Froley, Revy Convertible Bond Index Reports April 2002 Total Return of -0.93%

Froley, Revy Convertible Bond Index Reports April 2002 Total Return of -0.93%

Business Editors


The Froley, Revy Convertible Bond Index, one of the oldest continuous measurements of U.S. convertible bond performance and an industry benchmark for more than two decades, reported a total return of -0.93% for the month ended April 30, 2002. Convertible bond prices were down 1.26% for the same period.

Year to date, as of April 2002, the index returned -0.39%, with convertible bond prices down 1.77% for the same period.

Current yield for the Index equaled 4.09% at April 30, 2002.

The Froley, Revy Convertible Bond Index(a) tracks price performance of 50 representative convertible issues, with coupon interest reinvested to create a long-term, compounded total return. Historical performance tables for the Index may be obtained by calling Jason Stine at 310/208-4938.

Froley, Revy Investment Company, Inc., an investment management and advisory firm established in 1975, manages assets of more than $2.2 billion, primarily for public pension funds, corporate pension and profit-sharing plans, insurance companies and Taft-Hartley pension plans. Froley, Revy serves as Investment Advisor to the Froley Revy Convertible Securities Fund (FRCVX), a publicly available, open-end mutual fund, which is distributed by PFPC Distributors, Inc. To obtain a prospectus with more complete information, including charges and expenses, please call 1-866-TWFUNDS. Read it carefully before investing.

(a) The Froley, Revy Convertible Bond Index is an unmanaged index and, unlike a mutual fund, the performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

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