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High Yield Bond Factsheet

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					                                                                                                                                                       Braver Wealth Management, LLC
                                                                                                                                                                                                                Preserving Wealth In Down Markets

                                  Braver High Yield Bond
                                                                                                                                                                                                                                               Ending March 2011

                                  Strategy Description
INVESTMENT                      High Yield Bond is a higher yielding alternative to risk-free investments such as money markets, treasury bills and certificates of deposit. This is a
PROFESSIONALS                   more conservative, defensive investment program relative to the high yield bond asset class; preservation of capital is the foremost priority. All
                                accounts are monitored daily and, based on probabilistic computer models, Braver positions the client’s money in either a money market fund or a
                                diversified basket of six high yield bond mutual funds. The performance of Braver’s High Yield Bond program has been recognized nationally by an
ANDREW P. GRIESINGER
                                industry rating service. Informa Investment Solution’s Plan Sponsor Network (PSN) has also recognized Braver’s High Yield strategy as a “Top Gun”
Chief Investment Officer        strategy.
BS - Cornell University
Experience: 12+ Yrs

DAVID J. D’AMICO, CFA
President                         Growth of $1,000
BS - Bentley College
MS - Boston College                                                                                   Braver High Yield                                                   Merrill Lynch High Yield Master II
Experience: 20+ Yrs
                                                      3000


JOSEPH B. LUDWIG                                      2500
Managing Director
BS, BA - Rutgers University                           2000
MS - Rensselaer Polytechnic
Institute                                             1500

Experience: 20+ Yrs
                                                      1000

CHARLES M. TOOLE, CFA                                 Q1 2001         Q4 2001             Q4 2002           Q4 2003            Q4 2004                 Q4 2005                       Q4 2006              Q4 2007       Q4 2008                    Q4 2009                Q1 2011

Assistant Vice President
BS - Worcester Polytechnic
Institute
                                  Annualized Returns
MS - Northeastern University                                                                                          Manager vs Benchmark: Return through March 2011
                                                                                                                                      (not annualized if less than 1 year)
Experience: 5+ Yrs                                                                                                                                                                                                                                                 Since
                                                                                                      YTD                        1 y ear                          3 y ears                               5 y ears                 10 y ears
                                                                                                                                                                                                                                                                 Inception
DAVID SCHIFFER
Analyst
BA - University of                  Braver High Yield                                               3.37%                  13.24%                           20.93%                                14.63%                 12.23%                               12.03%
Massachusetts
Experience: 5 Yrs


                                    Merrill Lynch
                                    High Yield Master II                                            3.90%                  14.18%                          12.69%                                    9.03%                 8.41%                              8.21%


                                  Risk Analysis
                                                              Superior Risk Adjusted Results                                                                                                             Downside Protection

                                                             April 2001 - March 2011                                                                          Drawdown
                                                                                                                                                              April 2001 - Marc h 2011

                                               14%
                                                                                                                                                                 0%




                                               12%
                                                                                                                                                                 -5%



                                               10%
                                                                                                                                                               -10%

Contact                                        8%
                                                                                                               Brav er High Yield
                                      Return




David J. D'Amico, CFA                                                                                          Market Benchmark:
                                                                                                               Merrill Lynch
                                                                                                                                                               -15%
                                                                                                               High Yield Master II                                                                                                                           Braver High Yield
President                                      6%                                                               Cash Equiv alent:                                                                                                                             Merrill Lynch
                                                                                                                Citigroup 3-month T-bill                                                                                                                      High Yield Master II
117 Kendrick Street, Ste 800                                                                                                                                   -20%
                                               4%
Needham, MA 02494
617.969.0223 Office                            2%                                                                                                              -25%


617.969.0224 Fax
ddamico@braverwealth.com                         0%    2%       4%      6%      8%    10%       12%   14%                                                      -30%
                                                                                                                                                                   Q1 2001 Q4 2001             Q4 2003        Q4 2005   Q4 2007          Q4 2009    Q1 2011
                                                                     Standard Deviation




Braver Wealth Management, LLC                                        117 Kendrick Street, Ste 800, Needham MA 02494                 Ph: (617) 969-0223                         www.braverwealth.com                                 Email: ddamico@braverwealth.com
      High Yield Bond                                                                                                                               Braver Wealth Management, LLC
                                                                                                     Page 2                                                                                                  Ending March 2011
       Multi-Statistic Analysis
          Zephyr StyleADVISOR                                                                                                                                                               ZephyrStyleADVISOR: Braver Wealth Management
          Multi-Statistic
          April 2001 - March 2011
                      50




                      40




                      30

                                                                                                                                                                                                         Braver High Yield
                      20

                                                                                                                                                                                                         Merrill Lynch
                      10                                                                                                                                                                                 High Yield Master II

                      0

                                    Alpha                       Beta                 Excess Return                   Sharpe                   Information Ratio                     Pain
                                     vs.                         vs.                      vs.                        Ratio                           vs.                            Ratio
                                    Market                     Market                   Market                                                      Market




       Peer Review
           Zephyr StyleADVISOR                                                                                                                                                              ZephyrStyleADVISOR: Braver Wealth Management
           Manager vs Morningstar High Yield Bond: Return
           April 2001 - March 2011 (not annualized if less than 1 year)
                            25


                            20

                                                                                                                                                                                                      Braver High Yield
                            15
             Return




                                                                                                                                                                                                      Merrill Lynch High Yield Master II

                                                                                                                                                                                                      5th to 25th Percentile
                            10                                                                                                                                                                        25th Percentile to Median
                                                                                                                                                                                                      Median to 75th Percentile
                                                                                                                                                                                                      75th to 95th Percentile
                             5


                             0
                                              YTD                         1 year                          3 years                        5 years                               10 years




                                        GIPS Performance Disclosures
                                                       High Yield Bond Composite

                                             1-January-2001 through 31-December-2010
                                                                                                        Total
                             Total           Benchmark                           Internal                               Total Firm
                                                             Number of                                Composite
           Year             Return             Return                          Dispersion                                Assets
                                                             Portfolios                                Assets
                           (percent)          (percent)                         (percent)                               ($Million)
                                                                                                      ($Million)
          2001                8.8               4.5              127               N/A                   32.9                 172.3
          2002                5.3               -1.9             171               N/A                   39.8                 188.3
          2003               25.4              28.2              245               N/A                   73.3                 263.5
          2004                9.6              10.9              199               1.3                   82.7                 326.2
          2005                4.4               2.7              183               0.7                   75.2                 334.4
          2006                9.4              11.8              167               0.9                   66.9                 381.6
          2007                6.0               2.2              156               0.5                   64.3                 394.5
          2008                3.2              -26.4             128               1.7                   53.3                 327.9
          2009               48.0              57.5              202               2.0                   92.7                 432.4
          2010               10.9              15.2              250               0.5                  104.4                 524.2


                    Braver Wealth Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®)
     1 Braver Wealth Management, LLC. (f/k/a Tandem Financial Services Inc.) is an independent investment management firm established in 1987. The firm manages a variety of equity, fixed income,
       and balanced portfolios for individuals and institutions. Additional information regarding the firm's policies and procedures for calculating and reporting performance is available upon request.

     2 The High Yield Bond composite uses computer models to allocate assets among money market funds and high yield bond funds. The portfolios will have
       either 100% in money markets or 100% in high yield bond funds.
     3 The benchmark is the Merrill Lynch High Yield Master ll. The benchmark index is provided by Zephyr, Inc.
     4 This composite was created on October 1st, 1996. A complete list and description of firm composites is available upon request.
     5 Valuations are computed and performance reported in US dollars.
     6 Performance figures are presented before management and custodial fees but after all trading expenses.
     7 Portfolios in this composite have a fixed fee schedule. The fixed fee is 1.00% on the first $2.5MM, 0.8% on the next $2.5 to $5MM, 0.6% on next $5 to $10MM and 0.4%
       over $10MM.
     8 Internal dispersion is calculated using the equal-weighted standard deviation of all portfolios that were included in the composite for the entire year.
     9 For periods prior to 2004 Braver Wealth Management, LLC was not in compliance with GIPS standards because internal dispersion was not calculated.




Braver Wealth Management, LLC            117 Kendrick Street, Ste 800, Needham MA 02494                             Ph: (617) 969-0223                            www.braverwealth.com              Email: ddamico@braverwealth.com

				
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