COMMENTARY
      Stocks continued their winning ways, with the Dow Jones industrial average 
      breaking easily through the 4600 level on July 5. Although there was some 
      rotation into cyclicals, technology stocks still commanded the action. The 
      three top performing mutuals over the past year, as shown on this page, are all 
      tech funds, and one of them is up 107%. Despite the rise in the Japanese market 
      this week, the Nikkei has been unable to stay above the 15,000 mark for very 
      long. Look at the lagging mutual funds--those that invest in Japan dominate. 
      
      MARKET ANALYSIS
      
                                                            % change
      U.S. STOCKS                               Latest    Week    52-week
      DOW JONES INDUSTRIALS                     4615.2     1.3     25.6
      MIDSIZE COMPANIES (S&P MidCap Index)      198.6      1.3     20.2
      SMALL COMPANIES (Russell 2000)            284.8      1.7     18.3
      ALL COMPANIES (Russell 3000)              311.9      0.7     21.8
      
                                                  % change (local currency)
      FOREIGN STOCKS                            Latest    Week    52-week
      LONDON (FINANCIAL TIMES 100)              3394.9     3.4     15.2
      TOKYO (NIKKEI INDEX)                      14,830.4   1.5    -28.1
      TORONTO (TSE COMPOSITE)                   4553.3     0.5     12.6
      
                                                          Week    Year
      FUNDAMENTALS                              Latest    ago     ago
      90-DAY TREASURY BILL YIELD                 5.67%    5.55%   4.34%
      30-YEAR TREASURY BOND YIELD                6.60%    6.51%   7.59%
      S&P 500 DIVIDEND YIELD                     2.44%    2.45%   2.88%
      S&P 500 PRICE/EARNINGS RATIO               16.9     16.8    19.5
      
                                                          Week
      TECHNICAL INDICATORS                      Latest    ago     Reading
      S&P 500 200-day moving average            487.7    486.2    Positive
      Stocks above 200-day moving average       73.0%    71.0%    Negative
      Speculative sentiment: Put/call ratio     0.68     0.76r    Neutral
      Insider sentiment: Vickers sell/buy 
        ratio                                   1.42     1.30     Positive
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                         % change                        % change
                        1-    12-    Strongest stock    1-    12-
      ONE-MONTH LEADERS month month  in group           month month  Price
      1 SEMICONDUCTORS  11.1  89.1   MOTOROLA           14.2  52.7   68 1/2
      2 AIRLINES        11.0  18.9   USAIR GROUP        29.7  77.4   11 3/4
      3 BROADCASTING    9.8   23.4   CAPITAL CITIES/ABC 12.7  48.6   106 1/4
      4 STEEL           9.6  -9.0    NUCOR              14.1 -20.7   55 1/2
      5 FOREST PRODUCTS 8.9   30.0   BOISE CASCADE      21.9  80.8   41 1/8
      
                            % change                     % change
                           1-    12-    Weakest stock   1-    12-
      ONE-MONTH LAGGARDS month month  in group        month month   Price
      1 OIL EXPLORATION               BURLINGTON 
        AND PRODUCTION    -6.0 -8.2   RESOURCES       -6.9  -10.8   37
      2 BUILDING MATERIALS-5.3  6.8   MASCO           -5.8  -2.8    26 3/8
      3 SAVINGS AND LOANS -5.2  15.1  GREAT WESTERN 
                                      FINANCIAL       -6.8   10.7   20 5/8
      4 OIL WELL EQUIPMENT
        AND SERVICES      -5.0  0.6   BAKER HUGHES    -10.4 -0.6    20 3/8
      5 HOMEBUILDING      -4.2  11.5  KAUFMAN & BROAD 
                                      HOME            -5.0   7.6    14 1/8
      
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                               LAGGARDS
      
      Four-week total return          %     Four-week total return           %
      1 ALGER CAPITAL APPRECIATION  16.0    DFA JAPANESE SMALL COMPANY      -7.7
      2 T. ROWE PRICE SCIENCE &
        TECHNOLOGY                  12.9    CAPSTONE NIKKO JAPAN            -6.3
      3 NAVELLIER AGGRESSIVE                VANGUARD INTL. 
        SMALL CAP EQUITY            12.7    EQUITY INDEX PACIFIC            -6.3
      
      52-week total return            %     52-week total return              %
      1 SELIGMAN COMMUNICATIONS
        & INFORM. A                 106.7   AMERICAN HERITAGE               -31.8
      2 PERKINS OPPORTUNITY         85.9    JAPAN                           -27.3
      3 ALLIANCE TECHNOLOGY A       80.6    MONITREND GOLD                  -27.3
      
      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. stocks   Treasury bonds  Foreign stocks  Money market fund  Gold
       $12,610         $12,080           $10,783         $10,528        $9,937
       +0.54%          -1.11%            -0.21%          +0.15%         -1.17%
      
      All data on this page are as of market close Wednesday, July 5, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close July 3. Mutual fund returns 
      are as of June 30. Relative portfolios are valued as of July 4. A more detailed 
      explanation of this page is available on request. r=revised NA=Not available
      
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