Dolan McEniry Capital Management, claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. The firm has been independently verified for the periods September 30, 1997 through December 31, 2010. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's and procedures are designed to calculate and present performance in compliance with the GIPS standards. The DMC Core Composite has been examined for the periods September 30, 1997 through December 31, 2010. The verification and performance examination reports are available upon request.

*Core-Plus Inception date is 09/30/1997, so 1997 is a three month period.

**The Barclays Custom Benchmark is composed of 65% Barclays Credit-Intermediate, 25% Barclays MBS Fixed Rate and 10% Barclays Ba/B.

Past performance is no guarantee of future results (please see composite disclosures).

Definition of the Firm

Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is registered under the Investment Advisors Act of 1940.  Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing DMC’s specific strategies for institutional and individual clients.  Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.

Definition of the Composite

DMC Core Plus is a fixed income investment product which most of our clients choose to benchmark against the Barclays U.S. Aggregate Index.  In this strategy, the firm utilizes corporate bonds (both investment grade and high yield), mortgages, and U.S. Treasury securities.  Given that the firm’s core competence is the selection of undervalued corporate bonds based on thorough credit analysis, we typically own a larger percentage of these bonds than are included on this benchmark.  Over our history, a representative percentage breakdown is 70% corporate bonds, 25% mortgage backed securities (only of the highest prime quality) and 5% Treasuries.

The DMC Core Plus Composite was established and created on September 30, 1997.  All returns are based in U.S. dollars and computed using a time-weighted total return.  The composite includes all fee-paying, discretionary account that are managed according to DMC’s Core Plus strategy.  We began including accounts that are valued under 1,000,000 in the composite as of 12/31/2009.  Prior to 12/31/2009 an account had to have a value over 1,000,000 to be included in the composite.

Bundled fee assets as a percentage of composite assets are as follows:

The bundled fee may consist of custodian fees, administrative fees, etc.

Prior to the inception of the DMC Credit Composite (12/31/2008), the DMC Core Plus Composite was referred to as the “Taxable Fixed Income Composite.”

Accounts are included in the composite after they have been under-management for three months.  There are no non-fee paying accounts in the composite.  Composite returns are asset weighted individual portfolios computed monthly.

The Benchmark is the Barclays U.S. Aggregate.

The DMC Core Plus composite included both price performance and coupon/dividend income as does the Barclays Custom Index and the Barclays U.S. Aggregate Index.

Benchmarks

Barclays Capital U.S. Aggregate Index – The Barclays Capital U.S. Aggregate is our primary benchmark and represents securities that are SEC-registered, taxable, and dollar denominated.  The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.  These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Barclays Capital Custom Index – The Barclays Capital Custom Index is composed of 65% Barclays Credit Intermediate, 25% Barclays MBS Fixed Rate and 10% Barclays Ba/B.

List of Composites

A complete listing and description of all composites is available upon request.

Dispersion

The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.

Performance

Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are net of actual investment management fees and direct trading expenses. The DMC performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account.

Management

Prior to March 31, 2001, Daniel D. Dolan, Jr. was responsible for the investment management process of this composite.  As of April 1, 2001, Roger S. McEniry joined the investment management process of this composite.

Fee Schedule

Dolan McEniry Capital Management, LLC’s standard fee is 0.40% (40bp) of assets under management for accounts over $5,000,000.

Disclaimer

Past performance does not guarantee future results.  Investing is speculative and involves risk, including the possible loss of principal.  Historical returns should not be used as the primary basis for investment decisions.  This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments.  Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable.  Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.