| Dana Investment Advisors, Inc. (Dana) is
an independent investment management firm established
in 1980. Dana manages a variety of equity, fixed income
and balanced portfolios for primarily U.S. institutional
clients. Dana maintains a complete list and description
of composites, which is available upon request.
The blended benchmark for the composite consists of
50% S&P 500 Index and 50% Merrill Lynch 1-3 Year
Gov’t/Corporate Bond Index. The blended benchmark
is rebalanced at the beginning of each quarter.
The composite was created December 31, 1987. Performance
is calculated in US Dollars utilizing a time- weighted
total rate of return. Total return for the composite
is represented by the asset-weighted returns of the
portfolios within the composite. Trade-date valuation
is used on Equity Securities; while settlement-date
valuation is used on Fixed Income Securities. Performance
results are calculated gross of investment management
fees.
The Dana Balanced Composite does not have a minimum
size criterion for composite membership. All fee-paying,
discretionary accounts with similar investment objectives
are included. Accounts included in this composite have
been designated as growth and income oriented. Leverage
is not used in this composite as a means to generate
higher returns. Currently there are no non-fee paying
portfolios in the composite. One non-fee paying portfolio
was a member of the composite from 6/30/1992 to 1/1/2000.
The dispersion of annual returns is measured by the
standard deviation of asset weighted portfolio returns
represented within the composite for the full year.
The standard deviation of the annual composite returns
for the period 1998 to 2007 is 6.47%, the Blended Benchmark
was 7.71%.
There have been no material changes in the personnel
responsible for the management of this composite.
Performance results are calculated and presented before
investment management and custodial fees, but after
all applicable trading costs. Dana investment management
fees may vary based upon the differences in size, composition
and servicing needs of client accounts. Investment management
fees would reduce the returns presented, for example:
a $1,000,000 portfolio with an advisory fee of 0.75%
per annum earning a 10% annual return would have paid
a total compounded advisory fee of $50,368 over a five
year period. The resulting average annual return for
the period would be 9.17%. Past performance is not indicative
of future results. A complete description of Dana’s
investment advisory fee schedule is contained in the
Firm’s Form ADV Part II, a copy of which is available
upon request.
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