DISCLOSURE. 

This material has been prepared or is distributed solely for informational purposes only.  Under no circumstances should it be used or considered as an offer to sell or a solicitation of any offer to buy the securities or other instruments or to participate in any trading or investment strategy mentioned in it.  It does not constitute investment advice and the information herein is not intended to provide specific advice, recommendations, or projected returns.  Nothing in this document should be construed as tax advice or should be relied on as tax advice.   Individuals or entities should confer with their own tax advisors as to the tax consequences, if any, of the information herein.  While the term “tax-exempt”, as used herein, refers generally to municipal bonds that generate interest income that is exempt from U.S. federal income taxation, there is no guarantee that such municipal bonds in fact will qualify for such tax exemption or that such interest income will be exempt from the U.S. federal income taxation with respect to any particular investor.  Any investment or trading strategies might result in returns that might be taxable with respect to any particular investor.  In addition, such interest may be subject to state and local income taxation and to taxation by other jurisdictions.  Opinions expressed herein are subject to change without notice. 

The information, data, and charts contained herein are derived from a variety of sources that are believed to be reliable and accurate, but neither the underlying data and figures, nor the publicly available information, has been verified or audited for accuracy or completeness.  It is not represented that the information, data, and charts are accurate or complete and it should not be relied upon as such.  Braintree Capital Partners has not audited or verified the accuracy or completeness of the information or figures provided by any third party sources.  More recent data, figures, and returns may be different from those shown. 

No assurances can be made as to the returns experienced by any investor or investment or that investors or investments will match projected returns or market returns.  Market volatility can significantly affect short-term and long-term performance of any investment or investments or portfolio of investments.   Any portfolio of investments, or an individual investment, is subject to market fluctuations and economic conditions.  Any portfolio of investments, or an individual investment, may lose value.  Every investment has the potential for loss as well as profit.   Past performance is no guarantee of future results and investment results and principal value will fluctuate so that a portfolio of investments, or an individual investment, when withdrawn or sold, may be worth more or less than their original costs.

The recipient agrees that he or she will not furnish this or any related documents to any other person.  No part of this document may be reproduced in any manner without the written permission of Braintree Capital Partners.

Performance Disclosures for Actual Performance

Performance shown is net of all fees and expenses.  Information about the indices shown herein or in any presentation is provided to allow for comparison of the performance of a portfolio of investments or individual investments to that of certain well-known and widely recognized indices.  There is no representation that such indices are an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs.  Such costs would likely lower performance.  The volatility of the indices may be materially different from that of a portfolio of investments or individual investments.  In addition, any portfolio of investments or any strategy’s holdings may differ substantially from the securities that comprise the indices shown.  

The manager believes the materials herein contain a balanced presentation for informational purposes and should not be taken as a recommendation to purchase any individual securities.  Braintree Capital Partners, LLC (the “Manager”) makes reasonable efforts to monitor the positions in a portfolio of investments but cannot assure such an effort can identify every factor that may affect the valuation of an investment nor that it will be successful in either securing gains or preventing losses.  The Manager may make changes to the portfolio’s investment strategy when warranted by changing market conditions.  If a security’s underlying fundamentals or valuation measures change, Braintree Capital Partners, LLC will reevaluate the position in the Portfolio and may sell part or all of the position.  There is no guarantee that, should market conditions repeat, this security will perform in the same way in the future.  There is no guarantee that the opinions expressed herein will be valid beyond the date of the materials herein.  There can be no assurance that any portfolio of investments will continue to hold the same position in bonds described herein, and that any portfolio of investments may change any position at any time.

Performance Disclosures for Hypothetical Performance

Any performance results included herein are hypothetical returns which have been compiled by Braintree Capital Partners, LLC.   Performance may  be based upon a hypothetical model.  Hypothetical performance results may have inherent limitations, some of which are described below.  No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. One of the limitations of hypothetical performance results is that they are prepared with the benefit of hindsight. There are numerous other factors related to the markets in general or to the implementation of any specific trading or investment strategy which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

The hypothetical performance results include the reinvestment of all dividends, interest, and capital gains, but do not reflect the deduction of Braintree Capital Partners, LLC investment advisory fees.  Thus, actual return will be reduced by the advisory fees and any other expenses which may be incurred in the management of an investment advisory account.  The volatility of any of the indices or benchmarks noted herein may be materially different from that of a client’s holdings or account.  In addition, a client’s holdings or account may differ significantly from the securities that comprise the any of the indices or benchmarks noted herein.  The indices or benchmarks noted herein have not been selected to represent an appropriate index or benchmark to compare the Manager’s performance, but rather is disclosed to allow for comparison of the Manager’s performance to that of well-known and widely recognized indices.  Past performance is no guarantee of future results.  All investments involve risk including the loss of principal.

The hypothetical results do not represent actual recommendations or trading and they may not reflect the impact that material economic and market factors might have had on Braintree Capital Partners, LLC decision-making if Braintree Capital Partners, LLC were actually managing client’s money. 

In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk associates with actual trading.  There are numerous other factors related to the markets in general or to the implementation of any specific trading strategy which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

The back-testing of performance differs from actual account performance because an investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved.  The back-tested results assume ordinary income and capital gains distributions are reinvested, annual rebalancing and no income taxes. 

Cumulative and Annualized returns are shown.  Cumulative returns represent the amount, including all interest or dividends and capital gains received or reinvested on an investment over a period, usually expressed as a percentage of the amount invested.  Annualized returns represent the increase in value of an investment, expressed as a percentage per year.  Returns for less than one year have been annualized.  Any returns, including index returns, may reflect compounding at an assumed rate that may or may not be available.  Valuations and returns are computed and stated in U.S. Dollars unless otherwise noted. 

DISCLAIMER.  This document is for information purposes only.  Under no circumstances should it be used or considered as an offer to sell or a solicitation of any offer to buy the securities or other instruments mentioned in it.  It does not constitute investment advice and the information herein is not intended to provide specific advice, recommendations, or projected returns.  Nothing in this document should be construed as tax advice or should be relied on as tax advice.  There is no guarantee that the interest income from municipal bonds will be considered or will remain exempt from federal taxation or, in certain circumstances, state taxation.  Individuals or entities should confer with their own tax advisors as to current federal and state tax law and the tax consequences, if any, of the information herein.  Opinions expressed herein are subject to change without notice.  Past performance is no guarantee of future results.  Market volatility can significantly affect short-term and long-term performance.  Portfolios are subject to market fluctuations and economic conditions.  Portfolios and assets may lose value.  Every investment has the potential for loss as well as profit.  The information, data, and charts contained herein are derived from a variety of sources that are believed to be reliable and accurate, but neither the underlying data and figures, nor the publicly available information, has been verified or audited for accuracy or completeness.  It is not represented that the information, data, and charts are accurate or complete and it should not be relied upon as such.  Braintree Capital Partners has not audited or verified the accuracy or completeness of the information or figures provided by any third party sources.  More recent data, figures, and returns may be different from those shown.  Any returns, including index returns, may reflect compounding at an assumed rate that may or may not be available.  Index returns do not include any sales charges or fees an investor would pay to purchase or sell the securities they represent.  Such costs would lower performance.  It is not possible to invest directly in an index.  Valuations and returns are computed and stated in U.S. Dollars.  The recipient agrees that he or she will not furnish this or any related documents to any other person.  No part of this document may be reproduced in any manner without the written permission of Braintree Capital Partners.