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 Municipal Bond composite is 33% - Merrill Lynch 1-3 year Municipal Bond Index and 67% - Merrill Lynch 3-7 year Municipal Bond Index. The blended benchmark is rebalanced at the beginning of each quarter.

The composite was created December 31, 1986. 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.

The Municipal Bond 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. The composite includes the municipal bond segment of balanced accounts. Cash is allocated to these segments based on the average cash position of the “municipal bond only” portfolios in the 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 presented for the time period 1998 to 2007 is 2.08% for the composite and 2.34% for the blended benchmark.

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.