Definition of the Firm:

Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is registered under the Investment Advisers 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
In 2008, Dolan McEniry Capital Management, LLC introduced a second investment product, DMC Credit.  This investment strategy consists entirely of corporate bonds, both investment grade and high yield.  The percentages vary but, since the recent inception of this product, the ratio has averaged approximately 70% investment grade and 30% high yield bonds. The DMC Credit Composite was established and created on December 31, 2008.  All returns are based in U.S. dollars and computed using a time-weighted total return. The composite includes all fee paying, discretionary accounts managed according to DMC’s Credit strategy and have been under management for two months. There are no non fee paying accounts in the composite. Bundled fee assets as percentage of composite assets are as follows:

The bundled fee may consist of custodian fees, administrative fees, etc. Composite returns are asset weighted individual portfolios computed monthly. The Benchmark is the Barclays US Credit Intermediate. The DMC Credit Composite includes both price performance and coupon income as does the Barclays Credit Intermediate.

Benchmarks
Barclays U.S. Intermediate Credit

This index is the Intermediate component of the U.S. Credit index. Must have a maturity from 1 up to (but not including) 10 years. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government.

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

Daniel D. Dolan, Jr. and Roger S. McEniry are responsible for 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.