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Risk represents the standard deviation (volatility) of the monthly returns. Performance Reporting: Carr & Associates, a division of the investment advisory firm of Dumont & Blake Investment Advisors, LLC., has prepared and presented this performance report in compliance with the public distribution requirements of the Securities and Exchange Commission -- net of management fees which have been calculated at the maximum rate of 0.75% per year. Prior to April, 2005,
and after December 31, 2006, the Carr convertibles composite includes all of
the entity's individually managed accounts invested in convertibles,
primarily convertible bonds.. In
April, 2005, the entity was appointed as a sub-advisor to a group of accounts,
composed primarily of convertible bonds, which had been managed in a
different style. These accounts have been included in our composite
as of January 1, 2006. Another convertibles account, also previously
managed in a different style,
joined us in January, 2006, and was incorporated in the composite as of January
1, 2007. In 1992, Carr & Associates began managing a few convertible
preferred portfolios. These results are also shown separately as a
subset of the convertibles composite. In the past, at the
request of clients, Carr & Associates has managed other, fixed income
portfolios. The Carr convertible composite, created in 1993, has an
effective compliance date of June, 1989, the month that the predecessor firm,
Carr & Associates, Inc. became a
registered investment advisor and began managing accounts. Results,
based on trade date, are calculated monthly, are time and size weighted
and geometrically linked and presented net of management fees paid to Carr
& Associates. They are before any other expenses the client may incur
in the management of his/her investment advisory account. The
management fee schedule is as follows:
Results also reflect the fact that most clients choose to have their interest, dividends and other gains reinvested and, thus, results include such reinvestment. On infrequent occasions one or more of the accounts under management may have a margin account balance. Returns of these accounts are recorded as on an all-cash basis. Valuations and returns are computed and stated in U. S. dollars. Past performance is no guarantee of future results. Legal Notices Prepared 03/15/2008
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