UNITED SERVICES FUNDFACTS
Bonnel Growth Fund As Of March 31, 1996
[GRAPHIC: Portrait of Arthur Bonnel]
PORTFOLIO MANAGER
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The Bonnel Growth Fund's portfolio is expertly managed by Arthur Bonnel. Prior
to joining United Services, Art Bonnel managed a successful growth fund for five
years with another fund group. A professional money manager since 1970, Art has
served on the Board of Directors of the Kansas City Board of Trade, held a seat
on a stock exchange, served as a bank trust officer and managed his own
investment advisory firm, Bonnel Inc. He earned a Bachelor of Science degree in
economics at the University of Nevada.
INVESTMENT PROCESS
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One main factor drives the Bonnel stock selection strategy-the search for
quality growth stocks. 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 indicators of financial health to find
tomorrow's market winners.
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PORTFOLIO STATISTICS
NUMBER OF HOLDINGS -- 90
FOREIGN HOLDINGS -- 1
AVERAGE MEDIAN
MARKET CAP (MILL) 2500 535
P/E 33.2 27.1
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FUND PERFORMANCE
Average Annual Total Returns as of March 31, 1996
1 Year ........................ 43.80%
Since Inception 10/17/94 ...... 36.86%
[LINEAR GRAPH PLOTTED FROM DATA IN TABLE BELOW]
BONNEL GROWTH FUND VS. RUSSELL 2000
Bonnel Growth Fund - $15719.21
Russell 2000 - $13304.69
RUSSELL 2000 BONNEL GROWTH FUND
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10/31/94 ................. 10000 10000
11/30/94 ................. 9595.876 10019.98
12/30/94 ................. 9852.768 10079.92
1/31/95 ................. 9728.254 9849.464
2/28/95 ................. 10133.25 10480.71
3/31/95 ................. 10307.03 10931.6
4/28/95 ................. 10535.96 11412.55
5/31/95 ................. 10717.16 11582.89
6/30/95 ................. 11273.1 12665.03
7/31/95 ................. 11922.43 14107.88
8/31/95 ................. 12169.17 14238.14
9/29/95 ................. 12386.52 14859.37
10/31/95 ................. 11832.54 14508.67
11/30/95 ................. 12329.61 14789.23
12/29/95 ................. 12654.88 14638.38
1/31/96 ................. 12641.23 14428.51
2/29/96 ................. 13035.26 15016.15
3/29/96 ................. 13304.69 15719.21
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TOP 10 HOLDINGS %
1. Jones Medical ...................... 2.65
2. Brooktrout Tech .................... 2.58
3. Parametric Tech .................... 2.34
4. Dura Pharmaceutical ................ 2.28
5. Ascend Communications .............. 2.15
6. California Amp ..................... 2.14
7. Kent Electronics ................... 2.12
8. Seagate Tech ....................... 2.08
9. Medtronic .......................... 2.02
10. Universal Health ................... 2.02
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TOP TEN INDUSTRIES %
1. Prepackaged Software ............... 7.77
2. Pharmaceutical Prep ................ 6.60
3. Communications Equip ............... 4.04
4. General Med & Sur Hosp ............. 3.90
5. Computer Storage ................... 3.87
6. Radio TV Broadcast ................. 3.79
7. Semiconductors ..................... 3.53
8. Surgical, Med, Instr ............... 3.52
9. Department Stores .................. 3.46
10. Electromedical Appar ............... 2.87
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 one year is 43.80% and for the life of the Fund (10/17/94
through 3/31/96), 36.86%. U.S. stands for "United Services". The Russell 2000 is
an unmanaged index of stocks considered to be representative of the broad
small-cap market.
