HomeMy WebLinkAboutDocumentation_Pension General_Tab 11_04/24/2006loyees'
April 15, 2006
DANA INVESTMENT ADVISORS, INC.
PERFORMANCE
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
Performance vs Comparables (Net of Fees)
Unannualized Total Return Through 3-31-Oh
Bonds & Cash Equities Total Portfolio
1stQtr
2006 *Fiscal
YTD lst Qtr
.2006. * Fiscal
YTD 1st Qtr
2006 * Fiscal
YTD
Tequesta GE -0.04% 1.01% 6.15% 15.84% 3.62% 8.57%
Lehman Govt/Corp Intermediate -0.38% 0.13%
S&P 500 4.21% 6.58%
Blend:
60% S&P 500
40% Lehman G/C Intermediate
2.37%
4.00%
* From Inception date 10-1-05 to 3-31-06
Portfolio Characteristics Current Asset Allocation
Average Effective
Credit Quality Bonds Stocks Cash
Coupon Duration
AA+ 4.89% 3.31 35% 55% 10%
"The information set forth above is based upon information believed to be accurate and reliable but we do not guarantee its accuracy."
DANA INVEST1~tENT ADVISORS, INC.
3
OUTLOOK
Treasury Yield Curve
5.0
4.5
4.0
3.5
3.0
2.5
2.0
~------------- - --,f------------
--------------------------------------------- -
---------------------------------
----- ------------
T,--------------------------------------------------------------a
03 Months 06 Months
Apr 10, 2006 4.69 4.86
~~ Dec 31, 2004 2.21 2.58
-~-- Dec 30, 2005 4.07 4.3 7
DANA INVESTMENT ADVISORS, INC.
02 Years OS Years 10 Years 30 Years
4.89 4.89 4.96 5.04
3.07 3.61 4.22 4.83
4.40 4.35 4.39 4.54
4
Fed Funds Futures
5.40
5.30 -- -
5.20 -- - -
5.10 - - --- _
5.00 - -
4.90 - -- - - - - - - _ __
Market expects at least one more rate increase
4.80 - -- - - -
4.70 -- - - _ - - - - -- -
4.60 _
4.50
4.40
Apr06 May06 Jun06 Ju106 Aug06 Sep06 Oct06 Nov06 Dec06 Jan07 Feb07 Mar07
-- 4/7/2006 4.78 4.95 5.01 5.12 5.18 5.20 5.21 5.20 5.18 5.18 5.16 5.15
DANA INVESTMENT ADVISORS, INC.
S
Current Economic Environment
- Real GDP increasing at 3.5% /year, 1.7% - Fed may continue above 5%.
in the 4th. Quarter of 2005.
- CPI has increased at an annualized rate of
- All major employment and inflation 3.6% over the last 12 months, 2.1%
indicators have been increasing. excluding food & energy.
- Unemployment near lowest level since July, - Producer price index is up 3.7% over the
2001. last 12 months.
- Non-farm payroll growth was up over 2 - Housing beginning to show signs of
million in 2004 and in 2005 slowing.
- Fed Funds real rate was negative late 2002
until late 2005.
4/3/06
DANA INVESTMENT ADVISORS, INC.
6
ASSET ALLOCATION
Asset Allocation as of 3-31-06
Government Bonds
Federal Agencies $85 438
Corporate Bonds
$105,883 $52,773 12%
. _.., 7%
Money Market
$70,63?
10%
Accrued & Receivables
$3,859
~o
55%
DANA INVESTMENT ADVISORS, INC.
22%~
20% ~/,/
18%~~
16%
14% '%
12%-/
10% ~
8%
6%-~
4%
2%
11lIII~~.~
Financials Information Health Care Industrials Consumer Energy Consumer Utilities Materials Telecomm
Technology Discretionary Staples Services
DANA INVESTMENT ADVISORS, INC.
8
CURRENT HOLDINGS
Dana Investment Advisors
PORTFOLIO APPRAISAL
1087
Tequesta General Employees' Pension Fund
March 31, 2006
Market Pct.
Quantity Security Price Value Assets
CASH AND EQUIVALENTS
Cash -Money Fund 70,636.62 10.0
70,636.62 10.0
COMMON STOCK
Dana Large Cap
156 AT&T Inc. 27.04 4,218.24 0.6
76 Altria Group Inc. 70.86 5,385.36 0.8
210 Amdocs Ltd 36.06 7,572.60 1.1
104 Apache Corp 65.51 6,813.04 1.0
290 Applied Materials Inc. 17.51 5,077.90 0.7
134 Bank of America Corporation 45.54 6,102.36 0.9
50 Bear Stearns Companies Inc. 138.70 6,935.00 1.0
70 Becton Dickinson & Co 61.58 4,310.60 0.6
90 Burlington Northern Santa Fe 83.33 7,499.70 1.1
130 CIT Group 53.52 6,957.60 1.0
94 Caterpillar Inc. 71.81 6,750.14 1.0
112 ChevronTexaco Corp. 57.97 6,492.64 0.9
126 Citigroup Inc. 47.23 5,950.98 0.8
55 Conocophillips 63.15 3,473.25 0.5
206 D. R. Horton Inc. 33.22 6,843.32 1.0
118 Dow Chemical Company 40.60 4,790.80 0.7
100 Eaton Corp. 72.97 7,297.00 1.0
149 Fiserv Inc. 42.55 6,339.95 0.9
74 Hartford Financial Services 80.55 5,960.70 0.8
240 Intel Corporation 19.46 4,670.40 0.7
81 International Business Machines Corp. 82.47 6,680.07 0.9
150 J. P. Morgan Chase & Company 41.64 6,246.00 0.9
109 Johnson & Johnson 59.22 6,454.98 0.9
102 Johnson Controls Inc. 75.93 7,744.86 1.1
Dana Investment Advisors
PORTFOLIO APPRAISAL
1087
Tequesta General Employees' Pension Fund
March 31, 2006
Market Pct.
Quantity Security Price Value Assets
95 Kimberly-Clark Corp. 57.80 5,491.00 0.8
109 Marathon Oil Corp. 76.17 8,302.53 1.2
120 McKesson Corp. 52.13 6,255.60 0.9
149 Metlife Inc. 48.37 7,207.13 1.0
280 Motorola Inc. 22.91 6,414.80 0.9
160 Nordstrom Inc 39.18 6,268.80 0.9
92 PPG Industries Inc. 63.35 5,828.20 0.8
207 PPL Corporation 29.40 6,085.80 0.9
194 Pepsi Bottling Group Inc. 30.39 5,895.66 0.8
139 Quest Diagnostics Inc. 51.30 7,130.70 1.0
135 Sempra Energy 46.46 6,272.10 0.9
175 Supervalu Inc. 30.82 5,393.50 0.8
135 United Technologies Corp 57.97 7,825.95 1.1
117 V F Corporation 56.90 6,657.30 0.9
130 Valero Energy Corp. 59.78 7,771.40 1.1
158 Verizon Communications 34.06 5,381.48 0.8
117 Wachovia Corporation 56.05 6,557.85 0.9
150 Washington Mutual Inc. 42.62 6,393.00 0.9
94 Wellpoint Health Networks 77.43 7,278.42 1.0
149 Wyeth 48.52 7,229.48 1.0
278,208.19 39.5
Dana Small Cap
140 Capital Bancorp Ltd 46.75 6,545.00 0.9
180 Diodes Inc. 41.50 7,470.00 1.1
64 Gardner Denver Inc 65.20 4,172.80 0.6
220 Hummingbird Ltd 23.74 5,222.80 0.7
188 Jarden Corporation 32.85 6,175.80 0.9
309 Labor Ready Inc. 23.95 7,400.55 1.1
172 PortalPlay 22.23 3,823.56 0.5
10
Dana Investment Advisors
PORTFOLIO APPRAISAL
1087
Tequesta General Employees' Pension Fund
March 31, 2006
Quantity Security Price
115 Selective Insurance Group 53.00
125 Sierra Health Services 40.70
66 The Men's Wearhouse Inc. 35.94
117 The Pantry Inc 62.39
Mutual & Exchange Traded Funds
95 Central Europe & Russia Fund
75 Morgan Stanley India Investment Fund
90 Turkish Investment Fund
160 iShares MSCI Australia Index Fund
150 iShares MSCI Austria Index Fund
60 iShares MSCI Brazil Index Fund
70 iShares MSCI EAFE Index Fund
305 iShares MSCI Japan Index Fund
70 iShares MSCI Korea Index Fund
85 iShares MSCI Mexico Index Fund
100 iShares MSCI Netherlands Index Fund
135 iShares MSCI Sweden Index Fund
160 iShares MSCI United Kingdom Index Fund
CORPORATE BONDS
5,000.00 Bank of America Corp
7.500% Due 09-15-06
5,000.00 Hewlett-Packard Co
5.750% Due 12-15-06
48.63
50.00
25.45
20.02
31.11
39.95
64.92
14.40
46.65
38.34
22.63
25.76
20.16
101.02
100.32
Market
Value
6,095.00
5,087.50
2,372.04
7,299.63
61,664.68
4,619.85
3,750.00
2,290.50
3,203.20
4,666.50
2,397.00
4,544.40
4,392.00
3,265.50
3,258.90
2,263.00
3,477.60
3,225.60
_45,354.05
385,226.92
Pct.
Assets
0.9
0.7
0.3
1.0
8.8
0.7
0.5
0.3
0.5
0.7
0.3
0.6
0.6
0.5
0.5
0.3
0.5
0.5
6.4
54.7
5,051.25 0.7
5,016.05 0.7
11
Dana Investment Advisors
PORTFOLIO APPRAISAL
1087
Tequesta General Employees' Pension Fund
March 31, 2006
Quantity Security
5,000.00 Carolina Power & Light
6.800% Due 08-15-07
5,000.00 Merrill Lynch & Co.
4.250% Due 09-14-07
5,000.00 Cit Group Inc.
4.750% Due 08-15-08
5,000.00 CSX Corp
6.250% Due 10-15-08
6,000.00 Deutsche Bank Financial
7.500% Due 04-25-09
5,000.00 Target Corp.
5.375% Due 06-15-09
5,000.00 Countrywide Home Loan
5.620% Due 07-15-09
5,000.00 Capital One Bank
5.750% Due 09-15-10
5,000.00 Lehman Brothers Inc.
5.000% Due O 1-14-11
5,000.00 Kohls Corporation
6.300% Due 03-01-11
5,000.00 Bristol-Myers Squibb
5.750% Due 10-01-11
5,000.00 Bank One Corp
5.900% Due 11-15-1 I
5,000.00 Gannett Co Inc.
6.370% Due 04-01-12
5,000.00 SLM Corp
5.120% Due 08-27-12
5,000.00 Avon Products Inc.
4.620% Due OS-15-13
Market Pct.
Price Value Assets
101.74 5,087.20 0.7
98.52 4,926.15 0.7
98.70 4,934.80 0.7
102.12 5,106.15 0.7
105.89 6,353.40 0.9
100.37 5,018.45 0.7
100.26 5,012.95 0.7
100.87 5,043.55 0.7
97.97 4,898.55 0.7
103.00 5,150.15 0.7
101.10 5,054.95 0.7
101.63 5,081.55 0.7
102.87 5,143.65 0.7
97.23 4,861.40 0.7
93.90 4,694.95 0.7
12
Dana Investment Advisors
PORTFOLIO APPRAISAL
1087
Tequesta General Employees' Pension Fund
March 31, 2006
Market Pct.
Quantity Security Price Value Assets
5,000.00 Goldman Sachs Group Inc. 97.35 4,867.75 0.7
5.250% Due 10-15-13
5,000.00 HSBC Finance Corp. 96.30 4,814.85 0.7
5.250% Due 04-15-15
5,000.00 Lowe's Companies Inc. 96.29 4,814.50 0.7
5.000% Due 10-15-15
5,000.00 Wachovia Bank NA 99.02 4,951.10 0.7
5.600% Due 03-15-16
105,883.35 15.0
FEDERAL AGENCY SECURITIES
10,000.00 Federal Home Loan Bank Bond 99.84 9,984.00 1.4
4.785% Due 11-15-06
10,000.00 Federal Home Loan Bank Bond 98.65 9,865.30 1.4
4.125% Due 10-19-07
5,000.00 *Federal Home Loan Mortgage Corp. 100.08 5,004.15 0.7
5.125% Due 10-15-08
10,000.00 *Federal National Mortgage Association 100.43 10,043.10 1.4
5.250% Due 01-15-09
5,000.00 Federal National Mortgage Association 98.36 4,918.15 0.7
4.750% Due 12-15-10
7,000.00 Federal National Mortgage Association 101.49 7,104.09 1.0
5.500% Due 03-15-11
3,000.00 Federal Home Loan Mortgage Corp. 96.15 2,884.36 0.4
4.500% Due 01-15-13
3,000.00 Federal National Mortgage Association 99.00 2,969.88 0.4
5.000% Due 04-15-IS
52,773.03 7.5
13
Dana Investment Advisors
PORTFOLIO APPRAISAL
1087
Tequesta General Employees' Pension Fund
March 31, 2006
Market Pct.
Quantity Security Price Value Assets
GOVERNMENT BONDS
7,000.00 U.S. Treasury Bill 99.83 6,988.38 1.0
0.000% Due 04-13-06
15,000.00 U.S. Treasury Notes 99.17 14,875.78 2.1
3.500%Due 11-15-06
15,000.00 U.S. Treasury Notes 98.78 14,817.19 2.1
4.000% Due 09-30-07
20,000.00 U.S. Treasury Notes 98.59 19,718.75 2.8
4.120% Due 08-15-08
15,000.00 U.S. Treasury Notes 97.69 14,653.12 2.1
4.250% Due 10-15-10
10,000.00 U.S. Treasury Notes 96.20 9,620.31 1.4
4.250% Due 08-15-13
5,000.00 U.S. Treasury Notes 95.28 4,764.06 0.7
4.250% Due 08-15-15
85,437.60 12.1
Accrued Income 3,132.69 0.4
Dividends Receivable 195.51 0.0
Interest Receivable 530.75 0.1
TOTAL ACCRUED AND RECEIVABLE 3,858.95 0.5
TOTAL PORTFOLIO 703,816.48 100.0
The market prices shown on these pages represent the last reported sale on the valuation date as to listed securities or the
bid price in the case ofover-the-counter quotations. Prices on bonds and some other investments are based on round Jot
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 nril[ion) 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 lnvestnrent Advisors, lnc. While theprices are obtained
from sources we consider reliable, we cannot guarantee lhern.
14
MISCELLANEOUS
15
Table of Contents
Table of Contents
I. Value Line Ratings, Corporate Governance
Rankings, Corporate Bond Ratings
II. Corporate Governance Supporting Data
III. Proxy Vote Summary Report
IV. Proxy Voting Guidelines
DANA INVESTMENT ADVISORS, INC.
16
No Text
I. Value Line Ratings and Corporate Governance Rankings
Value Line Safety Rating
• Stocks are broken into 5 groups
• The Value Line universe is comprised of approximately 1,700 stocks
• Value Line Safety Ranking equally weights a Companies Financial Strength & Stocks Price
Stability
• Group 1 contains those that are expected to have the best Company Financial Strength &
Stock Price Stability in the next 6-12 months
• Group 5 contains those expected to have the worst Company Financial Strength & Stock
Price Stability in the next 6-12 months
• Stocks with a Value Line Safety ranking of 6 have not yet been rated
Corporate Governance
• Institutional Shareholder Services (ISS) has been retained to vote proxy statements
• ISS also provides a Corporate Governance Quotient (CGQ) rating
• 100 is the highest, 1 is the lowest
• Stocks are rated on a relative basis
• Rating is based on Shareholder Advocacy issues and not on financial strength or
investment potential
• Stocks with an "n/a" rating have not yet been analyzed for corporate governance by ISS
DANA INVESTMENT ADVISORS, INC.
17
Dana Investment Advisors
VALUE LINE SAFETY RATINGS
ISS CORPORATE GOVERNANCE RATI NGS
1087
Tequesta General Employees' Pension Fund
Jody Forsythe
March 31, 2006
Security Value Line ISS Corp Gov Market Percent of
Symbol Security Safety Rating Index Rati ng Value Equities
COMMON STOCK
Dana Large Cap
t AT&T Inc. 2 92 4,218.24 1.10
mo Altria Group Inc. 3 42 5,385.36 1.40
dox Amdocs Ltd 4 n/a 7,572.60 1.97
apa Apache Corp 3 20 6,813.04 1.77
amat Applied Materials Inc. 3 70 5,077.90 1.32
bac Bank of America 2 71 6,102.36 1.58
Corporation
bsc Bear Stearns Companies 3 45 6,935.00 1.80
Inc.
bdx Becton Dickinson & Co 1 83 4,310.60 1.12
bni Burlington Northern 3 95 7,499.70 1.95
Santa Fe
cit CIT Group 3 82 6,957.60 1.81
cat Caterpillar Inc. 2 73 6,750.14 1.75
cvx ChevronTexaco Corp. 1 82 6,492.64 1.69
c Citigroup Inc. 3 96 5,950.98 1.54
cop Conocophillips 2 60 3,473.25 0.90
dhi D. R. Horton Inc. n/a 25 6,843.32 1.78
dow Dow Chemical 3 57 4,790.80 1.24
Company
etn Eaton Corp. 1 78 7,297.00 1.89
fisv Fiserv Inc. 3 24 6,339.95 1.65
hig Hartford Financial 3 76 5,960.70 1.55
Services
intc Intel Corporation 3 82 4,670.40 1.21
18
Dana Investment Advisors
VALUE LINE SAFETY RATINGS
ISS CORPORATE GOVERNANCE RATINGS
1087
Tequesta General Employees' Pension Fund
Jody Forsythe
March 31, 2006
Security Value Line ISS Corp Gov Market Percent of
Symbol Security Safety Rating Index Rating Value Equities
ibm International Business 1 13 6,680.07 1.73
Machines Corp.
jpm J. P. Morgan Chase & 3 96 6,246.00 1.62
Company
jnj Johnson & Johnson 1 33 6,454.98 1.68
jci Johnson Controls Inc. 2 84 7,744.86 2.01
kmb Kimberly-Clark Corp. 1 44 5,491.00 1.43
mro Marathon Oil Corp. 2 75 8,302.53 2.16
mck McKesson Corp. 3 56 6,255.60 1.62
met Metlife Inc. 2 60 7,207.13 1.87
mot Motorola Inc. 3 72 6,414.80 1.67
jwn Nordstrom Inc 3 68 6,268.80 1.63
ppg PPG Industries Inc. 2 29 5,828.20 1.51
ppl PPL Corporation 3 70 6,085.80 1.58
pbg Pepsi Bottling Group 3 23 5,895.66 1.53
Inc.
dgx Quest Diagnostics Inc. 3 11 7,130.70 1.85
sre Sempra Energy 2 56 6,272.10 1.63
svu Supervalu Inc. 3 54 5,393.50 1.40
utx United Technologies 1 95 7,825.95 2.03
Corp
vfc V F Corporation 3 69 6,657.30 1.73
vlo Valero Energy Corp. 3 n/a 7,771.40 2.02
vz Verizon 2 59 5,381.48 1.40
Communications
wb Wachovia Corporation 3 44 6,557.85 1.70
wm Washington Mutual Inc. 2 36 6,393.00 1.66
19
Dana Investment Advisors
VALUE LINE SAFETY RATINGS
ISS CORPORATE GOVERNANCE RATINGS
1087
Tequesta General Employees' Pension Fund
Jody Forsythe
March 31, 2006
Security Value Line ISS Corp Gov Market
Symbol Security Safety Rating Index Rating Value
wlp Wellpoint Health 2 50 7,278.42
Networks
wye Wyeth 2 88 7,229.48
278,208.19
Dana Small Cap
cbc Capital Bancorp Ltd n/a n/a 6,545.00
diod Diodes Inc. 4 7 7,470.00
gdi Gardner Denver Inc n/a 62 4,172.80
humc Hummingbird Ltd n/a n/a 5,222.80
jah Jarden Corporation 3 75 6,175.80
lrw Labor Ready Inc. 3 73 7,400.55
play PortalPlay n/a n/a 3,823.56
sigi Selective Insurance 3 65 6,095.00
Group
sie Sierra Health Services 3 64 5,087.50
mw The Men's Wearhouse 3 82 2,372.04
Inc.
ptry The Pantry Inc n/a 69 7,299.63
61,664.68
Mutual & Exchange Traded Funds
cee Central Europe & 3 n/a 4,619.85
Russia Fund
iif Morgan Stanley India n/a n/a 3,750.00
Investment Fund
Percent of
Equities
-- - 1.89
1.88
1.70
1.94
1.08
1.36
1.60
1.92
0.99
1.58
1.32
0.62
1.89
1.20
0.97
20
Dana Investment Advisors
VALUE LINE SAFETY RATINGS
ISS CORPORATE GOVERNANCE RATINGS
1087
Tequesta General Employees' Pension Fund
Jody Forsythe
March 31, 2006
Security Value Line ISS Corp Gov
Symbol Security Safety Rating Index Rati ng
tkf Turkish Investment n/a n/a
Fund
ewa iShares MSCI Australia n/a n/a
Index Fund
ewo iShares MSCI Austria n/a n/a
Index Fund
ewz iShares MSCI Brazil n/a n/a
Index Fund
efa iShares MSCI EAFE n/a n/a
Index Fund
ewj iShares MSCI Japan n/a n/a
Index Fund
ewy iShares MSCI Korea n/a n/a
Index Fund
eww iShares MSCI Mexico n/a n/a
Index Fund
ewn iShares MSCI n/a n/a
Netherlands Index Fund
ewd iShares MSCI Sweden n/a n/a
Index Fund
ewu iShares MSCI United n/a n/a
Kingdom Index Fund
TOTAL EQUITIES
Market Percent of
Value Equities
2,290.50 0.59
3,203.20 0.83
4,666.50 1.21
2,397.00 0.62
4,544.40 1.18
4,392.00 1.14
3,265.50 0.85
3,258.90 0.85
2,263.00 0.59
3,477.60 0.90
3,225.60 0.84
45,354.05
385,226.92
385,226.92
21
Dana Investment Advisors
CORPORATE BOND RATINGS
1087
Tequesta General Employees' Pension Fund
Jody Forsythe
March 31, 2006
Market
Security Quantity Value S & P Moody
'ORPORATE BONDS
Bank of America Corp 5,000.00 5,051.25 A+ Aa3
7.500% Due 09-15-06
Hewlett-Packard Co 5,000.00 5,016.05 A- A3
5.750% Due 12-15-06
Carolina Power & Light 5,000.00 5,087.20 BBB A3
6.800% Due 08-15-07
Merrill Lynch & Co. 5,000.00 4,926.15 A+ Aa3
4.250% Due 09-14-07
Cit Group Inc. 5,000.00 4,934.80 A A2
4.750% Due 08-15-08
CSX Corp 5,000.00 5,106.15 BBB Baal
6.250% Due 10-15-08
Deutsche Bank Financial 6,000.00 6,353.40 A+ Al
7.500% Due 04-25-09
Target Corp. 5,000.00 5,018.45 A+ A2
5.375% Due 06-15-09
Countrywide Home 5,000.00 5,012.95 A A3
Loan
5.620% Due 07-15-09
Capital One Bank 5,000.00 5,043.55 BBB A3
5.750% Due 09-15-10
Lehman Brothers Inc. 5,000.00 4,898.55 A+ Al
5.000% Due 01-14-11
Kohls Corporation 5,000.00 5,150.15 BBB+ A3
6.300% Due 03-01-11
Bristol-Myers Squibb 5,000.00 5,054.95 A+ Al
5.750% Due 10-01-11
22
Dana Investment Advisors
CORPORATE BOND RATINGS
1087
Tequesta General Employees' Pension Fund
Jody Forsythe
March 31, 2006
Security Quantity
Bank One Corp 5,000.00
5.900% Due 11-15-11
Gannett Co Inc. 5,000.00
6.370% Due 04-01-12
SLM Corp 5,000.00
5.120% Due 08-27-12
Avon Products Inc. 5,000.00
4.620% Due OS-15-13
Goldman Sachs Group 5,000.00
Inc.
5.250% Due 10-15-13
HSBC Finance Corp. 5,000.00
5.250% Due 04-15-15
Lowe's Companies Inc. 5,000.00
5.000% Due 10-15-15
Wachovia Bank NA 5,000.00
5.600% Due 03-15-16
TOTAL CORPORATE BONDS
Market
Value S & P Moody
5,081.55 A Al
5,143.65 A A2
4,861.40 A A2
4,694.95 A A2
4,867.75 A+ Aa3
4,814.85 A Aa3
4,814.50 A+ A2
4,951.10 A+ Aa3
105,883.35
105,883.35
23
II
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 maybe 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 INVESTMENT ADVISORS, INC.
24
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31
ISS: CGQ Research Methodology
Companies Rated
^ U.S. Companies
ISS analyzes 61 data points to derive each li.S. issuer's rating.The database includes all companies in the S&P 400, S&P 500, S&P 600
and the Russell 3000 indexes, along with many other companies not in these indexes.
^ Non-U.S. Companies
ISS reviews 55 data points to determine the CGQ score of nearly 2,000 companies in the MSCI EAFE® Index, MSCI World Index and
the Canadian S&P/TSX Composite Index. Companies outside the U.S. are also rated against other companies in the same index, industry
and country.*
Ratings Criteria
CGQ uses a comprehensive set of objectives and consistently applied criteria for each of the companies rated. The database features corporate
governance rankings on more than 7,500 companies worldwide, and includes underlying data points for up to 61 corporate governance
variables, categorized under eight areas of focus. Some of the variables are reviewed together under the premise that corporate governance is
enhanced when selected combinations of these irarialiles are adopted. To facilitate analytical comparison, each company is scored individually,
relative to its market inde:c and its industry group.
'Only companies domiciled within countries with more than 75 rated companies are subject to the country rating. Currently,
this applies to the following markets: Australia, Canada, France, Germany, Japan and the United Kingdom.
DANA INVESTMENT ADVISORS, INC.
32
ISS: CGQ Research Methodology
L-ate~;ories for evaluating companies
1. Board of directors 4. Anti-takeover provisions 7. Ownership
2. Audit 5. Executive and director compensation 8. Director education
3. Charter and bylaw provisions 6. Progressive practices
To review the specific data points in each category that are factored into a company's CGQ rating, please visit w~v~v.issproxy.com. CGQ also
includes sulyscores that provide a measure of a company's governance in four key areas: board of directors, takeover defenses, executive and
director compensation and ownership and audit review. Companies are ranked in quintiles relative to their index and industry group. Sub-
scores are given from 1-5. A score of 5 indicates a company is in the top quintile in a governance area. A score of 1 indicates a company is in
the bottom quintile in a governance area.
Data Sources
The data provided in CGQ is derived primarily from public disclosure documents, press releases and corporate websites. It then goes through
a rigorous verification process by ISS' senior corporate governance analysts and is put in to the CGQ database. ISS' CGQ database is updated
daily to reflect all governance data changes that occur. Each company profile is updated every 120 days, unless the company voluntarily
submits updates, at which time an updated score is generated. In addition, the scores are updated in advance of a company's annual
shareholder meeting, so that the latest score is included on the ISS proxy analysis. As a result, investors can be sure that every CGQ rating is
based on the latest and most accurate information available.
Objective, Impartial Information
CGQ is a quantitative database that provides objective and impartial information, and is not tied to any other ISS service. Companies are
rated whether they want to be or not, and they cannot change their ratings by subscribing to the CGQ service, or any other service. provided
by ISS. The only ~vay a company can improve its rating is to make and publicly disclose changes in its governance structure and/or practices.
ISS does encourage corporate issuers to submit any material changes related to their corporate governance structure, policies and procedures
via a specially designed web portal, available to them free of charge. Corporate issuers are invited to access www.isscgq.com to better
understand how ISS calculates its CGQ scores and review the exact data ISS used to generate their CGQ score.
DANA INVESTMENT ADVISORS, INC.
33
III
III. Proxy Vote Summary
• Identifies each company that had a shareholder proxy vote during the most recent
calendar quarter.
• Summarizes each proxy item by company.
• States Management's position on each vote.
• Identifies whether vote was cast for or against.
• Number of shares voted.
DANA INVESTMENT ADVISORS, INC.
34
Vote Summary Report (Short)
In All Markets, for all voted ballots, for Tequesta General Employees'
12/31/05 to 3/31/06
Mtg Date
T e
3/30/2006 The
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
2
Company
/Ballot Issues
Pantry, Inc.
Elect Director Peter J. Sodini
Elect Director Thomas M. Murnane
Elect Director Paul L. Brunswick
Elect Director Bryan E. Monkhouse
Elect Director Robert F. Bernstock
Elect Director Edwin J. Holman
Elect Director Terry L. Mcelroy
Elect Director Mark D. Miles
Ratify Auditors
Fund Name
Tequesta General Employees'
Total:
Security/ Vote With/ Record Shares Shares
Proponent Cast Against ISS Date Available Voted
698657103 With 1/27/2006 117 117
Mgmt For For
Mgmt For For
Mgmt For For
Mgmt For For
Mgmt For For
Mgmt For For
Mgmt For For
Mgmt For For
Mgmt For For
Shares Available Shares Voted
117 117
117 117
35