[GRAPHIC: UNITED SERVICES FUNDS LETTERHEAD]
FAX UPDATE
U.S. REAL ESTATE FUND
STATISTICS AS OF
JULY 1, 1996
FUND PERFORMANCE
AVG. ANNUAL TOTAL RETURNS
TOTAL RETURN
YEAR TO DATE 1 YEAR 5 YEAR INCEPTION (7/2/87)
4.82% 17.45% 7.20% 4.67%
PORTFOLIO STATISTICS
ASSET ALLOCATION
NUMBER OF HOLDINGS 37 REITS 84.85%
REAL ESTATE EQUITIES 6.79%
FOREIGN EQUITIES 3.33%
CASH 5.03%
FUND DIV.
TOP 10 HOLDINGS % YIELD PROPERTY SECTORS %
- ----------------------- ---- ---- ---------------------- ------
1. PATRIOT AMERICAN 4.20 6.43 APARTMENTS 24.69
2. SPIEKER PROPERTIES 4.12 6.30 OFFICE/INDUSTRIAL 17.71
3. FELCOR SUITES 4.08 4.50 REGIONAL MALLS 5.20
4. BAY APARTMENTS 3.79 6.20 SHOPPING CENTERS 4.24
5. POST PROPERTIES 3.41 6.40 HEALTH CARE FACILITIES 2.62
6. THORNBURG MORTGAGE 3.27 9.80 MANUFACTURED HOME COMM. 6.32
7. ROC COMMUNITIES 3.21 6.80 LODGING 12.80
8. HOST MARRIOTT 3.13 0 OTHER REAL ESTATE 15.50
9. MANUFACTURED HOUSING 3.11 6.70 STORAGE 5.87
10. SIMON PROPERTY 3.02 8.20
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US REAL ESTATE 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".
