the Federal Reserves comments. Since the first pause in August, 50% of the economic indicators have come in below expectations, 35% above, and 15% in line. o GDP growth slowed from 5.6% in the first quarter of 2006 to 2.6% in the second quarter of 2006. o Retail sales and personal consumption moderated over the second quarter. o New home sales were down 17.4%. o Existing home sales were down 12.6%. o Oil and gas levels remained elevated over the summer. However, there are many cross currents that suggest that the economy is accelerating at a solid pace and that the bond market may have extended its gains. o Payroll employment averaged a firm 148,000 new jobs per month in the third quarter. o Unit Labor costs rose from 4% in the second quarter to 9% in the third quarter. o Core Inflation is above the 2% Federal Reserve threshold and is continuing to climb. o Corporate credit spreads are tight. Given the uncertainty in the Bond market as to the future expectation of monetary policy and interest rates suggesting overbought yield levels, the current portfolio is being managed with slightly lower interest rate risk than our benchmarks. Our portfolios continue to be well-diversified between Corporates, Treasuries, Agencies and Mortgages. We have maintained our over-weight sector allocation to corporate and mortgage securities due to our fundamental economic and bond sector outlook. In addition, throughout the third quarter, the bond portfolio has held a yield advantage to the benchmark and a slightly shorter duration. Therefore, we have been able to maintain performance with lower risk and higher yield than the benchmark. IJI~NA 1NVI:STMIiNT ADVLSOKS, INC. 1~ Asset All~~catic~n as of 9-30-06 ;M,`~,, Money Market ~~ Government Bonds Fixed Ratc Mort. Pools $51,184 `.„ ~QQ ~a~ Accrued & Receivables All Cap C~~p Sector Distribution as of 9-30-06 22%~ 20% 18%> 16%> 14%> 12°/n 10%~ 6%-{ 4% ` 2%- 0%~-~ l9 Financials Information Health Care Industrials Consumer Energy Consumer Utilities Telecomm Materials Technology Discretionary Staples Services DANA INVFSTML'NT ADVISORS, INC. Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Tequesta General Employees' Pension Fund Seple~nber 30, 2006 Market Pct. Quantity _ Security Price Value Assets CASH AND EQUIVALENTS Cash -Money Fund 5 I ,183.69 6.5 51,183.69 6.5 COMMON STOCK Materials 152 Dow Chemical Company 38.98 5,924.96 0.7 92 PPG Industries [r1c. 67.08 6,171.36 0.8 12,096.32 1.5 hldusn-ials 90 Burlington Northern Santa Fe 94 Caterpillar Inc. 100 Eaton Corp. 128 Gardner Denver Inc 140 Lngcrsoll-Rand Co. 309 Labor Ready hoc. 100 United Technologies Corp Telecommunication Services 204 AT&T [nc. 158 Verizou Communications Consumer Discretir 175 lxs 102 185 160 66 ll7 >nary Cato Corp. .Iarden Corporation Johnson ConU•ols Inc. Leggett & Platt Nordstrom lnc The Mcu's Wearhouse [nc V F Corporation Consumer Staples 90 Altria Group Inc. 73.44 6,609.60 0.8 65.80 6,185.20 0.8 68.85 6,885.00 0.9 33.08 4,234.24 0.5 37.98 5,317.20 0.7 15.93 4,922.37 0.6 63.35 6,335.00 _ 0.8 40,488.61 5.1 32.56 6,642.24 0.8 37.13 5,866.54 - - - _ 0.7 12,508.78 L6 21.91 3,834.25 0.5 32.97 6,198.36 0.8 71.74 7,317.48 0.9 25.03 4,630.55 0.6 42.30 6,768.00 0.9 37.21 2,455.86 0.3 72.95 _ 8,535.15 _ 1.1 39,739.65 5.0 76.55 6,889.50 0.9 20 Daua Investment Advisors PORTFOLIO APPRAISAL 1087 Tequesta General Employees' Pension Fund September 3q 2006 Quantity _ Security Price 332 Global Imaging Systems Inc. 22.07 90 Iutei7lational Business Machines Copp. 81.94 160 Komag hlcorporated 31.96 280 Motorola Inc. 25.00 Health Care 70 Becton Dicknlson R Co 70.67 109 Johnson & .iolmson 64.94 140 McKesson Coip. 52.72 139 Quest Diagnostics Inc. 61.16 140 Siena Health Services 37.84 94 Wellpoint Health Networks 77.05 149 Wyeth 50.84 Internati o na I 95 Central Europe & Russia Fund 75 Morgan Stanley India Investment Fund 90 Turkish [nveshnent Fund 160 iShares MSCI Australia Index Fund 150 iShares MSCI Austria Index Fiord 60 iShares MSCI Brazil Index Fund 70 iShares MSCI EAFE Index Ftmd 305 iShares MSCI Japan hidex Fund 70 iShares MSCI Korea hidex Fund 85 iShares MSCI Mexico Index Fund 100 iShares MSCI Netherlands hldcx Fund 135 iShares MSCI Sweden Index Fund 160 iShares MSCI United Kingdom Index Fund Market Value 7,327.24 7,3 74.60 5,113.60 _ 7,000.00 57,365.05 4,946.90 7,078.46 7,380.80 8,501.24 5,297.60 7,242.70 7,575.16 48,022.86 46.35 4,403.25 46.30 3,472.50 16.34 1,470.60 21.20 3,392.00 31.62 4,743.67 38.47 2,308.20 67.75 4,742.50 13.54 4,129.70 46.25 3,237.50 43.21 3,672.85 25.10 2,510.00 27.16 3,666.60 21.89 3,502.40 45,251.77 418,301.70 CORPORATE BONDS 5,000.00 Carolina Power & Light 6.800% Due 08-15-07 5,000.00 Merrill Lynch & Co. 4.250% Due 09-14-07 101.]4 5,057.05 98.99 4,949.65 Pct. Assets 0.9 0.9 0.6 0.9 7.2 0.6 0.9 0.9 I.l 0.7 0.9 1.0 6.1 0.6 0.4 0.2 0.4 0.6 0.3 0.6 0.5 0.4 0.5 0.3 0.5 0.4 5.7 52.8 0.6 0.6 3 22 Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Tequesta General Employees' Pension Fund Sep~ernber 30, 2006 Market Pct. Quantity Security Price Value Assets 5,000.00 Cit Group Inc. 99.16 4,958.05 0.6 4.750% Due 08-15-08 5,000.00 CSX Corp 101.87 5,093.60 0.6 6.250% Due 10-15-08 6,000.00 Deutsche Bank Financial 105.55 6,332.77 0.8 7.500°io Due 04-25-09 5,000.00 Target Corp. 100.91 5,045.60 0.6 5.375% Due 06-15-09 5,000.00 Countrywide Home Loan 100.94 5,047.15 0.6 5.620% Due 07-15-09 5,000.00 Capital One Bank 101.46 5,073.15 0.6 5.750% Due 09- 15-10 5,000.00 Lehman Brothers Inc. 99.03 4,951.35 0.6 5.000% Due 01-14-11 5,000.00 Kohls Corporation 103.68 5,184.05 0.7 6.300% Due 03-01- I 1 5,000.00 Washington Mutual Inc. 100.50 5,025.20 0.6 5.500% Due 08-24-1 l 5,000.00 Bristol-Myers Squibb 101.86 5,093.15 0.6 5.750%Due 10-01-11 5,000.00 Bank One Corp 102.79 5, 139.50 0.6 5.900%Due 11-15-11 5,000.00 Gannett Co Inc. 103.57 5,178.65 0.7 6.370% Due 04-01-12 5,000.00 SLM Corp 98.91 4,945.48 0.6 5.120% Due 08-27-12 5,000.00 Avon Products Inc. 95.36 4,768.20 0.6 4.620% Due OS-15-13 5,000.00 Goldman Sachs Group hrc. 98.68 4,934.20 0.6 5.250% Due 10-15-13 5,000.00 HSBC Finance Corp. 98.46 4,923.20 0.6 5.250% Due 04- I5-15 5,000.00 Lowe's Companies Inc. 97.30 4,865.25 0.6 5.000% Due 10-15-15 5,000.00 Wachovia Bank NA 100.91 5,045.60 0.6 5.600% Due 03-15-16 101,610.85 12.8 4 23 Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Tequestu General Employees' Pension Fund September 30, 2006 Market Pct. Quantity Security Price Value Assets FEDERAL AGENCY SECURITIES 10,000.00 Federal Home Loan Bank Bond 98.98 9,898.40 1.2 4.125°io Due 10-19-07 10,000.00 Federal Home Loau Mortgage Corp. 101.08 10,107.80 1.3 5.750% Due 04-15-08 5,000.00 *Federal Home Loan Mortgage Corp. 100.37 5,018.75 0.6 5.125%Due 10-15-OS 10,000.00 *Federal National Mortgage Association 100.75 10,075.00 1.3 5.250% Due 01-15-09 10,000.00 Federal Home Loan Mortgage Corp. 101.95 10,195.30 1.3 5.750% Due 03-15-09 10,000.00 Federal National Mortgage Association 101.30 10,129.70 1.3 5.375% Due 08-15-09 5,000.00 Federal National Mortgage Association 99.48 4,974.20 0.6 4.750%Due 12-15-10 7,000.00 Federal National Mortgage Association 102.36 7,165.13 0.9 5.500°%Due 03-15-1 I 3,000.00 Federal Home Loan Mortgage Corp. 97.72 2,931.57 0.4 4.500% Due 01-15-13 5,000.00 Federal Home Loan Mortgage Corp. 99.58 4,978.90 0.6 4.875%Due 11-15-13 8,000.00 Federal National Mortgage Association 100.16 8,012.48 I.0 5.000°io Due 04-15-15 83,487.23 10.5 GOVERNMENT BO NDS 10,000.00 U.S. Treasury Notes 99.83 9,982.5 l 1.3 3.500% Due 1 I -15-06 15,000.00 U.S. Treasury Notes 99.1 I 14,866.41 1.9 4.000% Due 09-30-07 20,000.00 U.S. Treasury Notes 99.08 19,815.62 2.5 4.120% Due 08-15-08 10,000.00 U.S. Treasury Notes 102.19 10,218.75 1.3 5.500% Due OS-15-09 15,000.00 U.S. Treasury Notes 98.78 14,817.19 1.9 4.250%Due 10-15-]0 10,000.00 U.S. Treasury Notes 97.92 9,792.19 1.2 4.250% Due 08-15-13 24 Dana Investment Advisors PORTFOLIO APPRAISAL 1087 Teyuesta General Employees' Pension Fund .September 30, 2006 Market Pct. Quantity Security _ Price Value Assets 5,000.00 U.S. Treasury Notes 97.30 4,864.84 0.6 4.250°i~, Duc 08-15- I S 5,000.00 U.S. Treasury Notes 103.75 5,187.50 0.7 5.120°/~ Duc OS-15-16 89,545.31 1 1.3 FIXED RATE MORTGAGE POOLS i 4,194.92 FHLMC 090939 l 2- I -OS 99.44 14,115.43 1.8 5.500°~~ Duc 12-0 l -25 14,900.88 FHLMC GOLD 090978 7-1-06 101.21 15,081.18 1.9 6.000%, Duc 07-0 I -26 14,721.81 FNMA 884093 5-1-06 100.53 14,799.84 1.9 6.000° ~, Duc OS-0l -36 43,996.44 5.5 Accrued Income 3,818.29 0.5 Dividends Receivable 396.29 0.0 Interest Receivable 485.22 _ 0.1 TOTAL ACCRUED AND RECEIVABLE 4,699.81 0.5 TOTAL PORTFOLIO 792,825.04 100.0 The market prices shox•rt on these pages represent the last reported s[rle ora the vahratiorz date ns to lined securities or the bid prier in the case ofover-the-counter yuotutiorts. Pricet ora bonds and some other inncstmerats are based on round lot price quotations ur:d are for evaluation purposes only nrtd may trot represent actual market values. Bonds sold ora ara odd lot basis (less than ,51 milliory naay have a dollar price lower than the rorn:d lot yrrote. {T'here no regrdar market exists, priers s/aorvn are estimates by sources considered reliable by Duraa Irmestment Advisors, h:c. {Vhile dre prices are obtained from sources we e•onsider reliable, we nuanot gunrruuee them. (i Dana Inveshnent Advisors VALUE LINE SAFETY RATINGS ISS CORPORATE GOVERNANCE RATINGS 1087 Tequesta General Employees' Pension Fund Jody Forsythe September 30, 200h Security Value Line ISS Corp Gov Market Percent of Symbol Security Safety Rating Index Rating Value Equities COMMON STOCK Dana Large Cap t AT&T Inc. 2 83 6,642.24 1.59 mo Altria Group hie. 3 53 6,889.50 1.65 dox Amdocs Ltd 4 n/a 8,316.00 1.99 apa Apache Cote 3 2 6,572.80 1.57 amat Applied Materials Inc. 3 58 7,446.60 1.78 bac Bank of America 2 43 8,035.50 1.92 Corporation bsc Bear Steams Companies 3 35 7,845.60 1.88 [nc. bdx Becton Dickinson & Co 1 82 4,946.90 1.18 bni Burlington Northern 3 88 6,609.60 1.58 Santa Fe cit CIT Gronp 3 89 6,32].90 1.51 cat Caterpillar [nc. 2 88 6,185.20 1.48 c Citigroup Inc. 3 92 7,351.16 1.76 cop Conocophillips 2 34 7,143.60 1.71 dow Dow Chemical 3 70 5,924.96 l .42 Company etn Eaton Corp. 1 66 6,885.00 1.65 esv Ensco International [nc. 3 64 5,478.75 1.31 fisv Fiserv Inc. 3 39 7,016.41 1.68 hig Hartford Financial 3 64 7,287.00 L74 Services it Ingersoll-Rand Co. 3 n/a 5,317.20 1.27 ibtn International Business 1 12 7,374.60 1.76 Machines Cotp. jpm J. P. Morgan Chase & 3 90 7,983.20 1.91 Company jnj Johusou & Johnson 1 18 7,078.46 1.69 jci Johnson Controls Inc. 2 76 7,317.48 1.75 ktnb Kimberly-Clark Corp. l 80 6,209.20 1.48 leg Leggett & Platt n/a 50 4,630.55 1.1 1 mro Marathon Oil Corp. 2 52 8,382.10 2.00 mck McKesson Cotp. 3 64 7,380.80 1.76 29 Security Symbol met 171ot JWr1 PPg ppl pbg dgx sre SVtI utx vfc vlo vz wb wm wlp wye Dana Sulall Cap Dana Investment Advisors VALUE LINE SAFETY RATINGS ISS CORPORATE GOVERNANCE RATINGS 1087 Teyuesta General Employees' Pension Fund Jody Forsythe September 30, 2006 Value Line ISS Corp G ov Security Safety Rating Index Rating Metlife Inc. 2 46 Motorola Inc. 3 82 Nordstrom Inc 3 94 PPG Industries [nc. 2 20 PPL Corporation 3 58 Pepsi Bottling Group 3 44 [nc. Quest Diagnostics [nc. 3 67 Senlpra Energy 2 42 Strpervalu Inc. 3 48 United Technologies 1 89 Corp V F Corporation 3 80 Valero Energy Corp. 3 62 Verizon 2 74 Communications Wachovia Corporation 3 55 Washington Mutual Inc . 2 35 Wellpoiut Health 2 70 Networks Market Percent of Value Equities 8,445.32 2.02 7,000.00 1.67 6,768.00 1.62 6,171.36 1.48 7,369.60 1.76 6,887.00 1.65 8,501.24 2.03 7,336.50 1.75 6,226.50 1.49 6,335.00 1.51 8,535.15 2.04 6,691.10 L60 5,866.54 1.40 6,528.60 1.56 6,868.26 1.64 7,242.70 1.73 Wyeth 2 87 7,575.16 ].81 304,920.34 cbc Capital Bancorp Ltd cU- Cato Corp. diod Diodes Inc. gdi Gardner Denver Inc gisx Global Imaging Systems b1c. jah Darden Corporation komg Komag Incorporated lrw Labor Ready Inc. sigi Selective Insurance Group sie Sierra Health Services n/a 30 7,120.00 1.70 3 4 3,834.25 0.92 4 9 7,770.60 1.86 n/a 88 4,234.24 1.01 3 42 7,327.24 1.75 3 52 6,198.36 1.48 n/a 72 5,113.60 1.22 3 79 4,922.37 1.18 3 68 7,260.18 1.74 3 84 5,297.60 1.27 30 Dana Investment Advisors VALUE LINE SAFETY RATINGS ISS CORPORATE GOVERNANCE RATINGS 1087 Tequesta General Employees' Pension Fund Jody Forsythe September 30, 2006 Security Value Line ISS Corp Gov Market Percent of Symbol Security Safety Rating Index Rating Value Equifies mw The Men's Wearhouse 3 80 2,455.86 0.59 Inc. ptry The Pantry [uc n/a 55 6,595.2_9 L58 68,129.59 Mutual & Exchange Traded Funds cee CeutraL Etu~ope & 3 n/a 4,403.25 1.05 Russia Fund iif Morgan Stanley India n/a n/a 3,472.50 0.83 Investment Fiord tkf Turkish Investment n/a u/a 1,470.60 0.35 Fund ewa iShares MSCI Australia n/a u/a 3,392.00 0.81 Index Fund ewo iShares MSCI Austria n/a n/a 4,743.67 1.13 Index Fund ewz iShares MSC[ Brazil n/a n/a 2,308.20 0.55 Index Ftmd efa iShares MSC[ EAFE n/a n/a 4,742.50 1.13 Index Fund ewj iShares MSC[ Japan n/a n/a 4,129.70 0.99 Index Ftimd ewy iShares MSC[ Korea n/a n/a 3,237.50 0.77 Index Fcu~d eww iShares MSCI Mexico n/a n/a 3,672.85 0.8R Index Fund ewn iShares MSCI n/a n/a 2,510.00 0.60 Netherlands Index Fund ewd iShares MSCI Sweden n/a n/a 3,666.60 0.88 Index Fund ewii iShares MSC[ United n/~~ n/a 3,502.40 0.84 Kingdom Index Fund 45,25 ] .77 418,301.70 3 3'I Da~1a Investment Advisors VALUE LINE SAFETY RATINGS ISS CORPORATE GOVERNANCE RATINGS 1087 Teyuesta General Employees' Pension Fund Jody Forsythe Seplernber 30, 2006 Security Value Line ISS Corp Gov Market Symbol Security Safety Rating Index Rating Value TOTAL EQUITIES 418,301.70 Percent of Equities 32 Security CORPORATE BONDS Carolina Powcr & Light 6.800% Due 08-15-07 Mei7•ill Lynch & Co. 4.250°ro Due 09-14-07 Cit Group Inc. 4.750% Due 08-15-08 CSX Corp 6.250%, Due 10-15-08 Deutsche Bank Financial 7.500°i~ Due 04-25-09 Target Coip. 5.375% Due 06-15-09 Countrywide Home Loan 5.620%~ Due 07-15-09 Capital One Bank 5.750°/, Due 09-15-10 Lehm~m Brothers Iuc. 5.000% Due 01-14-11 Kohls Corporation 6.300% Due 03-01-1 1 Washington Mutual [uc. 5.500% Due OS-24-11 Bristol-Myers Squibb 5.750°/~ Due I 0-01-1 1 Bank One Corp 5.900% Due I 1-15-11 Gamlett Co Inc. 6.370%, Due 04-01-12 SLM Corp 5.120% Due 08-27-12 Avon Products Inc. 4.620°% Duc OS-15-13 Goldman Sachs Group [nc. 5.250%, Due 10-15-13 Dana Invest~neut Advisors CORPORATE BOND RATINGS 1087 eyuesta General Employees' Pension Fund Jody Forsythe September 30, 2006 Market Quantity Value S & P Moody 5,000.00 5,057.05 BBB A3 5,000.00 4,949.65 A+ Aa3 5,000.00 4,958.05 A A2 5,000.00 5,093.60 BBB Baal 6,000.00 6,332.77 A+ Al 5,000.00 5,045.60 A+ A 1 5,000.00 5,047.15 A A3 5,000.00. 5,073.15 BBB+ A3 5,000.00 4,951.35 A+ A l 5,000.00 5,184.05 BBB+ A3 5,000.00 5,025.20 A- A3 5,000.00 5,093.15 A+ A2 5,000.00 5,139.50 A A 1 5,000.00 5,178.65 A A2 5,000.00 4,945.48 A A2 5,000.00 4,768.20 A A2 5,000.00 4,934.20 A+ Aa3 1 33 Dana Investment Advisors CORPORATE BOND RATINGS 1087 Teyuesta~ General Employees' Pension Fund Jody Forsythe Septe~nher 30, 2006 Security HSBC Finance Coip. 5.250% Due 04- 15-15 Lowe's Companies Inc. 5.000% Due 10-15-15 Wachovia Bank NA 5.600% Due 03-15-16 5,000.00 4,865.25 A+ Al 5,000.00 5,045.60 A+ Aa3 101,610.85 Market Quantity Value S & P Moody 5,000.00 4,923.20 AA- Aa3 TOTAL CORPORATE BONDS 101,610.85 34 II. Corporate Governance Supporting Data Corporate Governance Supporting Data • All stocks that received an ISS Corporate Governance Quotient (CGQ) rating below 50, as indicated in Section I, are included in this report. • The supporting information identifies 4 policies that have a favorable impact on corporate governance and 4 policies that negatively effect corporate governance. • ISS, CGQ ratings are a proprietary ranking methodology and may or may not be either accurate or predictive. • Relative ratings continually change, and such changes may be the result of another company's rating change. • CGQ ratings are neither intended as a means to assess financial viability of a company, nor a determining factor for future returns. DANA INVLSTMI:NT AI~VISURS, INC. 35 Apadu Core e audit committee is comprised solely of independent outside directors e average annual burn rate over the past three fiscal years is 2 % or less, or is within one standard deviation of the industry mean I of the audit committee members are "financial experts" e company has a committee that oversees governance issues and the committee me in the past year ere is no disclosure of stock ownership guidelines for outside directors sere is no disclosure of stock ownership guidelines for executives e company has a poison pill in place ere is no disclosure of a policy that directors are required to submit a letter of resignation upon a job change Buhl: of Amcri.a Ca,rP he audit wmmittee is comprised solely of independent outside directors ireclors are subject to stock ownership guidelines xeculives are subject to stock ownership guidelines he company has a committee that oversees governance issues and the committee me in [he past year he average annual burn rate over the past three fscal years is greater than 2 % and exceeds one standard deviation of the industry mean he company does not utilize performance-based equity awards with specific performance criteria and hurdle rates disclosed he board has more than 15 directors here is no disclosure of a policy that limits the number of other boards that directors may serve on "flrc ftcur Strarn.~ G,mpaniee tnc. he audit committee is comprised solely of independent outside directors ,II of the audit committee members are "financial expeds" rieeclors are sublet[ to stock ownership guidelines executives are subject to stock ownership guidelines 'he average annual burn rate over the past three fscal years is greater than 2 % and exceeds one standard deviation of the industry mean here is no disclosure of a policy that directors are required to submit a letter of resignation upon a lob change here is no disclosure of mandatory holding periods for restricted stock after vesting ~he company does not utilize performance-based equity awards with specific performance criteria and hurdle rates disclosed Conocophillips -he audit committee is comprised solely of independent outside directors "he average annual burn rate over the past three fiscal years is 2 % or less, or is within one standard deviation of the industry mean -he board is controlled by a supermajority o(independent outsiders (independent outsiders greater than 90 % ) )ireclors are subject to stock ownership guidelines -he company has a poison pill in place -he board of directors is classified -here is no disclosure of mandatory holding periods for restricted stock after vesting -he company does not utilize performance-based equity awards with specific performance criteria and hurdle rates disclosed Inrcrnarian:d ftu,incs. Machine, Corp fhe average annual burn rate over the past three fiscal years is 2 % or less, or is within one standard deviation of the industry mean )ireclors are subject to stock ownership guidelines .xeculives are subject to stock ownership guidelines fhe company has a committee that oversees governance issues and the committee me in the past year fhe audit committee is comprised solely of independent outside directors there is no disclosure of a policy that the board regularly approves a CEO succession plan there is no disclosure of mandatory holding periods for restricted stock after vesting there is no disclosure of mandatory holding periods for stock acquired upon exercise of options ]ohaon S ]o6nxon the audit committee is comprised solely of independent outside directors fhe average annual burn rate over the past three fiscal years is 2 % or less, or is within one standard deviation of the industry mean the company has a committee that oversees governance issues and the committee me in the past year there is not a dual class capital structure in place there is no disclosure of stock ownership guidelines for outside directors there is no disclosure of stock ownership guidelines for executives there is no disclosure of mandatory holding periods for restricted stock after vesting fhe company does not utilize performance-based equity awards with specific performance criteria and hurdle rates disclosed MvtGfc, Inc fhe audit committee is comprised solely of independent outside directors fhe average annual burn rate over the past three fscal years is 2 % or Tess, or is within one standard deviation of the industry mean fhe board is controlled 6y a supermalority of independent outsiders (independent outsiders greater than 90 % ) executives are subject to stock ownership guidelines there is no disclosure of stock ownership guidelines for outside directors the company has a poison pill in place The board of directors is classified The company does not utilize performance-based equity awards with specific performance criteria and hurdle rates disclosed v'~ M Prc tn~t~~tr,~~, Inc. e audit committee is comprised solely of independent outside directors e average annual burn rate over the past three fiscal years is 2 % or less, or is within one standard deviation of the industry mean e board is controlled by a supermajority of independent outsiders (independent outsiders greater than 90 % ) irectors are subject to stock ownership guidelines ere is no disclosure of stock ownership guidelines for executives e company has a poison pill in place e board of directors is classified here is no disclosure of mandatory holding periods for stock acquired upon exercise of options "Phc Pepsi &xding Group, Inc. he audit committee is comprised solely of independent outside directors he average annual burn rate over the past three fscal years is 2°0 or less, or is within one standard deviation of the industry mean irectors are subject to stock ownership guidelines xecutives are subject to stock ownership guidelines here is no disclosure of mandatory holding periods for resGicted stock after vesting he company does no utilize performance-based equity awards with specific performance criteria and hurdle rates disclosed here is no disclosure of mandatory holding periods for stock acquired upon exercise of options he last lime ISS evaluated the company's option plans, ISS deemed the sharholder value transfer of the plan to be excessive Sempra Energy he audit committee is comprised solely of independent outside directors rirectors are subject to stock ownership guidelines xecutives are subject to stock ownership guidelines 'he company is incorporated in a slate without anti-takeover provisions 'he average annual burn rate over the past three fscal years is greater than 2 % and exceeds one standard deviation of the industry mean he board of directors is classified 'here is no disclosure of mandatory holding periods for restricted stock after vesting ~he company does not utilize performance-based equity awards with specific performance criteria and hurdle rates disclosed Super\'aluc. Inc. he audit committee is comprised solely of independent outside directors he average annual burn rate over the past three fscal years is 2 % or less, or is within one standard deviation of the industry mean 'he board is controlled by a supermajority of independent outsiders (independent outsiders greater than 90 % ) !xecutives are subject to stock ownership guidelines here is no disclosure of stock ownership guidelines for outside directors ~he company has a poison pill in place 'he board of directors is classified ~he company does not utilize performance-based equity awards with specific performance criteria and hurdle rates disclosed Washinkmn MumaL, Inc. 'he audit committee is comprised solely of independent outside directors )irectors are subject to stock ownership guidelines .xecutives are subject to stock ownership guidelines -he company has a committee that oversees governance issues and the committee me in the past year ~he average annual burn rate over the past three fiscal years is greater than 2 % and exceeds one standard deviation of the industry mean -he company has a poison pill in place -he board of duectors is classified -here is no disclosure of mandatory holding periods for restricted stock otter vesting Capital Bancorp Lrd ~he audit committee is comprised solely of independent outside directors he company has a committee that oversees governance issues and the committee me in the past year here is not a dual class capital structure in place ~ board approved CEO succession plan is in place ~he average annual burn rate over the past three fiscal years is greater than 2 % and exceeds one standard deviation of the industry mean he board is controlled by a supermajority of independent outsiders (independent outsiders greater than 90 % ) here is no disclosure of stock ownership guidelines for outside directors here is no disclosure of stock ownership guidelines for executives '1'hc Can, Corporation -he audit committee is comprised solely of independent outside directors "he average annual burn rate over the past three fiscal years is 2 % or less, or is within one standard deviation of the industry mean -he company has a committee that oversees governance issues and the committee me in the past year ~ board approved CEO succession plan is in place ~e company has a dual class capital structure in place with one class held to maintain voting control -here is na disclosure of slack ownership guidelines for outside directors "here is no disclosure of stock ownership guidelines for executives -he company has a poison pill in place r- M Global 6uaKing Sy.mn,., I~r. e audit committee is comprised solely of independent outside directors e average annual burn rate over the past three fiscal years is 2 % or less, or is within one standard deviation of the industry mean e company has a committee that oversees governance issues and the committee me in the past year ere is not a dual class capital structure in place ere is no disclosure of stock ownership guidelines for outside directors ere is no disclosure of stock ownership guidelines for executives ere is no disclosure of a policy that directors are required to submit a letter of resignation upon a job change e board of directors is classified M T M L ~ ""' T V L .J ~ ~ ~ `~ Ci J ~` (C V ('~ ~ ~ ~ r ~ G c; i.. ~ y V X V V ~ ~ ~= v: Cq j V J ^J L C> -T+ ~ J . ~ r J ~ ~; ~ O n c, v G _~ O 4. ~ ~ y ~' u ~" O `~'^' ue .~l vJ C/~ ~ y . s ~ `~ O ~ i, ~~., ,--. 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