[GRAPHIC: ACCOLADE BONNEL GROWTH FUND LETTERHEAD]
FAX UPDATE
BONNEL GROWTH FUND
STATISTICS AS OF
MAY 31, 1996
FUND PERFORMANCE AVG. ANNUAL TOTAL RETURNS
- ---------------------------- -----------------------------------------
(YEAR TO DATE) AS OF 5/31/96
12/31/95-5/31/96
FUND +30.3 1 YEAR 64.61%
S&P 500 + 8.6 SINCE INCEPTION (10/17/94) 49.09%
RUSSELL 2000 +14.5
PORTFOLIO STATISTICS ASSET ALLOCATION
- ----------------------------------- ---------------------------------------
NUMBER OF HOLDINGS 112 $MILL %
----- ------
FOREIGN HOLDINGS 1 EQUITIES 86.5 99.6
FIXED INCOME 0 0
AVERAGE MEDIAN CASH - 0.4 - 0.4
------- ------ ----- ------
MARKET CAP (MILL) 2,499 655 TOTAL 86.9 100.0
P/E 44.5 33.1
50 DAY VOLUME 380 132
TOP 10 HOLDINGS % TOP 10 INDUSTRIES %
- -------------------------- ---- ------------------------------- ----
1. IOMEGA 2.54 1. TELEPHONE & TELEGRAPH 7.38
2. CALIFORNIA AMP 2.28 2. SEMICONDUCTORS 6.47
3. ASCEND COMMUNICATIONS 2.15 3. COMPUTER INTEGRATED SYS 5.50
4. JONES MEDICAL 2.09 4. COMPUTER PERIPHERAL 4.20
5. SECURITY DYNAMICS 2.04 5. COMMUNICATIONS EQUIP 4.08
6. CHECKPOINT SYSTEMS 1.92 6. PHARMACEUTICAL PREP 3.62
7. UNIPHASE 1.88 7. COMPUTER COMM EQUIP 3.23
8. BMC SOFTWARE 1.88 8. PREPACKAGED SOFTWARE 3.07
9. PEOPLESOFT 1.87 9. GEN MEDICAL & SURGICAL HOSP 2.63
10. ELECTRONIC FOR IMAGING 1.84 10. DEPARTMENT STORES 2.56
- ----------
US: BONNEL GROWTH
For more information, including charges and expenses, call 1-800-873-3639.
Please read the prospectus carefully before investing. Investment returns and
principal value may vary, and you may have a gain or a loss when you sell
shares. Past performance is no guarantee of future results. Average annual total
rate of return for 1 year is 64.61% and for the life of the Fund (10/17/94
through 5/31/96), 49.09%. US stands for "United Services". The S&P 500 and
Russell 2000 are not mutual funds.
