[BONNEL GROWTH FUND LETTERHEAD]
August 2, 1995
[Name]
[Company Name]
[Address]
[City, State ZIP]
Dear [Sir/Madam],
The stock market keeps climbing and so does the Bonnel Growth Fund. Since we met
back in November, the Fund has achieved a return of 43.33%, since its inception
on 10-17-94--7-27-95. Please see legend.* And what's even more encouraging,
Art Bonnel still has confidence in the market and believes that the rally's just
begun.
When the Dow fell 57.41 points on Wednesday, July 19, 1995, no one could have
been more excited than Art Bonnel. He saw this as an excellent opportunity to
take on some new positions at a discounted price. Some of the stocks that he
acquired that day were:
Atmel - high performance memory and logic integrated circuits
C-Cube Micro Systems - provide standard base digital video compression solutions
for computers FSI International - automated equipment used for processing
silicon wafers Kemet - electronic components and accessories II IV - optical
instruments
He also secured a position in Eskimo Pie (ice-cream bars), "just to add some
flavor to the portfolio," Art explained.
Please don't hesitate to give me a call at (210) 308-1237 or (800) 4-BONNEL, if
I can be of assistance or if you would like to speak to Art in person.
Best Regards,
/s/Johanna Thornblad
Johanna Thornblad
Vice President Communications
7900 Callaghan Road
Mail Address: P. O. Box 781234, San Antonio, TX 78278-1234
Tel (210) 308-1234 1-800-4-Bonnel Fax (210) 308-1220 E-mail: [email protected]
[ON REVERSE OF LETTER:]
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* Please call (800) 4-BONNEL for a free fact kit containing more complete
information, including charges and expenses. Please read it carefully before you
invest. Performance is historical and does not represent future results.
Investment returns and principal value may vary, and you may have a gain or loss
when you sell shares. During the period, the fund's advisor waived certain fund
expenses, making the fund's total return approximately .93% higher than it
otherwise would have been. For the same period the S&P 500 Index returned
22.94%. The S&P 500 Index is an index created by Standard & Poor's Corporation
that is considered to reflect the performance of the stock market in general. It
is not an investment product available for purchase.
