Two million dollars left from the 1986 campaign fund of Sen. Robert J. Dole (R-Kan.) can be transferred to his presidential campaign. An article yesterday reported that the $2 million was from Dole's political action committee, Campaign America. (Published 7/3/87)

Massachusetts Gov. Michael S. Dukakis raised $4.2 million for the first three months of his presidential campaign, his aides said yesterday, claiming the amount was the most any candidate for the Democratic presidential nomination had raised in the beginning of a campaign.

At the same time, aides to former Arizona governor Bruce Babbitt said his campaign is in debt and has borrowed against federal matching funds expected in January. The information on the financial shape of the presidential campaigns came as the candidates prepared to file required financial statements with the Federal Election Commission (FEC) that are due 15 days after the end of each quarter. The last quarter ended June 30.

Dukakis treasurer Robert Farmer said the campaign has spent $1 million and had raised its funds from 16,000 donors, with 33 percent of the money coming from outside Massachusetts. Half the money, $2.1 million, was raised at an event June 15 in Boston. Farmer said that $380,000 left over from Dukakis' 1986 gubernatorial campaign will be transferred, bringing the total cash receipts to $4.6 million.

"That's a very impressive number," said Larry Rasky, spokesman for Sen. Joseph R. Biden Jr. (D-Del.). "But," he said, "the key is sustaining it over time and building a national base." Rasky said that Biden, who led the Democratic field in fund-raising last quarter with $1.7 million, has raised more than $3 million.

Sen. Albert Gore Jr. (D-Tenn.), who announced his candidacy Monday, has raised $1.4 million for the quarter and has $1 million in the bank, his campaign said. Two Nashville fund-raisers brought in $450,000 in one evening. Gore has the backing of 17 members of IMPAC, a group of Democratic fund-raisers who have pledged to raise $250,000 each.

Of the other Democratic contenders, Sen. Paul Simon (Ill.), who entered the race May 18, raised $930,000. Rep. Richard A. Gephardt (Mo.), the only Democrat to accept political action committee (PAC) money, raised $1.1 million, the same as his first quarter. PACs contributed 7 percent of Gephardt's first-quarter total.

Babbitt added $300,000 to his first quarter total of $825,000. The only campaign in the red, it recently borrowed $230,000 against its federal matching funds to help pay for a $250,000 television advertising campaign in Iowa. Spokesman Mike McCurry said, "We've known for a long time we wouldn't have as many bucks as the others, and we've planned for it."

A spokeswoman for Jesse L. Jackson said that the campaign will not file with the FEC until Jackson announces his candidacy, but she said he has raised $275,000 since January.

Gary Hart, who ended his candidacy May 8, a month after it officially began, is reported to have raised $2 million for his 1988 effort and has a $313,000 debt.

The Republican fund-raising front-runner is Vice President Bush with more than $9 million in contributions, nearly $7 million this quarter. He has $5 million in the bank. Bush's nearest rival, Sen. Robert J. Dole (Kan.) raised $3.7 million and has $1.4 million cash on hand. An additional $2 million from his PAC, Campaign America, can be transferred to his campaign.

Rep. Jack Kemp (N.Y.), whose campaign was the first to borrow against anticipated matching money, is now in the black. According to spokesman John Buckley: "We've surpassed the $3 million mark and are free of debt." The debt had been as high as $225,000.

Former Delaware governor Pierre S. (Pete) du Pont IV raised $900,000 this quarter for a total of $2.3 million. Alexander M. Haig Jr.'s first quarter will show $550,000 in contributions. Former senator Paul Laxalt (R-Nev.) was the only candidate among the group to decline to provide information in advance of the July 15 filing deadline.

Marion G. (Pat) Robertson is reported to have raised $7 million but will not file with the FEC until announcing.