Dana’s Preferred Income Strategy is a portfolio of fixed and variable-rate preferred stock securities. We believe a well-diversified investment portfolio should contain high quality fixed income allocation focused on preservation of principal, liquidity management and higher yields. Our active management focuses on individual bond characteristics to capitalize on relative valuation as opposed to predicting interest rate movements. Risk management is ongoing throughout the process focusing on client specific needs to deliver consistency of returns and reduce portfolio volatility. We emphasize the use of preferred securities with short to intermediate call dates as they often have a higher yield than government and corporate bonds with similar or longer duration, yet exhibit less interest rate sensitivity due to the callable structure of these preferred securities. Today the Strategy is used in asset allocations to provide income and diversify portfolio with its lower correlations to equities and fixed securities. We seek to provide attractive yields while maintaining investment grade credit quality and lower overall duration than comparable noncallable preferred stocks.