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					                                                                                                                                                  Braver Wealth Management, LLC
                                                                                                                                                                                                               Preserving Wealth In Down Markets

                                  Braver High Yield Bond
                                                                                                                                                                                                                                        Ending December 2010

                                  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
                                                                                                  Braver High Yield                                                   Merrill Lynch High Yield Master II
MS - Boston College
Experience: 20+ Yrs                                  2200


                                                     2000
JOSEPH B. LUDWIG
Managing Director                                    1800


BS, BA - Rutgers University                          1600

MS - Rensselaer Polytechnic                          1400
Institute
Experience: 20+ Yrs                                  1200


                                                     1000
CHARLES M. TOOLE, CFA                                Q4 2003                    Q4 2004               Q4 2005                          Q4 2006                          Q4 2007                                Q4 2008                      Q4 2009                    Q4 2010

Assistant Vice President
BS - Worcester Polytechnic
Institute
                                  Annualized Returns
MS - Northeastern University                                                                                   Manager vs Benchmark: Return through December 2010
                                                                                                                                 (not annualized if less than 1 year)

Experience: 5 Yrs                                                                                                                                                                                                                                                 Since
                                                                                                1 quarter                   1 y ear                          3 y ears                              5 y ears                    10 y ears
                                                                                                                                                                                                                                                                Inception
DAVID SCHIFFER
Analyst
BA - University of                  Braver High Yield                                       2.27%                     10.92%                          19.17%                               14.45%                           12.43%                           12.00%
Massachusetts
Experience: 4 Yrs


                                    Merrill Lynch
                                    High Yield Master II                                    3.07%                     15.19%                          10.13%                                  8.81%                         8.61%                             8.08%


                                  Risk Analysis
                                                            Superior Risk Adjusted Results                                                                                                         Downside Protection

                                                     January 2004 - December 2010                                                                       Drawdown
                                                                                                                                                        J anuary 2004 - Dec ember 2010

                                               14%
                                                                                                                                                          0%




                                               12%
                                                                                                                                                          -5%



                                               10%
                                                                                                                                                         -10%


Contact                                        8%
                                                                                                            Brav er High Yield
                                      Return




                                                                                                            Market Benchmark:
Dave D'Amico, CFA                                                                                           Merrill Lynch
                                                                                                            High Yield Master II                         -15%
                                                                                                                                                                                                                                                             Braver High Yield
President                                      6%                                                           Cash Equiv alent:
                                                                                                            Citigroup 3-month T-bill
                                                                                                                                                                                                                                                             Merrill Lynch
                                                                                                                                                                                                                                                             High Yield Master II

25 Christina Street                                                                                                                                      -20%
                                               4%
Newton, MA 02461
617.969.0223 Office                            2%                                                                                                        -25%


617.969.0224 Fax
ddamico@thebravergroup.com                     0%
                                                0%     2%      4%      6%     8%    10%   12%   14%                                                      -30%
                                                                                                                                                            Q4 2003      Q4 2004         Q4 2005     Q4 2006      Q4 2007   Q4 2008      Q4 2009   Q4 2010
                                                                    Standard Deviation




Braver Wealth Management, LLC                                       25 Christina Street, Newton, MA 02461                        Ph: (617) 969-0223                     www.braverwealth.com                                          Email: ddamico@thebravergroup.com
  High Yield Bond                                                                                                                          Braver Wealth Management, LLC
                                                                                              Page 2                                                                                  Ending December 2010
      Multi-Statistic Analysis
        Zephyr StyleADVISOR                                                                                                                                                   ZephyrStyleADVISOR: Braver Wealth Management
        Multi-Statistic
        January 2004 - December 2010
                   50




                   40




                   30

                                                                                                                                                                                          Braver High Yield
                   20

                                                                                                                                                                                          Merrill Lynch
                   10                                                                                                                                                                     High Yield Master II

                    0

                                Alpha                      Beta                   Ex c es s Return                 Sharpe              Information Ratio            Pain
                                 vs.                       vs.                           vs.                        Ratio                     vs.                   Ratio
                                Market                    Mark et                      Mark et                                              Mark et




      Peer Review
        Zephyr StyleADVISOR                                                                                                                                                   ZephyrStyleADVISOR: Braver Wealth Management
       Manager vs Morningstar High Yield Bond: Return
        January 2004 - December 2010 (not annualized if less than 1 year)
                        40
                        35

                        30

                        25                                                                                                                                                              Braver High Yield
          Return




                                                                                                                                                                                        Merrill Lynch High Yield Master II
                        20
                                                                                                                                                                                        5th to 25th Percentile
                        15                                                                                                                                                              25th Percentile to Median
                                                                                                                                                                                        Median to 75th Percentile
                        10                                                                                                                                                              75th to 95th Percentile


                         5

                         0
                                    1 y ear            2 y ears               3 y ears                4 y ears              5 y ears              6 y ears         7 y ears



                                     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 Perrformance 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                           25 Christina Street, Newton, MA 02461                    Ph: (617) 969-0223                 www.braverwealth.com Email: ddamico@thebravergroup.com

				
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