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The Fund Categories

U.S. diversified equity funds didn't beat the S&P 500 in 1996, but they made 
enough to keep their shareholders happy. International funds earned good 
returns, too, as long as they stayed out of Japan.

                             AVERAGE ANNUAL
CATEGORY                      TOTAL RETURN*
                   '96    '94-96 '92-96 '87-96  '96'S BEST PERFORMER
REAL ESTATE         34.0%  13.2%  15.0%  11.8% Longleaf Partners Realty
NATURAL RESOURCES   31.0   17.3   15.0   11.7  Fid. Sel. Energy Svc.
FINANCIAL           29.7   22.9   24.5   18.2  Fid. Sel. Home Finance
EUROPE              24.7   14.5   13.3   9.7   Scudder Greater Eur.
                                                Growth
LATIN AMERICA       24.3   -5.3   5.3    NA    Fidelity Latin America
SMALL-CAP VALUE     21.8   14.9   16.5   13.6  Oakmark Small Cap
LARGE-CAP VALUE     21.1   17.3   15.7   14.0  Legg Mason Value Prim.
LARGE-CAP GROWTH    21.1   16.2   12.0   14.6  Rydex OTC
TECHNOLOGY          20.9   25.7   23.8   18.2  PBHG Tech. & Comm.
SMALL-CAP BLEND     20.7   13.6   15.2   13.5  Fidelity Export
MID-CAP VALUE       20.5   15.4   15.7   13.4  Sound Shore
LARGE-CAP BLEND     20.0   16.4   13.6   13.4  Salomon Bros. Investors O
MID-CAP BLEND       19.1   15.5   14.6   14.5  Salomon Bros. Capital
WORLD               17.6   10.4   11.7   11.3  Idex Global A
SMALL-CAP GROWTH    16.6   17.1   15.3   16.0  Fremont U.S. Micro-Cap
MID-CAP GROWTH      16.1   15.8   14.1   15.2  PBHG Core Growth
FOREIGN             16.0   7.9    10.9   9.9   Artisan International
PACIFIC EX-JAPAN    15.9   -1.3   11.3   11.5  Fidelity Hong Kong &
                                                China
HEALTH CARE         14.2   20.4   9.6    18.9  T. Rowe Price Health
                                                Sci.
DOMESTIC HYBRID     13.0   11.5   11.1   11.2  FPA Paramount
DIV. EMERGING MKTS. 11.7   -2.3   10.4   8.4   Templeton Developing
                                                Mkts.
SPECIALTY-MISC.     11.0   10.3   13.2   15.8  Fidelity Sel. Retailing
INT'L HYBRID        11.0   7.0    10.2   10.7  Fidelity Asset Mgr.
                                                Growth
UTILITIES           10.2   8.8    9.9    10.3  Prudential Utility B
PRECIOUS METALS     8.1    -0.5   9.2    5.5   Invesco Strategic Gold
COMMUNICATION       7.7    9.3    16.3   16.2  Fidelity Sel. Dev. Comm.
DIVERSIFIED PACIFIC 1.8    -0.8   8.8    6.0   Merrill Lynch Pacific B
JAPAN               -10.2  -0.3   0.8    3.5   Vang. Intl. Eq. Indx.
                                                Pacific
U.S. DIVERSIFIED    19.3   16.1   14.5   14.3
 FUNDS
ALL EQUITY FUNDS    17.7   13.8   13.5   13.4
S&P 500             22.9   19.7   15.2   15.3

NA=Not available

*Pretax return, including appreciation plus reinvestment of dividends and 
capital gains.

DATA: MORNINGSTAR INC.


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Updated June 15, 1997 by bwwebmaster
Copyright 1997, Bloomberg L.P.
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