06/17/96 TABLE: The Worst Returns

The Worst Returns

Rising interest rates meant death to the hopes of utility funds, which almost entirely filled the bottem of the list TOTAL RETURN* STEADMAN INVESTMENT -8.74% GAM INTERNATIONAL A -8.14 GAM GLOBAL A -6.22 USAA INCOME -5.83 MERRILL LYNCH UTILITY INCOME B -5.78 RYDEX URSA -5.60 SMITH BARNEY UTILITIES B -5.50 SMITH BARNEY TELECOMM. INCOME -4.95 PAINEWEBBER UTILITY INCOME -3.86 FRANKLIN UTILITIES I -3.30 COLONIAL UTILITIES B -3.07 STRATTON MONTHLY DIVIDEND -2.92 COPLEY -2.82 AAL UTILITIES -2.57 FLAGSHIP UTILITY INCOME A -2.53 BENHAM UTILITIES INCOME -2.50 DEAN WITTER UTILITIES -2.22 MERRILL LYNCH MIDDLE EAST/AFRICA B -2.17 AMERICA`S UTILITY -2.08 BT INVESTMENT UTILITY -2.03 VANGUARD SPEC. UTILITIES INCOME -1.58 VANGUARD/WELLESLEY INCOME -1.54 PRINCOR UTILITIES B -1.53 GALAXY II UTILITY INDEX RET. -1.50 MIDWEST UTILITY A -1.38 CENTURY SHARES -1.28 FIRST INVESTORS UTILITIES INCOME A -1.23 CAPITAL VALUE TOTAL RETURN SEL. -1.19 PRINCOR UTILITIES A -1.18 MATHERS -1.16 FIDELITY ADVISOR INCOME & GROWTH A -1.14 RIVERFRONT FLEXIBLE GROWTH INV. A -0.84 FIDELITY BALANCED -0.79 VAN KAMPEN AMER. CAP. UTILITY B -0.70 EVERGREEN UTILITY A -0.69 KEMPER WORLDWIDE 2004 -0.67 EVERGREEN FOUNDATION Y -0.62 IMG CORE STOCK INV. -0.53 CAPPIELLO-RUSHMORE UTILITY INCOME -0.48 STRONG AMERICAN UTILITIES -0.34 MERRILL LYNCH ASSET INCOME B -0.33 PERMANENT PORTFOLIO -0.27 IMG CORE STOCK INSTL. -0.26 PIONEER INCOME B -0.14 CAPITAL VALUE EQUITY SEL. -0.11 ALLIANCE CONSERVATIVE INVESTORS B -0.08 COWEN INCOME+GROWTH B 0.00 FIDELITY ADV. STRAT. OPP. A 0.13 STAGECOACH LIFEPATH 2000 0.15 T. ROWE PRICE SPECTRUM INCOME 0.16 *Appreciation plus reinvested dividends and capital gains Jan 1- May 31, 1996 DATA: MORNINGSTAR INC.