| 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 was the Merrill Lynch
1 Year Treasury Bill Index from 1/1/92 to its discontinuance
on 8/31/01. The Merrill Lynch 1 Year Treasury Note Index
has been used as the benchmark from 8/31/01 to present.
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 II 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 1997 to 2006 is 1.82% for the composite; the
Merrill Lynch 1 Year Treasury Bill/Treasury Note indexes
were 2.03%.
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 our Form
ADV part II on file with the SEC and available upon
request.
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