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
The DMC Core Plus Composite was established on January 1, 1997. All returns are based in U.S. dollars and computed using a time-weighted total return. The composite includes all fee paying, discretionary accounts over $1,000,000 that are managed according to DMC’s Core Plus strategy. 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. The performance prior to August 31, 1997 includes results when Daniel D. Dolan, Jr. was employed at Bear Stearns. Composite returns are asset weighted individual portfolios computed monthly.

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

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
Performance figures are presented gross of management fees, custodial fees, and withholding taxes but net of all 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. Past performance is no guarantee of future results. more