Cavanaugh Capital Management Specializing in Active Fixed Income and Passive Equity Investments

Personnel Overview

Personnel

CCM Partners

James T. Cavanaugh, III, is the Founder and Chairman of Cavanaugh Capital Management (CCM). John F. Cavanaugh, Chief Executive Officer, was hired in May 2002 and directs firmwide operations. James M. Dugan, CFA, is the President and Chief Investment Officer of CCM. Dugan joined the firm in 1992.

Primary portfolio decisions at the firm are made by James M. Dugan, CFA. He is supported in the portfolio management decision making process by Thomas D.D. Graff, CFA, Managing Director and Stephen M. Shutz, CFA, Vice President. Graff joined CCM in 1999, and Shutz joined CCM in 2003. Both Graff and Shutz serve as Assistant Portfolio Managers, the former concentrates on taxable securities, the latter focuses on tax-exempt securities. Taylor G. Graff, Senior Associate, was hired in 2005 and is responsible for research, modeling, and analytics, as well as trading passive equity strategies. Brian C. Rahley, Senior Associate, began in 2005 and is primarily responsible for trade administration and reconciliation. Bennett B. Carroll, Associate, was hired in 2008 and serves as portfolio administrator for both the taxable and tax-exempt desks.

Douglas W. Hinton, Managing Director, was hired in 2008 and serves as Director of Marketing. Megan S. Brune, Principal, joined CCM in 1993 and is Head of Client Services. Stacy E. Landsman, Senior Associate, began in 2009 and serves as the firm's Compliance Manager. Jennifer L. Svehla, Senior Associate, was hired in 2008 and is responsible for the creation and management of communications content as well as other marketing services.

A Balanced Approach for Long-term Investors

501 Fairmount Avenue, Suite 300 • Baltimore, MD 21286 • tel 410.769.6124 fax 410.427.4544 • www.cavcap.com

Copies of Form ADV are available upon request. Disclosure Statement