[BONNEL GROWTH FUND LETTERHEAD, INCLUDING LOGO]
Dear Investor:
Thank you for your interest in the Bonnel Growth Fund. Our Fund began operations
on October 17, 1994. The Fund has achieved a total return of 44.83% since
inception.
10/17/94 - 10/17/95
-------------------
THE BONNEL GROWTH FUND 44.83%
S&P 500 Index 28.42%
The Bonnel Growth Fund is a no-load mutual fund that seeks long-term growth of
capital by investing in common stocks of companies with growth potential. The
fund focuses on mid-sized companies that historically grow faster than their
larger competitors and offer great opportunity for achieving gains. Of course,
the performance of mid-sized company stocks may be more volatile. Please refer
to the Fund's prospectus for additional information on the Fund's investment
objectives and practices.
Art Bonnel has been expertly managing money for 25 years. Before teaming up with
United Services, Art managed a highly rated growth mutual fund for another fund
group. United Services offered him his own namesake fund where he could put the
same stock selection strategy to work for you in--the Bonnel Growth Fund.
One factor drives the Bonnel stock selection strategy---the search for quality
growth companies. Out of a universe of almost 9,000 stocks, only about 1% pass
Art's strict selections process. Art's time-tested strategy seeks out growth
companies that have:
o strong, quality earnings from operations
o a leading position within its market niche
o a clean balance sheet with little debt
o a management team with substantial equity ownership
You may purchase shares directly from the fund by mailing the enclosed
application with an investment check. Our investment minimums are:
ACCOUNT TYPE INITIAL SUBSEQUENT
------------ ------- ----------
Regular $5,000 $ 50
IRA No minimum No minimum
Gift/Transfer to Minors $1,000 $ 50
ABC Investment Plan(R)* $1,000 $100 per month
*THE ABC INVESTMENT PLAN(R) IS AN AUTOMATIC INVESTMENT PLAN WHICH ALLOWS YOU TO
START INVESTING WITH $1,000 AND MONTHLY INVESTMENTS OF $100 OR MORE.
You will find the Fund's daily net asset value per share under the United
Services listing in the mutual fund section of most major newspapers or by
calling 1-800-4-BONNEL (1-800-426-6635). We look forward to welcoming you as a
new shareholder.
Sincerely,
/s/ FRANK HOLMES
Frank Holmes
President & CEO
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURNS AND
PRINCIPAL VALUE WILL FLUCTUATE. YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL
SHARES. THIS LETTER MUST BE ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS.
7900 Callaghan Road
Mail Address: P.O. Box 781234
San Antonio, TX 78278-1234
