[GRAPHIC: UNITED SERVICES FUNDS LETTERHEAD]
FAX UPDATE
U.S. China Region Opportunity Fund
STATISTICS AS OF
JUNE 30, 1996
FUND PERFORMANCE
AVG. ANNUAL TOTAL RETURNS
TOTAL RETURN
YEAR TO DATE 1 YEAR INCEPTION (2/10/94)
8.51% -2.07% -15.15%
PORTFOLIO STATISTICS
PERFORMANCE YEAR-TO-DATE PORTFOLIO STATISTICS
FUND 8.51% Hong Kong 35.30%
HANG SENG INDEX 9.29% Chinese Co. Listed in Hong Kong 14.25%
H SHARE INDEX 5.63% Chinese Co. Listed in Shanghai 18.31%
B SHARE INDEX 20.46% Chinese Co. Listed in Shenzhen 12.20%
Taiwan 2.15%
South Korea 0.47%
TOP 10 HOLDINGS % TOP 10 INDUSTRIES %
- -------------------------- ---- ------------------------ ----
1. CITIC PAC LTD 3.15 1. CHEMICALS 9.78
2. SHANGHAI PETROCHEM'H 3.13 2. BANKING AND FINANCE 8.67
3. HSBC HOLDINGS 3.05 3. CONGLOMERATES 7.30
4. CHINA INTL MARINE'B 2.92 4. ELECTRONICS 7.05
5. NEW WORLD DEVEL 2.66 5. REAL ESTATE DEVELOPER 6.16
6. HUTCHINSON WHAMPOA 2.51 6. TRANSPORTATION 6.00
7. GUOCO GROUP HK 2.50 7. CONSTRUCTION 4.64
8. VARITRONIX INTL HK 2.47 8. MOTOR VEHICLES 4.41
9. SHANGHAI DAJIANG'B 2.25 9. TELECOMMUNICATIONS 3.99
10. SHANGHAI NEW ASIA'B 2.08 10. AGRICULTURE/FOOD 3.63
US CHINA REGION OPPORTUNITY FUND
For more information, including charges and expenses, call 1-800-873-3639.
Please read the prospectus carefully before investing. Investment returns and
principal value may vary, and you may have a gain or a loss when you sell
shares. Past performance is no guarantee of future results. US stands for
"United Services."
