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Best Execution

June 30, 2008

Business Continuity Statement for Customers

Brecek & Young Advisors, Inc. (“BYA”) has developed a Business Continuity Plan on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our business continuity plan.

Contacting Us – If after a significant business disruption you cannot contact us at our Folsom, California corporate office at 1-888-777-1992, you should call your BYA registered representative at the representative’s office number. If you are not able to reach BYA at either number, you should call our alternative telephone number for our corporate office in Cincinnati, Ohio at 1-866-327-3235 or go to our web site at www.brecek.com. If you cannot access us through any of those means and you need to talk to someone about your account or need access to your funds and securities, please refer to the list below for the contact information for your particular investment account or product.

If you have a brokerage account held by our clearing firm, National Financial Services, LLC (“NFS”), you should contact NFS at 1-617-563-5977 for instructions on how they may assist you to access your funds and securities, place trades or process any other account maintenance or servicing needs.
If you have an investment management account where B&Y is the investment manager and your account is held at Fidelity Investments, you should contact Fidelity at 1-800-343-3548 for instructions on how they may assist you to access your funds and securities, place trades or process any other account maintenance or servicing needs.
If you hold assets directly with a mutual fund or variable annuity company (away from our clearing broker-dealer), you should contact that company directly for instructions on how to access your funds and securities, place trades or process any other account maintenance or servicing needs. Information on how to contact the company can usually be found on the monthly or quarterly statement sent to you by the custodian of your account assets.

Companies with whom you have securities investment accounts are required to provide you with Business Continuity Statements that give information on how to contact the company in the event of a significant business interruption. If you have not already received a Business Continuity Statement from any company holding an account for you, we recommend that you contact the company to request the statement so that you have it on hand.

Our Business Continuity Plan – We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.

Our business continuity plan addresses: data back up and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter-party impact; regulatory reporting; and assuring our customers prompt access to their funds and securities if we are unable to continue our business.

Our clearing firm for our brokerage accounts, NFS, backs up our important brokerage account records in a geographically separate area and also maintains its own business continuity plan. Other securities broker-dealers with whom we do business and with whom you may have an account, are required to maintain business continuity plans also. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, our clearing firm has advised us that its objective is to restore its own operations and be able to complete existing transactions and accept new transactions and payments according to their time criticality. Your orders and requests for funds and securities could be delayed during this period.

Varying Disruptions – Significant business disruptions can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, the whole region or an entire business segment such as when the market was closed following the September 11 tragedy. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume critical business functions within one day. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area, and recover and resume critical business functions within one to three days. In either situation, we plan to continue in business, transfer operations to our clearing firm if necessary, and notify you through our web site, www.brecek.com or with a message you can listen to by calling our toll free number, 1-888-777-1992, describing how to contact us or your investment account custodian. If the significant business disruption is so severe that it prevents us from remaining in business, we will assure our customers’ prompt access to their funds and securities.

Please note that BYA’s business continuity plan is reviewed as necessary, and at least annually, to ensure it accounts for technology, business and regulatory changes, operations, structure or location. The plan is subject to modification. An updated business continuity statement for clients will be promptly posted on BYA’s web site. You may also obtain a current written copy of the updated statement by contacting BYA directly.

For more information – If you have questions about our business continuity planning, you can contact us at 1-888-777-1992.

Note: Broker-dealers are required to disclose any material arrangements with the venues listed in each section below, including, but not limited to, any internalization or payment for order flow arrangements.

BYA

BRECEK & YOUNG ADVISORS, INC.

1110 IRON POINT ROAD, SUITE 100

FOLSOM, CA 95630-9998

SEC Rule 606 Quarterly Report for the Quarter Ending March 31, 2008

Securities Listed on NYSE Euronext

Summary Statistics :

Non-directed orders as percentage of total customer orders 100.00%

Market orders as percentage of total non-directed orders 85.33%

Limit orders as percentage of total non-directed orders 12.80%

Other orders as percentage of total non-directed orders 1.87%

Venues Receiving Significant Percentage of Total Non-Directed Orders :

1. Knight Capital Markets, L.L.C. 29.56%

2. Automated Trading Desk Financial Services, L.L.C. 22.71%

3. Citadel Derivatives Group, L.L.C. 16.25%

4. Madoff (Bernard L.) Investment Securities, L.L.C. 14.50%

5. NYSE Euronext 7.74%

6. UBS Securities, L.L.C. 7.32%

7. National Financial Services L.L.C. 1.79%

8. NYSE ARCA 0.09%

9. The Chicago Board Options Exchange 0.04%

Information Concerning Significant Venues :

1. Knight Capital Markets, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 29.91%

Limit orders as percentage of total limit orders 22.26%

Other orders as percentage of total other orders 63.64%

2. Automated Trading Desk Financial Services, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 21.73%

Limit orders as percentage of total limit orders 30.23%

Other orders as percentage of total other orders 15.91%

3. Citadel Derivatives Group, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 16.85%

Limit orders as percentage of total limit orders 13.62%

Other orders as percentage of total other orders 6.82%

4. Madoff (Bernard L.) Investment Securities, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 15.60%

Limit orders as percentage of total limit orders 8.64%

Other orders as percentage of total other orders 4.55%

5. NYSE Euronext

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 7.58%

Limit orders as percentage of total limit orders 9.97%

Other orders as percentage of total other orders 0.00%

6. UBS Securities, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 6.33%

Limit orders as percentage of total limit orders 13.62%

Other orders as percentage of total other orders 9.09%

7. National Financial Services L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 1.94%

Limit orders as percentage of total limit orders 1.00%

Other orders as percentage of total other orders 0.00%

8. NYSE ARCA

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.00%

Limit orders as percentage of total limit orders 0.66%

Other orders as percentage of total other orders 0.00%

9. The Chicago Board Options Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.05%

Limit orders as percentage of total limit orders 0.00%

Other orders as percentage of total other orders 0.00%

Securities Listed on The Nasdaq Stock Market

Summary Statistics :

Non-directed orders as percentage of total customer orders 100.00%

Market orders as percentage of total non-directed orders 80.75%

Limit orders as percentage of total non-directed orders 17.29%

Other orders as percentage of total non-directed orders 1.95%

Venues Receiving Significant Percentage of Total Non-Directed Orders :

1. Knight Equity Markets, L.P. 31.98%

2. Automated Trading Desk Financial Services, L.L.C. 25.47%

3. Citadel Derivatives Group, L.L.C. 18.67%

4. UBS Securities, L.L.C. 12.88%

5. Madoff (Bernard L.) Investment Securities, L.L.C. 8.03%

6. National Financial Services L.L.C. 1.74%

7. Lehman Brothers, Inc. 0.65%

8. Bear, Stearns & Co. Inc. 0.29%

9. Citigroup Global Markets, Inc. 0.14%

10. Brecek & Young 0.07%

Information Concerning Significant Venues :

1. Knight Equity Markets, L.P.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 24.82%

Limit orders as percentage of total limit orders 62.34%

Other orders as percentage of total other orders 59.26%

2. Automated Trading Desk Financial Services, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 29.30%

Limit orders as percentage of total limit orders 8.37%

Other orders as percentage of total other orders 18.52%

3. Citadel Derivatives Group, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 21.15%

Limit orders as percentage of total limit orders 9.21%

Other orders as percentage of total other orders 0.00%

4. UBS Securities, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 12.28%

Limit orders as percentage of total limit orders 15.06%

Other orders as percentage of total other orders 18.52%

5. Madoff (Bernard L.) Investment Securities, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 8.87%

Limit orders as percentage of total limit orders 4.60%

Other orders as percentage of total other orders 3.70%

6. National Financial Services L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 2.15%

Limit orders as percentage of total limit orders 0.00%

Other orders as percentage of total other orders 0.00%

7. Lehman Brothers, Inc.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.81%

Limit orders as percentage of total limit orders 0.00%

Other orders as percentage of total other orders 0.00%

8. Bear, Stearns & Co. Inc.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.36%

Limit orders as percentage of total limit orders 0.00%

Other orders as percentage of total other orders 0.00%

9. Citigroup Global Markets, Inc.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.18%

Limit orders as percentage of total limit orders 0.00%

Other orders as percentage of total other orders 0.00%

10. Brecek & Young

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.09%

Limit orders as percentage of total limit orders 0.00%

Other orders as percentage of total other orders 0.00%

Securities Listed on The American Stock Exchange or Regional Exchanges

Summary Statistics :

Non-directed orders as percentage of total customer orders 100.00%

Market orders as percentage of total non-directed orders 78.69%

Limit orders as percentage of total non-directed orders 12.39%

Other orders as percentage of total non-directed orders 8.93%

Venues Receiving Significant Percentage of Total Non-Directed Orders :

1. Knight Capital Markets, L.L.C. 59.38%

2. Archipelago Trading Services, Inc. 12.93%

3. Citadel Derivatives Group, L.L.C. 12.39%

4. UBS Securities, L.L.C. 7.47%

5. American Stock Exchange 3.46%

6. Automated Trading Desk Financial Services, L.L.C. 3.46%

7. National Financial Services L.L.C. 0.55%

8. Madoff (Bernard L.) Investment Securities, L.L.C. 0.18%

9. NYSE ARCA 0.18%

Information Concerning Significant Venues :

1. Knight Capital Markets, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 54.63%

Limit orders as percentage of total limit orders 63.24%

Other orders as percentage of total other orders 95.92%

2. Archipelago Trading Services, Inc.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 13.66%

Limit orders as percentage of total limit orders 17.65%

Other orders as percentage of total other orders 0.00%

3. Citadel Derivatives Group, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 15.51%

Limit orders as percentage of total limit orders 1.47%

Other orders as percentage of total other orders 0.00%

4. UBS Securities, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 7.87%

Limit orders as percentage of total limit orders 7.35%

Other orders as percentage of total other orders 4.08%

5. American Stock Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 3.70%

Limit orders as percentage of total limit orders 4.41%

Other orders as percentage of total other orders 0.00%

6. Automated Trading Desk Financial Services, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 3.70%

Limit orders as percentage of total limit orders 4.41%

Other orders as percentage of total other orders 0.00%

7. National Financial Services L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.46%

Limit orders as percentage of total limit orders 1.47%

Other orders as percentage of total other orders 0.00%

8. Madoff (Bernard L.) Investment Securities, L.L.C.

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.23%

Limit orders as percentage of total limit orders 0.00%

Other orders as percentage of total other orders 0.00%

9. NYSE ARCA

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 0.23%

Limit orders as percentage of total limit orders 0.00%

Other orders as percentage of total other orders 0.00%

Exchange - Listed Options

Summary Statistics :

Non-directed orders as percentage of total customer orders 100.00%

Market orders as percentage of total non-directed orders 47.18%

Limit orders as percentage of total non-directed orders 52.82%

Other orders as percentage of total non-directed orders 0.00%

Venues Receiving Significant Percentage of Total Non-Directed Orders :

1. The Chicago Board Options Exchange 35.38%

2. The Philadelphia Stock Exchange 21.54%

3. The International Securitites Exchange 17.95%

4. NYSE ARCA 14.36%

5. The Boston Option Exchange 6.15%

6. American Stock Exchange 4.62%

Information Concerning Significant Venues :

1. The Chicago Board Options Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 17.39%

Limit orders as percentage of total limit orders 51.46%

Other orders as percentage of total other orders 0.00%

2. The Philadelphia Stock Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 29.35%

Limit orders as percentage of total limit orders 14.56%

Other orders as percentage of total other orders 0.00%

3. The International Securitites Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 17.39%

Limit orders as percentage of total limit orders 18.45%

Other orders as percentage of total other orders 0.00%

4. NYSE ARCA

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 15.22%

Limit orders as percentage of total limit orders 13.59%

Other orders as percentage of total other orders 0.00%

5. The Boston Option Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 10.87%

Limit orders as percentage of total limit orders 1.94%

Other orders as percentage of total other orders 0.00%

6. American Stock Exchange

Types of Orders Routed to Venue :

Market orders as percentage of total market orders 9.78%

Limit orders as percentage of total limit orders 0.00%

Other orders as percentage of total other orders 0.00%