<PAGE> 1
[GINTEL LOGO]
GINTEL FUND
ANNUAL REPORT TO
SHAREHOLDERS
DECEMBER 31, 1996
<PAGE> 2
GINTEL FUND
The investment objective is to achieve capital appreciation through investing in
equities. The minimum initial investment in the Gintel Fund is $5,000, except
for IRA's and Keogh accounts where the minimum initial purchase is $2,000. There
is no minimum on additional investments.
SUMMARY OF INVESTMENT RESULTS*
<TABLE>
<S> <C>
1996 31.0%
1995 31.0%
1994 -16.5%
1993 2.0%
1992 24.7%
1991 15.6%
1990 -6.7%
1989 23.8%
1988 29.4%
1987 -14.3%
1986 20.8%
1985 20.0%
1984 -2.6%
1983 34.3%
1982 34.1%
1981 (6/10/81-12/31/81) 7.6%
Average Annual Total
Return Since Inception 15.1%
</TABLE>
*Investment results are net of expenses, with dividends and capital gains
reinvested.
Past results offer no assurance as to future performance. The investment return
and principal value of an investment will fluctuate, so that an investor's
shares when redeemed may be worth more or less than their original cost. The
Fund's prospectus contains more complete information and should be read
carefully.
<PAGE> 3
January 23, 1997
Fellow Shareholders:
We are pleased to report that Gintel Fund had another good year in 1996 with an
increase in net asset value per share of 31%, after reinvestment of dividends,
compared to a similar 31% increase in net asset value per share in 1995. In
1996, Gintel Fund ranked in the top 25 growth funds in the country out of 669
funds, according to Lipper Analytical Services, Inc. At year-end, the Fund held
over six percent of its portfolio in net cash equivalents.
Our non-diversified approach to investing was a major contributor to the success
of our investment results last year. We have not altered from this strategy in
the 15 years since the Gintel Fund has been in existence and will continue to
focus on and invest in a selection of internally-researched companies which we
think present exceptional investment opportunities.
We are in an age in which new companies and new industries have grabbed investor
attention because of the dynamic growth of many new technologies. Many investors
have become preoccupied with populating their portfolios with technology stocks.
We have structured our portfolio to include more of these investments. We have
sizable positions in Checkpoint, C-Cube Microsystems and CheckFree. C-Cube is a
leader in digital video compression technology, the core technology enabler for
the emerging revolution in digital video, and CheckFree is best-explained in the
enclosed article by Cecil Godman, appearing in the December 1996 issue of
Equities Magazine. Smaller positions are held in such companies as Intergraph,
Adaptec, Atmel, Intel, Cisco Systems, Informix, Xilinx, and Sun Microsystems. We
still maintain more traditional long-term investment positions in such industry
leaders as Schering Plough, Union Camp, Phelps Dodge, and Federal National
Mortgage Association.
We thought it would be helpful to explain what made last year successful for
three of our larger holdings. Capstead Mortgage has been a very good investment.
The Fund's position was increased substantially during early summer to take
advantage of a pricing aberration that occurred as investor concerns over higher
interest rates kept the stock price depressed, while the company's fundamentals
kept improving. This stock generated a 64% total return for the year.
Chart Industries is a classic turnaround that continues to have a bright
outlook. After a very disappointing earnings decline in 1993 and 1994, a new
management realigned divisions and implemented several important operating
changes. As a result, the company's profitability rebounded substantially in
1995, improved meaningfully in 1996 and continues to present a favorable outlook
for 1997. Chart Industries was an investment that went against us at first and
took a while to develop; however, from the time it became a significant holding
in the Fund, the returns to our shareholders have been extraordinary.
Another major contributor to the Fund's performance in 1996 was Checkpoint
Systems. Our investment in Checkpoint was based on our assumptions that crime
prevention was a growth industry and that Checkpoint's technology in the
electronic article surveillance industry would win out over the industry leader,
Sensormatic. Our hopes and expectations came to fruition over the last three
years, as Checkpoint won major contracts in the drug
<PAGE> 4
store chain industry and began to make serious inroads into the grocery chain
markets worldwide, as well. The outlook for the coming several quarters appears
good, and we have recently repurchased part of the position that we sold at
higher prices in early 1996. We recognized over $9.3 million in long-term
capital gains in Checkpoint's common stock in 1996.
Record amounts of capital found their way into the financial markets in 1996,
much of it from retirement accounts that were invested mostly in equity mutual
funds. This helped to push the Dow Jones Industrial Average to progressively new
highs throughout the year. There were plenty of bumps and bruises, but the
overall trend was positive for financial markets, with equity investors once
again ending up as winners.
Looking ahead to 1997 we see three main factors impacting the financial markets.
We expect that economic growth will remain around 2 1/2%, primarily due to
moderating growth rates in consumer spending and federal government outlays. We
believe that inflation will remain in check as a result of corporations'
inability to raise prices due to competitive pressures and a high real interest
rate environment. Because of the above factors, we think that corporate profits
will experience a more modest 5%-6% growth rate compared to last year's 10% rate
of growth.
We see 1997 as a year in which stock selection will be much more important than
in any of the past several years. Without the strong earnings gains of recent
years, it will be more difficult for the market to improve strictly on
valuation. Institutional investors will, therefore, have to be even more
selective as to which companies within industry categories will produce the
highest earnings, restructuring possibilities, or dividend increases. Balance
sheet strength as well as long-term earnings growth and visibility will also be
more necessary for higher valuations. On the other hand, near-term
disappointments will likely be treated even more severely with a higher degree
of downside volatility expected for such companies. We are looking for stocks
that will do well despite slower economic growth and potential earnings
shortfalls for the broad market.
During the year, Gintel ERISA Fund was merged into Gintel Fund, a combination
which we believe benefitted shareholders of both Funds. On December 27, 1996,
Gintel Fund shareholders of record as of December 26, 1996, received a dividend
of $2.04 per share, representing net investment income and short-term capital
gains of $0.55 and long-term capital gains of $1.49 per share. We now offer four
of Chase Manhattan Bank's Vista Funds, two money market funds and two income
funds, to our shareholders and hope to offer more over the coming months. Our
Fund is now offered through Fidelity's FundsNetwork No Transaction Fee (NTF)
program and will be available for purchase through brokerage firms on the
FUND/SERV Network.
Here's hoping for further gains in 1997.
Cordially,
/s/ ROBERT M. GINTEL /s/ CECIL A. GODMAN, III /s/ EDWARD F. CARROLL
Robert M. Gintel Cecil A. Godman, III Edward F. Carroll
Chairman Investment Manager Investment Manager
<PAGE> 5
GINTEL FUND Statement of Net Assets As of December 31, 1996
<TABLE>
<CAPTION>
NUMBER
OF MARKET
SHARES COST** VALUE
- ----------------------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON STOCKS
TECHNOLOGY-RELATED (21.3%)
--------------------------
1,400,000 CheckFree Corporation* $23,999,036 $23,975,000
150,000 C-Cube Microsystems Inc.* 4,455,171 5,540,625
200,000 Intergraph Corporation 2,550,681 2,050,000
MORTGAGE BANKING (20.8%)
------------------------
1,125,000 Capstead Mortgage Corporation 15,985,177 27,000,000
100,000 Federal National Mortgage Association 834,712 3,725,000
DIVERSIFIED MANUFACTURING(13.7%)
--------------------------------
720,000 Chart Industries, Inc. 3,524,370 12,330,000
175,000 Ogden Corporation 3,472,850 3,281,250
50,000 Tyco International LTD 1,278,937 2,643,750
25,000 Johnson Controls, Inc. 1,195,850 2,071,875
INSURANCE (7.6%)
----------------
215,000 Mercury General Corporation 9,393,586 11,287,500
PAPER -- FOREST PRODUCTS (6.0%)
-------------------------------
135,000 Union Camp Corporation 6,045,107 6,446,250
52,500 Weyerhaeuser Company 2,101,374 2,487,188
SECURITY PROTECTION SYSTEMS (3.8%)
----------------------------------
225,000 Checkpoint Systems, Inc. 1,319,578 5,568,750
PHARMACEUTICAL -- HEALTH CARE (3.1%)
------------------------------------
70,000 Schering-Plough Corporation 1,638,868 4,532,500
SAVINGS & LOAN (2.8%)
---------------------
100,000 Charter One Financial Corporation 675,428 4,200,000
COPPER PRODUCER (2.3%)
----------------------
50,000 Phelps Dodge Corporation 2,992,527 3,375,000
CONSTRUCTION & ENGINEERING (2.0%)
---------------------------------
48,000 Fluor Corporation 2,223,496 3,012,000
RETAIL-RELATED (1.7%)
---------------------
50,000 Mac Frugal's Bargains Close-Outs Inc.* 675,000 1,306,250
50,000 Price/Costco Inc.* 655,314 1,256,250
DIVERSIFIED CHEMICAL PRODUCER (1.6%)
------------------------------------
25,000 E. I. du Pont de Nemours and Company 1,396,470 2,359,375
BROADCAST EQUIPMENT (1.2%)
--------------------------
100,000 Vertex Communications Corporation* 1,550,000 1,812,500
TEXTILE--APPAREL (1.1%)
-----------------------
890,000 Oneita Industries, Inc.* 5,670,289 1,557,500
</TABLE>
<PAGE> 6
GINTEL FUND Statement of Net Assets (continued) As of December 31, 1996
<TABLE>
<CAPTION>
NUMBER
OF MARKET
SHARES COST** VALUE
- ----------------------------------------------------------------------------------------------
<C> <S> <C> <C>
SOFT DRINKS (0.8%)
------------------
40,000 PepsiCo. Inc. 696,562 1,170,000
ENVIRONMENTAL SERVICES (0.6%)
-----------------------------
100,000 OHM Corporation* 693,749 850,000
OILFIELD SERVICES (0.5%)
------------------------
19,500 Newpark Resources, Inc.* 252,695 726,375
MISCELLANEOUS SECURITIES*** (2.8%) 3,453,362 4,069,937
IMPUTED BROKERAGE COMMISSIONS ON
SECURITIES OWNED 454,000
- ----------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (93.7%) 99,184,189 138,634,875
- ----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CASH EQUIVALENTS
10,006,000 Chase Securities, Inc. Repurchase Agreement
5.95% due 1/2/97 (Collateralized by U.S.
Government Obligations) 10,006,000 10,006,000
5,000,000 Associates Corp of North America
5.47% due 1/8/97 5,000,000 5,000,000
- -------------------------------------------------------------------------------------------------
TOTAL CASH EQUIVALENTS (10.2%) 15,006,000 15,006,000
- -------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (103.9%) $114,190,189 153,640,875
============
LIABILITIES NET OF OTHER ASSETS (-3.9%) (5,735,180)
- -------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES (100.0%) $147,905,695
===============================================================================================
Net asset value per share -- based on 8,171,707 shares
of beneficial interest (offering and redemption price) $18.10
===============================================================================================
</TABLE>
* Non-income producing investments
** Cost basis for Federal income tax purposes
*** Includes 17 investments, some of which are non-income producing investments.
+ Robert Gintel is Chairman of the Board of Oneita Industries and owns 12% of
its common stock. As a result, Oneita may be deemed to be an affiliate of the
Fund.
The accompanying notes to financial statements are an integral part hereof.
<PAGE> 7
GINTEL FUND Statement of Operations Year Ended December 31, 1996
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends $ 3,366,228
Interest 1,267,678
-----------
Total investment income 4,633,906
EXPENSES:
Investment advisory fee (Note C) $ 1,147,450
Administrative expense (Note E) 791,188
Other expenses 131,804
-----------
Total expenses 2,070,442
-----------
NET INVESTMENT INCOME 2,563,464
NET REALIZED GAIN ON INVESTMENTS (NOTE E) 12,803,219
NET INCREASE IN UNREALIZED APPRECIATION OF INVESTMENTS
(NOTE E) 11,394,619
-----------
NET GAIN ON INVESTMENTS 24,197,838
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $26,761,302
===========
</TABLE>
The accompanying notes to financial statements are an integral part hereof.
<PAGE> 8
GINTEL FUND Statements of Changes in Net Assets Year Ended December 31
<TABLE>
<CAPTION>
1996 1995
------------ -----------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) $ 2,563,464 $ (60,026)
Net realized gain on investments 12,803,219 5,682,632
Net increase in unrealized appreciation of
investments 11,394,619 19,306,875
------------ ------------
Net increase from operations (Note E) 26,761,302 24,929,481
DISTRIBUTIONS TO SHAREHOLDERS:
Investment income (2,653,175) (51,107)
Net realized gains from investment (12,796,654) (5,689,197)
------------ ------------
Net decrease from distributions to shareholders (15,449,829) (5,740,304)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued (Notes G2 and G4) 42,947,300 1,577,646
Reinvestment of dividends 10,384,683 3,363,935
Cost of shares repurchased (13,476,618) (15,669,171)
------------ ------------
Net increase (decrease) from capital share
transactions (Note G4) 39,855,365 (10,727,590)
Total Increase 51,166,838 8,461,587
Net Assets - Beginning of Year 96,738,857 88,277,270
------------ ------------
Net Assets - End of Year $147,905,695 $96,738,857
============ ============
NET ASSETS CONSIST OF:
Capital Stock $108,497,397 $78,314,870
Undistributed net investment losses (Note E) (356,003) (266,292)
Undistributed net realized gains from security
transactions (Note E) 60,615 54,050
Unrealized appreciation on investments (Note E) 39,703,686 18,636,229
------------ ------------
$147,905,695 $96,738,857
============ ============
</TABLE>
The accompanying notes to financial statements are an integral part hereof.
<PAGE> 9
GINTEL FUND Condensed Financial Information Year Ended December 31
(Per Share Income and Capital Changes)
<TABLE>
<CAPTION>
1996 1995 1994 1993 1992*
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $15.37 $12.46 $15.11 $16.45 $13.48
Income from
Investment Operations
Net investment income
(loss) .37 (.01) .04 (.06) .09
Net realized and unrealized
gain (loss) on securities 4.40 3.86 (2.53) .37 3.23
- -------------------------------------------------------------------------------------------------------
Total from Investment Income 4.77 3.85 (2.49) .31 3.32
- -------------------------------------------------------------------------------------------------------
Less: Distributions
Net investment income .35 .01 .04 -- .10
Capital gains 1.69 .93 .12 1.65 .25
- -------------------------------------------------------------------------------------------------------
Total Distributions 2.04 .94 .16 1.65 .35
- -------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year $18.10 $15.37 $12.46 $15.11 $16.45
=======================================================================================================
Total Return 31.0% 31.0% -16.5% 2.0% 24.7%
- -------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of year $147,905,695 $96,738,857 $88,277,270 $136,110,294 $164,620,218
Ratio of operating expenses to
average net assets (Note D)** 1.8% 2.3% 2.4% 2.2% 1.7%
Ratio of net investment income
(loss) to average net assets 2.2% (.1%) .3% (.3%) .9%
Portfolio turnover rate 61.4% 55.4% 69.6% 50.8% 56.0%
Average commission rate paid ** ** ** ** **
Shares outstanding, end of year 8,171,707 6,295,777 7,085,466 9,008,802 10,009,980
</TABLE>
* The above per share information is based upon a daily average of shares
outstanding, which has been restated to reflect the 5.241835/1 split on
September 25, 1992.
** The Fund's expense ratio for 1992-1995 includes brokerage commissions on
portfolio transactions paid for under the Fund's Administrative Services fee
and, therefore, may appear higher than those of other mutual funds. Other
mutual funds do not include brokerage commissions in their operating
expenses, but instead add them to the cost of securities purchased or deduct
them from the proceeds of securities sold. Beginning in 1996 the Fund changed
its accounting presentation to extract imputed brokerage commissions from its
expense ratio in order to make it easier to compare our Fund to other funds
which do not have a similar fee structure. Based upon the imputed brokerage
commission calculation the average commission rate paid for 1996 was $.0771
per share.
The accompanying notes to financial statements are an integral part hereof.
<PAGE> 10
GINTEL FUND Notes to Financial Statements December 31, 1996
(NOTE A) -- ORGANIZATION:
The Gintel Fund (the "Fund") is a Massachusetts business trust formed under the
laws of the Commonwealth of Massachusetts with authority to issue an unlimited
number of shares of beneficial interest.
(NOTE B) -- SIGNIFICANT ACCOUNTING POLICIES:
1. Security Valuation:
Investments in securities are valued at the last reported sales price on the
last business day of the period, or in the absence of a recorded sale, at the
mean of the closing bid and asked price on that date. Short-term investments are
valued at cost which approximates market value.
2. Federal Income Taxes:
It is the Fund's policy to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute
substantially all of its taxable income and long-term gains to its shareholders.
Therefore, only a nominal Federal income tax provision is required.
3. Other:
As is common in the industry, security transactions are accounted for on the
trade date. Dividend income and distributions to shareholders are recorded on
the ex-dividend date.
Realized gain or loss on security transactions is determined on the basis of
first-in, first-out or specific identification.
(NOTE C) -- INVESTMENT ADVISORY AGREEMENT:
The Fund's Investment Advisory Agreement with Gintel Asset Management, Inc., a
related party, provides for the annual fee of 1% based on the daily value of the
Fund's net assets. During 1996 the basis of the calculation was changed from
daily value of the Fund's net assets during the preceding quarter to monthly in
arrears.
(NOTE D) -- ADMINISTRATIVE SERVICES AGREEMENT:
The Fund's Administrative Services Agreement provides that in consideration for
the services provided by Gintel & Co., the Fund's Distributor and a related
party, and the payment by the Distributor of substantially all of the Fund's
expenses, including but not limited to brokerage commissions and operating
expenses (but excluding the Investment Advisor's fees, the fees paid to
non-interested Trustees, certain transaction costs, interest, taxes and
extraordinary expenses), the Distributor would receive an Administrative
Services Fee. The Distributor receives a fee of 1.25% of the first $50 million
of the average daily net assets of the Fund, 1.125% of the next $50 million of
the average daily net assets and 1.0% of the average daily net assets in excess
of $100 million. Fees of $15,625 were waived by the Distributor in 1996. The
basis of the calculation was changed during 1996 from daily value of the Fund's
net assets during the preceding quarter to monthly in arrears.
(NOTE E) -- IMPUTED COMMISSIONS:
During 1996 the Fund changed its accounting presentation to provide for imputed
brokerage commissions to be extracted from the Administrative Services Fee and
to be applied to the cost of securities sold and held. The Fund has estimated
imputed brokerage commissions of 45 basis points of average net assets, which
decreased administration expense, and thereby increased net investment income,
by $527,000 and decreased realized and unrealized capital gains by $326,000 and
$201,000, respectively.
<PAGE> 11
GINTEL FUND Notes to Financial Statements (continued) December 31, 1996
(NOTE F) -- LINE OF CREDIT:
The Fund has a bank line of credit of $15,000,000. Interest is payable at the
Prime Rate. Loans are collateralized by securities owned by the Fund. At
December 31, 1996 the Fund had no outstanding borrowings.
(NOTE G) -- OTHER MATTERS:
1. Investments
<TABLE>
<S> <C>
Unrealized appreciation at December 31, 1996 $44,750,729
Unrealized depreciation at December 31, 1996 (4,846,043)
Imputed Commissions on securities owned (454,000)
-----------
$39,450,686
===========
FOR THE YEAR ENDED DECEMBER 31, 1996
Purchases of securities other than short-term
investments $74,185,528
Sales of securities other than short-term
investments $61,581,393
</TABLE>
2. Reorganization of Gintel ERISA Fund into Gintel Fund
On September 27, 1996, Gintel ERISA Fund reorganized into Gintel Fund pursuant
to a plan of reorganization approved by Gintel ERISA Fund shareholders on
September 26, 1996. The reorganization was accomplished by a tax-free exchange
of 1,517,126 shares of the Gintel Fund (valued at $30 million) for the 1,278,666
shares of Gintel ERISA Fund outstanding on September 27, 1996. Gintel ERISA
Fund's net assets at that date ($30 million), including $2.5 million of
unrealized depreciation, were combined with those of Gintel Fund. The aggregate
net assets of Gintel Fund and Gintel ERISA Fund immediately before the
reorganization were $118,861,253 and $30,100,196, respectively. The combined net
assets immediately after the reorganization were $148,961,449.
3. Related Party Transactions
During 1996 Gintel Fund purchased from Gintel ERISA Fund, a related party,
$8,141,563 of investment securities and sold to Gintel ERISA Fund $2,493,750 of
investment securities. Included in such amounts are $2,660,000 of purchases and
$2,493,750 of sales of Oneita Industries, Inc., an entity which may be deemed to
be an affiliate of the Fund. The Fund realized $5,920,383 of long-term capital
losses on the sale of Oneita Industries, Inc. In addition, as part of the
reorganization of Gintel ERISA Fund into Gintel Fund, 225,000 shares of Oneita
Industries, Inc., with a cost basis of $3,010,289, were contributed into the
portfolio of the Gintel Fund.
4. Capital Stock: (in shares)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
------------------------
1996 1995
--------- ----------
<S> <C> <C>
Shares issued 538,198 115,098
Shares issued in connection with acquisition of
Gintel ERISA Fund 1,517,126
Shares reinvested 575,010 220,009
Shares repurchased (754,404) (1,124,796)
--------- ----------
Net increase (decrease) 1,875,930 (789,689)
========= ==========
</TABLE>
<PAGE> 12
REPORT OF INDEPENDENT AUDITORS
Board of Trustees and Shareholders
Gintel Fund
Greenwich, Connecticut
We have audited the statement of net assets of the Gintel Fund as of December
31, 1996, and the related statement of operations for the year then ended,
statement of changes in net assets for each of the years in the two-year period
then ended, and the condensed financial information for each of the years in the
five-year period then ended. These financial statements and condensed financial
information are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and condensed financial
information based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and condensed
financial information are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of December 31, 1996, with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and condensed financial information
enumerated above present fairly, in all material respects, the financial
position of Gintel Fund as of December 31, 1996, the results of its operations
for the year then ended, the changes in its net assets for each of the years in
the two-year period then ended, and the condensed financial information for each
of the years in the five-year period then ended, in conformity with generally
accepted accounting principles.
Richard A. Eisner & Company, LLP
New York, New York
January 23, 1997
<PAGE> 13
INVESTMENT STAFF
ROBERT M. GINTEL
Robert Gintel has spent his entire business career in the investment
industry with more than 40 years of experience as a professional investor. Mr.
Gintel is Chairman and Chief Executive Officer of Gintel Asset Management, Inc.
He is also Senior Partner and founder of Gintel & Co., a member of the New York
Stock Exchange and associate member of the American Stock Exchange, and Chairman
of the Board and Chief Executive Officer of Gintel Fund. He holds a B.A. degree
from Columbia College and an M.B.A. from the Harvard Business School. Mr. Gintel
has served on the Board of Directors of several New York Stock Exchange listed
corporations and is currently Chairman of the Board of Oneita Industries, and
Vice Chairman of the Board of XTRA Corporation. Mr. Gintel has lectured and
written articles on investments and has appeared on Wall Street Week and other
television and radio programs.
CECIL A. GODMAN, III
Mr. Godman joined the Gintel organization in 1985 after spending two years
as a securities analyst with First Tennessee Investment Management, Inc., a $1.8
billion asset management subsidiary of First Tennessee National Corporation. He
is a General Partner of Gintel & Co. and a director of Gintel Asset Management,
Inc. Mr. Godman received his B.A. in Business Administration and Economics from
Rhodes College in Memphis in 1982.
EDWARD F. CARROLL
Mr. Carroll joined Gintel Asset Management, Inc. in 1983 and is a General
Partner of Gintel & Co. Previously, Mr. Carroll had his own consulting firm
specializing in global energy issues and was on the staff of the Ford
Foundation, where he was directly responsible for all energy-related
investments. Mr. Carroll's 35-year career includes experience as an analyst with
the Wall Street firms, Halle & Steiglitz, Henry Hentz & Company, and E.F.
Hutton. He holds a B.G.S. degree from the University of Connecticut.
TIMOTHY J. MCSWEENEY
Mr. McSweeney joined Gintel Asset Management, Inc. in 1995 as a securities
analyst. He received his B.A. in economics from Clark University and his M.B.A.
from Northeastern University.
<PAGE> 14
GINTEL FUND TRUSTEES AND OFFICERS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Robert M. Gintel Chairman, Trustee, and Chief Executive Officer
Chairman and Chief Executive Officer, Gintel Asset Management, Inc.;
Senior Partner, Gintel & Co. Limited Partnership; Chairman and
Director, Oneita Industries; Vice Chairman and Director, XTRA Corporation.
Thomas H. Lenagh Trustee
Financial Consultant; formerly Chairman and Chief Executive Officer
of Greiner Engineering Co.; Director, Adams Express Co., USLife Corp.,
ICN Biomedics, Inc., SCI Systems, Inc., Irvine Sensors Corp., CML
Inc., Clemente Global, Rexhall Inc.
Francis J. Palamara Trustee
Business Consultant; previously Director and Executive Vice President
of ARA Services, Inc.; formerly Executive Vice President and Chief
Operating Officer of the New York Stock Exchange, Inc.; Director,
Glenmede Fund, XTRA Corporation, Central Tractor Farm & Country.
Russel R. Taylor Trustee
Associate Professor of Management and Marketing, Director of
H.W. Taylor Institute of Entrepreneurial Studies, College of New
Rochelle; Founder of Russel Taylor, Inc.
Stephen G. Stavrides Trustee, President, and Treasurer
President, Gintel Asset Management, Inc.; General Partner and
Chief Operating Officer, Gintel & Co. Limited Partnership.
Donna K. Grippe Secretary and Assistant Treasurer
INVESTMENT ADVISOR GINTEL GROUP
Gintel Asset Management, Inc. Chase Global Funds Services Company
6 Greenwich Office Park P. O. Box 2798
Greenwich, CT 06831-5197 Boston, MA 02208-2798
203 622-6400 800 344-3092
</TABLE>
