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July 23, 1996
IMPORTANT NOTICE
Dear Common Sense II Shareholder:
Recently we sent you proxy voting material relating to your Fund's upcoming
shareholder meeting. Thank you for the timely return of your proxy card. Our
records reflect your preference to abstain on the proposed reorganization of
your Fund. THIS ISSUE IS OF THE UTMOST IMPORTANCE TO US AND WE ARE CONTACTING
YOU AGAIN TO URGE YOU TO RECONSIDER YOUR PREVIOUS VOTE.
The reorganization of the Common Sense II Fund will result in combining the
assets and liabilities of the Common Sense II Fund with the assets and
liability of the respective Common Sense Fund and consolidating their
operations thereby eliminating certain costs associated with operating the
Common Sense II Fund and the Common Sense Fund separately. Each Common Sense
Fund has the same investment objective and substantially identical policies,
the same advisory fee structure and similar investment portfolios as the Common
Sense II Fund. It is anticipated that the overall Fund expense levels will be
reduced after the reorganization since each Common Sense II Fund's assets will
be part of a larger portfolio. THE TRUSTEES OF YOUR FUND HAVE CAREFULLY
REVIEWED AND APPROVED THIS PROPOSAL. Please review the Fund's proxy statement
for a more complete description of the reasons for the reorganization.
YOUR VOTE IS IMPORTANT AND YOUR PARTICIPATION IN THE AFFAIRS OF YOUR FUND DOES
MAKE A DIFFERENCE. IF YOU DECIDE TO CHANGE YOUR VOTE, YOU MAY DO SO BY CALLING,
TOLL FREE 1-800-204-3159 AND SPEAKING WITH A REPRESENTATIVE WHO WILL RECORD YOUR
VOTE OR JUST COMPLETE AND RETURN THE ENCLOSED PROXY CARD IN THE POSTAGE-PAID
BUSINESS REPLY ENVELOPE PROVIDED. Please note that the receipt of an executed
proxy card with a later date will completely revoke your previous ballot, so
please mark you vote on the proposal before signing, dating and returning it to
us in the enclosed postage-paid envelope. Shares represented by a proxy and
entitled to vote on a proposal without instructions to the contrary marked on
the proxy card will be voted "FOR" such proposal. If you do not wish to change
your vote, no action is required on your part and your vote will remain
unchanged from what you requested on your previous ballot. If you have any
questions please call PFS Shareholder Services at 1-800-544-5445 between 9:00
a.m. and 6:00 p.m., Eastern time.
We appreciate your time and careful consideration.
Sincerely,
/s/ DON G. POWELL
Don G. Powell
Chairman of the Board
