Palm Beach Gardens, Fla. (July 26, 2002) -- Concerns over accounting irregularities and disappointing earnings clobbered mutual funds during the second quarter, with 93 percent of all stock funds reporting negative returns, Weiss Ratings, Inc. reported.

The dismal Q2 performance marked a major nosedive from an already bleak first quarter results, when 45 percent of stock funds reported losses.

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