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CUSTOMERS MATCH DOMINION'S INITIAL $10 MILLION INVESTMENT IN FIRST INSTALLMENT-PURCHASE UTILITY MUTUAL FUND

 CUSTOMERS MATCH DOMINION'S INITIAL $10 MILLION INVESTMENT IN FIRST
 INSTALLMENT-PURCHASE UTILITY MUTUAL FUND
 RICHMOND, Va., June 9 /PRNewswire/ -- Customers of Virginia Power and non-customer investors from 20 other states have placed more than $10 million in America's Utility Fund -- the nation's first utility mutual fund introduced through electric power bills for as little as $20 per month.
 To date, more than 100,000 requests for enrollment packages have been received during the fund's first month of business. More than 10,000 of the 100,000 respondents have mailed checks or subscribed to invest the $10 million since May 5, when the Securities and Exchange Commission declared the fund effective.
 Listed as AmUtlFd, the fund made its first appearance in daily mutual fund listings on June 5. Funds must attract 1,000 or more shareholders to appear.
 Interested persons may obtain more information by calling 1-800-4US-FUND (1-800-487-3863). July 15 is the closing day for installment-plan investors to enroll in 1992. Investors in Virginia, or any of the 21 other states where the fund is now registered, may make lump-sum investments at any time.
 The $10 million investment to date matches the initial investment of $10 million provided through the company that created the fund, Dominion Capital, Inc., the financial services subsidiary of Dominion Resources, Inc.(NYSE: D).
 Dominion Resources is also the parent company of Virginia Power, one of the nation's largest investor-owned electric utilities. Virginia Power customers, the first utility customers to have access to the fund, were notified in April and May bills of the opportunity to invest in the new mutual fund of electric and telephone utilities common stock.
 O.J. Peterson, III, senior vice president and chief financial officer of Dominion Resources and president of the mutual fund, described the response as "very satisfying."
 "It shows we are reaching savers seeking a reliable investment who don't have large amounts of money to place in traditional mutual funds and securities markets," Peterson said.
 The fund is managed by Lord, Abbett & Co., a prominent New York-based investment management firm.
 After completion of the plan now being introduced in Virginia, other major utilities may choose to offer their own customers access to the fund through their electric power bills. America's Utility Fund Service Co., a subsidiary of Dominion Capital, will administer the fund.
 "While we have initially introduced only our own customers to this unique new investment opportunity, we are encouraged to see interest from 20 of the 21 other states where we are registered," Peterson said. "We expect other utilities to join us in this dual opportunity for both better customer relations and increased investment." Peterson attributed the interest from other states to news media coverage of the mutual fund initiative.
 -0- 6/9/92
 /CONTACT: Mark G. Lazenby, Dominion Resources, Inc., 804-775-5704/
 (D) CO: Virginia Power; Dominion Capital, Inc.; Dominion Resources, Inc. ST: Virginia IN: UTI SU:


DF -- CH001 -- 8241 06/09/92 09:10 EDT
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Publication:PR Newswire
Date:Jun 9, 1992
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