AMERICA'S UTILITY FUND, SECOND-BEST PERFORMER SINCE ITS START AMONG UTILITY MUTUAL FUNDS, OPENS SECOND ENROLLMENT CYCLE THIS MONTH
RICHMOND, Va., April 12 /PRNewswire/ -- Virginia Power customers are now receiving their second offer to invest in America's Utility Fund (NASDAQ: AMUTX), the nation's first installment-purchase utility mutual fund available through electric power bills. Since its introduction in Virginia last May, the fund has yielded a total return of 22.7 percent, grown to more than $60 million in assets and attracted 27,500 investors and 3,500 pledges to invest. The fund's total return since its inception ranks it as the second- best performing utility mutual fund among a field of 33 other utility- related mutual funds, as reported by Lipper Analytical Services, Inc., an independent mutual fund rating service headquartered in New York. The Lipper report covers the period from May 7, 1992, when America's Utility Fund began public sales, through the end of March 1993, the most recently available month-ended statistics. The Lipper report was conducted at the fund's request. The fund is invested in 37 electric and telephone utilities under the investment management of Lord, Abbett & Co., a New York investment management firm. The fund's second enrollment cycle opens this month. Inserts inviting interested investors to request a fund prospectus will appear in monthly power bills in April and May. The fund allows investment through installment payments of as little as $20 per month or by a single initial payment of $1,000 or more. Lump-sum investors may enter the fund at anytime, but the installment-purchase program enrollment period for customers will end July 15. Interested investors, or those with questions, can call 800-487-3863 during normal business hours, Eastern Daylight Time. America's Utility Fund Service Co., administrator of the fund, is a subsidiary of Dominion Capital, Inc., the financial services subsidiary of Dominion Resources, Inc. (NYSE: D). Dominion Resources is the holding company of Virginia Power, which serves 1.8 million homes and businesses. O.J. Peterson III, president of Dominion Capital and of the mutual Fund, said: "We are providing our customers, and those of other utilities interested in the program, with a sound and affordable investment vehicle. This program is good for individuals who need to save more and for the utility industry in general as it seeks new equity investment." So far, investors from each of the 29 states where the fund is registered have purchased shares. While the majority of investment comes from within the Virginia Power service territory, investors from Florida have purchased more than $1.7 million, for example. Investors from Maryland have purchased more than $1 million in the fund; from New York nearly $500,000; from California more than $448,000; and from Pennsylvania more than $300,000. In the Virginia Power service territory, America's Utility Fund is offered alongside another annual investment opportunity for Virginia Power customers -- the Dominion Resources Customer Stock Purchase Plan.
For 13 years, that plan, the nation's first and largest by an electric utility, has enabled customers to purchase Dominion Resources stock.
Another prominent American electric utility this year contracted with America's Utility Fund Service Co. to administer the introduction of its own stock purchase plan. It has also contracted to offer America's Utility Fund after the first program is in place. That company has not yet opened its enrollment cycle and not yet announced its offer to its customers. -0- 4/12/93 /CONTACT: Mark G. Lazenby of Dominion Resources, 804-775-5704/ (AMUTX D)
CO: America's Utility Fund; Dominion Resources, Inc. ST: Virginia IN: FIN UTI SU:
TW-KD -- DC001 -- 4655 04/12/93 09:36 EDT
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|Date:||Apr 12, 1993|
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