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Total returns for periods ending September 30, 1996 are historical and include change in share price, reinvestment of dividends and capital gains. There is a 0.2% redemption fee and a 12b-l fee in excess of 0.25%. The S&P is an unmanaged index consisting of the common stock of 500 publicly traded U.S. companies. For more complete information including charges, expenses, and risks on small-cap stocks please read the prospectus carefully before you invest. The performance cited represents past performance which is not indicative of future results; investment performance fluctuates; fund shares when redeemed may be worth more or less than original cost. The prices of small company stocks are generally more volatile than those of large companies.

The Kaufmann Fund, Inc.

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Total returns for periods ending September 30, 1996 are historical and include change in share price, reinvestment of dividends and capital gains. There is a 0.2% redemption fee and a 12b-l fee in excess of 0.25%. The S&P is an unmanaged index consisting of the common stock of 500 publicly traded U.S. companies. For more complete information including charges, expenses, and risks on small-cap stocks please read the prospectus carefully before you invest. The performance cited represents past performance which is not indicative of future results; investment performance fluctuates; fund shares when redeemed may be worth more or less than original cost. The prices of small company stocks are generally more volatile than those of large companies.

The Kaufmann Fund, Inc.