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

LOS ANGELES–(BUSINESS WIRE)–May 9, 2002

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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