Disclaimer

This memorandum is based on information generally available to the public from sources believed to be reliable. No representation is made that it is accurate or complete. No representation is made that any returns indicated will be achieved. Past performance does not guarantee future returns. The price or value of the investments and investment systems to which this document relates, either directly or indirectly, may fall or rise against the interest of investors.

Certain assumptions may have been made in this analysis which have resulted in the returns detailed herein. Changes to the assumptions may have a material impact on any returns detailed. Some of these model results may not represent actual trading, and may not reflect the impact that material economic and market factors might have had on actual trading performance.

No graph, chart, formula or other device in this advertisement can in and of itself be used to determine which securities to buy or sell, or when to buy or sell them; neither will any graph, chart, formula or other device in this advertisement assist any person in making his own decisions as to which securities to buy, sell, or when to buy or sell them.

The foregoing has been prepared solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Windsor Financial Advisors, Inc. and/or their affiliates and/or key employees may have positions in, and may effect transactions in securities and instruments of issuers mentioned herein. The investments discussed or recommended in this report may be unsuitable for investors depending on their specific investment objectives and financial position.

Windsor Financial Advisors, Inc. has no affiliation with any of the funds or fund families mentioned herein. None of the funds or fund families mentioned herein has either reviewed or approved this investment strategy.

The S&P 500 is an unmanaged index composed primarily of large company stocks. The Nasdaq 100 is an unmanaged index composed primarily of large company technology stocks. The Russell 2000 is an unmanaged index composed primarily of smaller company stocks. The S&P 400 is an unmanaged index composed primarily of medium sized company stocks. The Lehman Long Term Bond index is an unmanaged index composed of long term maturity bonds. These indices are among those most commonly used as performance benchmarks.

Performance figures are calculated by taking the values from actual customer accounts which have had no additions or subtractions during the course of a calendar year. Fees of 1% are deducted from these figures which are representative of the average fees paid by all clients. Actual fees may vary and may be higher or lower depending on account size.

All tables, text and images displayed herein is Copyright (1995-2003) by:
Windsor Financial Advisors, Inc.
P.O. Box 7936
Princeton, NJ 08543
(609) 720-0999

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