May 10, 1996
Dear Investor,
It was a pleasure to see you at the Atlanta Investment Conference. I hope you
enjoyed United Services' breakfast meeting and that you were able to learn more
about your investing psyche. I want to mention several additional investment
opportunities that you don't want to miss. The first is our new top-rated growth
fund: the Bonnel Growth Fund.
The Fund was launched in October of 1994 and is managed by Art Bonnel. Art has
twenty years of investment experience, ranging from trader to portfolio manager.
Prior to 1994, Art successfully managed the MIM Stock Appreciation Fund for
seven years.
Unlike many growth-oriented fund managers, Art does not try to predict a
company's future earnings. Instead, he focuses on year-to-year trailing earnings
growth and other indications of financial health to find tomorrow's stock market
winners.
As of April 30, 1996, the Bonnel Growth Fund achieved a one year average annual
total return of 54.10%*. With continued top-rated performance in 1996, the Fund
has grown to approximately $60 million in assets. Art continues to be very
bullish on the market and his portfolio is still 100% invested in quality
domestic stocks. The Bonnel Growth Fund is listed in most newspapers under
United Services.
In case you are not as sure about the market as Art, we have two money market
funds that earn daily interest while you safeguard your money. Our U.S.
Government Securities Savings Fund(1) was ranked #1 of all government money
market funds for the five-year period ending 12/31/95 by Lipper Analytical
Services.** In fact, several of the speakers at the Atlanta conference including
Jay Schabacker, Adrian Day, Steven Leeb and Roger Conrad, are currently
recommending this fund to their subscribers.
We also offer the U.S. Treasury Securities Cash Fund(1), one of the most
competitive checkwriting options available.***
Our two money market U.S. Government U.S. Treasury
funds can meet all your Securities Securities
checkwriting and savings needs: Savings Fund Cash Fund
Free unlimited checkwriting privileges Yes Yes
Minimum check amount $500 No minimum
Dividends Daily Daily
Minimum initial investment $1,000 $1,000
Minimum balance requirement $1,000 $1,000
Telephone redemption and exchange Yes Yes
24-hour Automated Account Access via
1-800-US-FUNDS throughout N. America Yes Yes
If you have any questions about these funds or would like to know more about
United Services' other 10 no-load funds, please call 1-800-US-FUNDS
(1-800-873-8637). A member of our Investor Education and Service team will be
happy to help you.
Best regards,
/s/ Frank Holmes
Frank Holmes
President & CEO
*Life of the fund average annual total return as of 4/30/96:44.61%. Investment
return and principal value will fluctuate. You may have a gain or a loss when
you sell shares. Past performance is no guarantee of future results. For a free
prospectus containing more complete information, including charges and expenses,
call 1-800-US-FUNDS (1-800-873-8637). Please read the prospectus carefully
before investing. **The U.S. Government Securities Savings Fund was ranked #1
out of 64 government money market funds by Lipper Analytical Services. The Fund
was ranked #6 for the one-year period ended 12/31/95. Lipper ranks all funds,
regardless of the Funds' stated objectives. The performance calculations include
the reinvestment of all capital gains distributions and income dividends to
present total performance results without regard to tax consequence or charge to
an investor.***Treasury Cash is not a bank and is not insured by the FDIC.
(1)Like all mutual funds, neither the funds nor its shares are backed by the
U.S. government. There can be no assurance that the fund will be able to
maintain a stable net asset value of $1.00 per share.
