Dana Investment Advisors INC

Dana's investment management fees vary based on the size, composition, and servicing needs of client accounts. Fees are calculated at annual rates, billed quarterly, and may be negotiable for accounts of substantial size or efficiency. Clients may also incur brokerage, securities exchange, custodian fees, and expenses related to investments in mutual funds. Clients invested through a third-party wrap fee program will generally pay fees only to the program sponsor and not to Dana directly.