Timing of Investment

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Timing of Investment
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47 Hulfish Street (at Palmer Square North),
Princeton, NJ 08542 Telephone [phone]
FAX [phone] E-mail info_at_pcminvest.com
Web http//www.pcminvest.com
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Investment Performance
NOTES Since Inception equals 9 years (since
1/1/93). Performance figures are net of fees, and
the composite calculation has been weighted for
the size of each individual account. All
performance figures for periods greater than one
year are annualized. PAST PERFORMANCE SHOULD NOT
BE CONSTRUED AS A GUARANTEE OF FUTURE
PERFORMANCE. YES accounts are included in the
above performance composite at the beginning of
each account's first full calendar quarter under
management. Perfomance results prior to 1/1/98
were compiled by Concord Advisory Group. From
1/1/98, results are calculated internally using
the Advent investment management software and
information provided by outside custodial firms.