Dana Large Cap Core

Portfolio Information

Number of Holdings: 62
Investment Style: Large Blend
Dana Large Cap Core Fact Sheet A/C 1QR 2012
Dana Large Cap Core Fact Sheet N 1QR 2012
Brokerage Availablity

ABOUT THE FUND

The Dana Large Cap Core Fund seeks long term growth of capital through investment in publicly-traded equity securities using a disciplined, risk-controlled investment process.

FUND INVESTMENT STRATEGY

The investment process for the Dana Large Cap Core Fund is a sector-neutral, relative-value approach that has been used by Dana Investment Advisors, Inc., the Fund’s sub-advisor, since 1999.

Under normal circumstances, at least 80% of the Fund’s assets will be invested in large cap equity securities, which is defined as companies having a market capitalization of over $5 billion at the time of purchase.

The Fund portfolio is designed to resemble the broad market, add value above market returns through superior stock selection, yet exhibit lower volatility than the market. The investment process is a hybrid of quantitative and fundamental techniques.

Individual securities in the Fund are chosen after rigorous fundamental research to identify companies with attractive valuations relative to peer companies, relative to the broader economic sector in which companies are members, and relative to the historical and forecasted growth the companies may exhibit.

Duane Roberts-Portfolio Manager

Mr. Roberts has been Senior Vice President and Equity Portfolio Manager at Dana Investment Advisors since June 1999. He serves as the Firm’s lead quantitative strategist. From May 1998 until he joined Dana Investment Advisors, Mr. Roberts was a Portfolio Manager with Discovery Management in Dallas, Texas. He graduated from Rice University with a BS in Electrical Engineering and Mathematics in 1980. He earned an MS in Statistics from Stanford University in 1981 and an MBA in Finance from Southern Methodist University in 1999. Mr. Roberts is a Chartered Financial Analyst and is a member of the CFA Institute and the Dallas Association of Investment Analysts. He serves as a Portfolio Manager for the Epiphany FFV Fund, Epiphany FFV Focused Fund, and the Epiphany Large Cap Core Fund.

Greg Dahlman-Portfolio Manager

Mr. Dahlman joined Dana Investment Advisors in March 2006 as Vice President and Portfolio Manager. He is responsible for equity portfolio management and securities analysis. Mr. Dahlman has over 14 years of experience managing equity portfolios, including positions with several investment management firms, most recently Associated Wealth Management. He graduated from the University of Wisconsin-Whitewater with a BBA in Finance and Economics in 1985. Mr. Dahlman is a Chartered Financial Analyst and is a member of the CFA Institute and the CFA Society of Milwaukee. He serves as a Portfolio Manager for the Epiphany Large Cap Core Fund.

David Stamm-Portfolio Manager

Mr. Stamm joined Dana Investment Advisors as Vice President and Portfolio Manager in August 2007. He is responsible for equity portfolio management and securities analysis. He has 10 years of professional experience and began his career in commercial credit analysis. Prior to joining Dana, he was responsible for securities analysis with Johnson Asset Management analyzing small cap, large cap and international equities. Mr. Stamm graduated from Valparaiso University with a BSBA in International Business in 1997. He is a Chartered Financial Analyst and is a member of the CFA Institute and the CFA Society of Milwaukee. He serves as a Portfolio Manager for the Epiphany Large Cap Core Fund.

	Class A	Class N	Class C
Management Fees	0.75%	0.75%	0.75%
Distribution (12b-1) Fees	0.25%	0.25%	1.00%
Acquired Funds Fees and Expenses	0.01%	0.01%	0.01%
Other Expenses	2.11%	2.50%	2.11%
Total Annual Fund Operating Expenses	3.12%	3.51%	3.87%%
Fee Waiver (1)	(1.61)%	(2.00)%	(1.61)%
Net Annual Fund Operating Expenses	1.51%	1.51%	2.26%

For more information, see the propspectus.

Mutual Funds involve risk, including possible loss of principal. The fund may invest in REITs. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. The Fund may invest in ETFs and other investment companies. As a result, your cost of investing in the Fund may be higher than the cost of investing directly in Underlying Fund shares and may be higher than other mutual funds that invest directly in equities. Stocks of mid-cap and small-cap companies are more risky than stocks of larger companies. The Adviser invests in equity securities only if they meet both the Fund’s investment and moral requirements, and as such, the return may be lower than if the Adviser made decisions based solely on investment considerations.

1) The Adviser has contractually agreed to waive fees and/or reimburse expenses, but only to the extent necessary to limit Total Annual Operating Expenses, excluding brokerage fees and commissions; borrowing costs, such as interest; taxes; indirect expenses incurred by the underlying funds in which the Fund invests, and extraordinary expenses to 1.75% of the average daily net assets for Class A and N shares, 1.50% of the average daily net assets of Class I shares and 2.50% of the average daily net assets of Class C shares through February 28, 2013. The Board of Trustees may terminate the fee waiver and expense reimbursement agreement upon 60 days notice to shareholders.