COMMENTARY
      Inflation news continued to tug at the financial markets. On June 13, stocks 
      climbed in the belief that rates were swinging downward. The rate of benchmark 
      30-year Treasuries fell from 6.7% to 6.55%, on the strength of a report that 
      retail sales rose less than expected in May. Stocks of financial-services 
      companies were boosted by the good rate news. The markets were generally flat 
      on June 14. The dollar fell, however, after the Bundesbank decided not to cut 
      German interest rates.
      
      MARKET ANALYSIS
      
                                                              % change
      U.S. STOCKS                                 Latest    Week   52-week
      DOW JONES INDUSTRIALS                       4491.1    0.7    18.5
      MIDSIZE COMPANIES (S&P MidCap Index)        194.1     0.8    13.3
      SMALL COMPANIES (Russell 2000)              278.9     1.5    11.0
      ALL COMPANIES (Russell 3000)                305.3     0.7    15.2
      
                                                  % change (local currency)
      FOREIGN STOCKS                              Latest    Week   52-week
      LONDON (FINANCIAL TIMES 100)                3339.8    -0.9   9.7
      TOKYO (NIKKEI INDEX)                        14,660.5  -6.5   -31.1
      TORONTO (TSE COMPOSITE)                     4494.3    0.4    7.9
      
      FUNDAMENTALS                                Latest  Week ago  Year ago
      90-DAY TREASURY BILL YIELD                  5.61%     5.76%     4.21%
      30-YEAR TREASURY BOND YIELD                 6.57%     6.55%     7.40%
      S&P 500 DIVIDEND YIELD                      2.49%     2.51%     2.74%
      S&P 500 PRICE/EARNINGS RATIO                16.5      16.4      20.4
      
      TECHNICAL INDICATORS                        Latest  Week ago  Reading
      S&P 500 200-day moving average              482.6     481.0   Positive
      Stocks above 200-day moving average         73.0%     73.0%   Negative
      Speculative sentiment: Put/call ratio       0.65      0.61    Neutral
      Insider sentiment: Vickers sell/buy ratio   1.18      1.17    Positive
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                         % change                        % change
      ONE-MONTH LEADERS 1-    12-    Strongest stock     1-    12-
                        month month  in group            month month Price
      1 HMOs            12.3  -16.0  U.S. HEALTHCARE     14.2  -18.0 34 1/8
      2 GOLD MINING     11.4  4.9    PLACER DOME         15.7  19.8  25 3/4
      3 AIRLINES        11.2  23.0   USAIR GROUP         37.1  60.4  10 5/8
      4 DRUGS           10.7  41.6   MERCK               14.2  54.8  48 3/8
      5 BROADCASTING    8.9   16.4   CAPITAL CITIES/ABC  16.5  36.6  98 3/4
      
                           % change                    % change
      ONE-MONTH LAGGARDS  1-    12-    Weakest stock  1-    12-
                          month month  in group       month month Price
      1 LEISURE TIME      -13.5 -8.9   BRUNSWICK      -18.7 -20.9 18 1/2
      2 HOUSEWARES        -7.6  8.8    RUBBERMAID     -17.3 -4.5  26 3/8
      3 HOTELS AND MOTELS -4.7  25.9   PROMUS         -5.4  21.3  41 3/8
      4 TRUCKING          -4.6  -26.2  YELLOW         -10.5 -10.2 17
      5 APPAREL                        FRUIT OF
        MANUFACTURING     -4.2  -1.1   THE LOOM       -6.0  -17.1 23 5/8
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS
      Four-week total return        %    52-week total return     %
      1 RYDEX PRECIOUS METALS      11.6 AMERICAN HERITAGE       -11.3
      2 BENHAM GOLD EQUITIES INDEX 9.1  WRIGHT EQUIFUND-MEXICO  -9.5
      3 EXCEL MIDAS GOLD           8.1  WARBURG PINCUS          -9.4
                                        ADVISOR JAPAN OTC
      
      LAGGARDS
      Four-week total return        %    52-week total return        %
      1 SELIGMAN COMMUNICATIONS
        & INFORM. A                84.3 AMERICAN HERITAGE          -38.4
      2 PERKINS OPPORTUNITY        66.4 STEADMAN AMERICAN INDUSTRY -33.8
      3 ALLIANCE TECHNOLOGY A      65.6 FIDELITY LATIN AMERICA     -31.4
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
      Dollar amounts represent the present value of $10,000 invested one year ago in 
      each portfolio
      
      Percentages indicate five-day total returns
      
        U.S.     Treasury   Foreign  Money
        stocks   bonds      stocks   market fund   Gold
       $11,968  $11,555    $11,020  $10,526       $10,083
       +0.09%   -2.52%     -2.49%   +0.16%        +0.73%
      
      All data on this page are as of market close Wednesday, June 14, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close June 13. Mutual fund 
      returns are as of June 9. Relative portfolios are valued as of June 13. A more 
      detailed explanation of this page is available on request. r=revised NA=Not 
      available
      
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