| 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 benchmark for the composite is the Merrill Lynch
1-5 Year Government/Corporate Bond Index.
The composite was created September 30, 1995. 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. Settlement-date valuation
is used. Performance results are calculated gross of
investment management fees.
The Intermediate Bond composite does not have a minimum
size criterion for composite membership. All fee-paying,
discretionary accounts with similar investment objectives
are included. The composite includes the fixed income
segment of balanced accounts. Cash is allocated to these
segments based on the average cash position of the “fixed
income” only portfolios in the composite. Accounts
included in this composite have been designated as income
oriented. Leverage is not used in this composite as
a means to generate higher returns. There are no non-fee
paying portfolios in the composite.
The dispersion of annual returns is measured by the
standard deviation of equal-weighted portfolio returns
represented within the composite for the full year.
The standard deviation of the annual returns presented
for the time period 1998 to 2007 is 2.69% for the composite
and 2.97% for the Merrill Lynch 1-5 Year Government/Corporate
Bond Index.
Performance results are calculated and presented before
investment management fees 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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