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 180 Day Treasury Bill Index.

The composite was created December 31, 1985. 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 Limited Volatility I 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 income oriented. Balanced portfolio segments are not included in this fixed income composite. 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 for the period 1998 to 2007 is 1.46% for the composite, versus 1.82% for the Merrill Lynch 180 Day Treasury Bill Index.

There have been no material changes in the personnel responsible for the management of this composite.

Performance results are presented before management and custodial fees but after all trading costs. Dana Investment Advisors, Inc. has a flexible and negotiable fees schedule, reflecting the differences in size, composition and servicing needs of clients’ 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 investment advisory fees is contained in Form ADV Part II on file with the SEC and available upon request.