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Some Funds Could Head South with BellSouth

Profit warning hits stock, but the company still looks solid.

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You'd expect a seriously undiversified mutual fund like Smith Barney Telecommunications Income (ATINX) to take a big lump on the noggin when one of its stocks trips, as BellSouth (BLS), in which the fund keeps 19.7% of its money, did Friday.

Other investors, such as those in a couple of utilities sector funds, might be surprised to learn a tumble in the value of BellSouth could affect them.

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Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.