-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HisVXBG1iAG/Jd1jxEItmeaNwBRe95+sIa3kMjY5lpv4OP7z5VMdByIyD3ckdQms R36tpyapoemcDR/w7Qshkw== 0000820027-98-000423.txt : 19980617 0000820027-98-000423.hdr.sgml : 19980617 ACCESSION NUMBER: 0000820027-98-000423 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19980616 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDS GLOBAL SERIES INC CENTRAL INDEX KEY: 0000842918 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: MN FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-05696 FILM NUMBER: 98649034 BUSINESS ADDRESS: STREET 1: IDS TOWER 10 CITY: MINNEAPOLIS STATE: MN ZIP: 55440 BUSINESS PHONE: 6126712772 FORMER COMPANY: FORMER CONFORMED NAME: IDS GLOBAL BOND FUND INC DATE OF NAME CHANGE: 19901011 N-30D 1 Class A 6-month performance (All figures per share) Net asset value (NAV) April 30, 1998 $ 6.58 Oct. 31, 1997 $ 5.27 Increase $ 1.31 Total return* 24.9%** Class B 6-month performance (All figures per share) Net asset value (NAV) April 30, 1998 $ 6.51 Oct. 31, 1997 $ 5.23 Increase $ 1.28 Total return* 24.4%** Class Y 6-month performance (All figures per share) Net asset value (NAV) April 30, 1998 $ 6.58 Oct. 31, 1997 $ 5.27 Increase $ 1.31 Total return* 24.9%** * The prospectus discusses the effect of sales charges, if any, on the various classes. ** The total return is a hypothetical investment in the Fund with all distributions reinvested. The Portfolio's ten largest holdings World Technologies Portfolio The ten holdings listed here make up 35.19% of the Portfolio's net assets Percent Value (of Portfolio's net assets) (as of April 30, 1998) HBO & Co 6.56% $346,913 Network Associates 5.51 291,125 BEA Systems 4.21 222,500 Sterling Commerce 3.38 178,763 PeopleSoft 3.34 176,700 Symix 3.10 164,000 Pervasive Software 2.84 149,875 CSG Systems Intl 2.15 113,750 Uniphase 2.05 108,500 Veritas DGC 2.05 108,375 For further detail about these holdings, please refer to the section entitled "Investments in securities" herein.
Financial statements Statement of assets and liabilities IDS Innovations Fund April 30, 1998 Assets (Unaudited) Investment in World Technology Portfolio (Note 1) $ 4,628,547 Expense receivable from AEFC 35 Organizational Costs - Feeder 32 --------------- Total assets 4,628,614 --------------- Liabilities Distribution Fees 3 Accrued administrative services fee 7 Other accrued expenses 25,392 --------------- Total liabilities 25,402 --------------- Net assets applicable to outstanding capital stock $ 4,603,212 =============== Represented by Capital stock-- $.01 par value (Note 1) $ 7,000 Additional paid-in capital 3,451,664 Undistributed net investment income (25,982) Accumulated net realized gain (loss) 65,282 Unrealized appreciation (depreciation) on investments 1,105,248 --------------- Total-- representing net assets applicable to outstanding capital stock $ 4,603,212 =============== Net assets applicable to outstanding shares: Class A $ 4,341,518 Class B $ 130,134 Class Y $ 131,560 Net asset value per share of outstanding capital stock: Class A shares 660,000 $ 6.58 Class B shares 20,000 $ 6.51 Class Y shares 20,000 $ 6.58 See accompanying notes to financial statements.
Financial statements Statement of operations IDS Innovations Fund Six months ended April 30, 1998 Investment income (Unaudited) Income: Dividends $ 396 Interest 4 -------------- Total income 400 -------------- Expenses (Note 2): Expenses allocated from World Technologies Portfolio 24,702 Distribution fee-- Class B 418 Transfer agency fee 22 Administrative services fees and expenses 1,180 Postage 54 Registration fees 2,563 Reports to shareholders 54 Audit fees 1,875 Other 527 -------------- Total expenses 31,395 Less expenses voluntarily reimbursed by AEFC (Note 2) (5,013) -------------- Total net expenses 26,382 -------------- Investment income (loss) -- net (25,982) -------------- Realized and unrealized gain (loss) -- net Net realized gain (loss) on security transactions 310,171 Net change in unrealized appreciation (depreciation) on investments 633,143 -------------- Net gain (loss) on investments 943,314 -------------- Net increase (decrease) in net assets resulting from operations $ 917,332 ============== See accompanying notes to financial statements.
Financial statements Statement of changes in net assets IDS Innovations Fund Operations April 30, 1998 For the period from Six months ended Nov. 13, 1996* to (Unaudited) Oct. 31, 1997 Investment income (loss)-- net $ (25,982) $ (41,336) Net realized gain (loss) on security transactions 310,171 (244,889) Net change in unrealized appreciation (depreciation) on investments 633,143 472,105 ------------ ------------ Net increase (decrease) in net assets resulting from operations 917,332 185,880 Net assets at beginning of period (Note 1) 3,685,880 3,500,000 ------------ ------------ Net assets at end of period $ 4,603,212 $ 3,685,880 =============== ============ *Commencement of operations. See accompanying notes to financial statements.
Notes to financial statements IDS Innovations Fund (Unaudited as to April 30, 1998) 1. Summary of significant accounting policies IDS Innovations Fund (a series of IDS Global Series, Inc.) is registered under the Investment Company Act of 1940 (as amended) as a diversified, open-end management investment company. IDS Global Series, Inc. has 10 billion authorized shares of capital stock that can be allocated among the separate series as designated by the board. On Nov. 12, 1996, American Express Financial Corporation (AEFC) invested $3,500,000 in the Fund which represented 660,000 shares, 20,000 shares and 20,000 shares for Class A, Class B and Class Y, respectively. Operations commenced on Nov. 13, 1996. The Fund offers Class A, Class B and Class Y shares. Class A shares are sold with a front-end sales charge. Class B shares may be subject to a contingent deferred sales charge and such shares automatically convert to Class A shares during the ninth calendar year of ownership. Class Y shares have no sales charge and are offered only to qualifying institutional investors. All classes of shares have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that the level of distribution fee, transfer agency fee and service fee (class specific expenses) differs among classes. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. Investment in World Technologies Portfolio The Fund invests all of its assets in World Technologies Portfolio (the Portfolio), a series of World Trust, an open-end investment company that has the same objectives as the Fund. World Technologies Portfolio invests in technology common stocks. The Fund records daily its share of the Portfolio's income, expenses and realized and unrealized gains and losses. The financial statements of the Portfolio are included elsewhere in this report and should be read in conjunction with the Fund's financial statements. The Fund records its investment in the Portfolio at the value that is equal to the Fund's proportionate ownership interest in the net assets of the Portfolio. The percentage of the Portfolio owned by the Fund at April 30, 1998, was 87.54%. Valuation of securities held by the Portfolio is discussed in Note 1 of the Portfolio's "Notes to financial statements," which are included elsewhere in this report. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the period. Actual results could differ from those estimates. Federal taxes Since the Fund's policy is to comply with all sections of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to the shareholders, no provision for income or excise taxes is required. Net investment income (loss) and net realized gains (losses) allocated from the Portfolio may differ for financial statement and tax purposes primarily because of the deferral of losses on certain futures contracts, the recognition of certain foreign currency gains (losses) as ordinary income (loss) for tax purposes, and losses deferred due to "wash sale" transactions. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund. Dividends to shareholders An annual dividend declared and paid by the end of the calendar year from net investment income is reinvested in additional shares of the Fund at net asset value or payable in cash. Capital gains, when available, are distributed along with the income dividend. Other At April 30, 1998, AEFC owned 700,000 shares of IDS Innovations Fund. 2. Expenses In addition to the expenses allocated from the Portfolio, the Fund accrues its own expenses as follows: The Fund entered into an agreement with AEFC for providing administrative services. Under its Administrative Services Agreement, the Fund pays AEFC a fee for administration and accounting services at a percentage of the Fund's average daily net assets in reducing percentages from 0.06% to 0.035% annually. Additional administrative service expenses paid by the Fund are office expenses, consultants' fees and compensation of officers and employees. Under this agreement, the Fund also pays taxes, audit and certain legal fees, registration fees for shares, compensation of board members, corporate filing fees, organizational expenses, and any other expenses properly payable by the Fund and approved by the board. Under a separate Transfer Agency Agreement, American Express Client Service Corporation (AECSC) maintains shareholder accounts and records. The Fund pays AECSC an annual fee per shareholder account for this service as follows: o Class A $15 o Class B $16 o Class Y $15 The Fund entered into agreements with American Express Financial Advisors Inc. for distribution and shareholder servicing-related services. Under a Plan and Agreement of Distribution, the Fund pays a distribution fee at an annual rate of 0.75% of the Fund's average daily net assets attributable to Class B shares for distribution-related services. Under a Shareholder Service Agreement, the Fund pays a fee for service provided to shareholders by financial advisors and other servicing agents. The fee is calculated at a rate of 0.175% of the Fund's average daily net assets attributable to Class A and Class B shares and commencing May 9, 1997, the fee is calculated at a rate of 0.10% of the Fund's average daily net assets attributable to Class Y shares. AEFC has agreed to waive certain fees and to absorb certain other of the Fund's expenses until Oct. 31, 1998. Under this agreement, the Fund's total expenses will not exceed 1.35% for Class A, 2.10% for Class B, and 1.35% for Class Y of the Fund's average daily net assets. In addition, for the six months ended April 30, 1998, AEFC further voluntarily agreed to waive certain fees and expenses to 1.32% for Class A, 2.07% for Class B and 1.32% for Class Y. 3. Capital loss carryover For federal income tax purposes, the Fund had a capital loss carryover at Oct. 31, 1997 of $244,889 that, if not offset by subsequent capital gains, will expire in 2005. It is unlikely the board will authorize a distribution of any net realized gain for a Fund until its capital loss carryover has been offset or expires.
4. Financial highlights The table below shows certain important financial information for evaluating the Fund's results. Fiscal period ended Oct. 31, Per share income and capital changesa Class A Class B Class Y 1998g 1997b 1998g 1997b 1998g 1997b Net asset value, $5.27 $5.00 $5.23 $5.00 $5.27 $5.00 beginning of period Income from investment operations: Net investment income (loss) (.04) (.06) (.06) (.09) (.04) (.06) Net gains (losses) (both 1.35 .33 1.34 .32 1.35 .33 realized and unrealized) Total from investment 1.31 .27 1.28 .23 1.31 .27 operations Net asset value, $6.58 $5.27 $6.51 $5.23 $6.58 $5.27 end of period Ratios/supplemental data: Class A Class B Class Y 1998g 1997b 1998g 1997b 1998g 1997b Net assets, end of period $4,342 $3,476 $130 $105 $132 $105 (in thousands) Ratio of expenses to 1.32%c 1.35%c,d 2.07%c 2.10%c,d 1.32%c 1.35%c,d average daily net assets Ratio of net income (loss) (1.30%)c (1.26%)c (2.05%)c (2.00%)c (1.30%)c (1.25%)c to average daily net assets Total returne 24.9% 5.4% 24.4% 4.6% 24.9% 5.4% Portfolio turnover rate 98% 164% 98% 164% 98% 164% (excluding short-term securities) for the underlying Portfolio Average brokerage commission $.0494 $.0488 $.0494 $.0488 $.0494 $.0488 rate for the underlying Portfoliof a For a share outstanding throughout the period. Rounded to the nearest cent. bInception date. Period from Nov. 13, 1996 to Oct. 31, 1997. cAdjusted to an annual basis. dDuring the period from Nov. 13, 1996 to Oct. 31, 1997, AEFC reimbursed the Fund for certain expenses. Had AEFC not done so, the annual ratios of expenses would have been 1.58% and 2.36% for Class A, 2.32% and 3.11% for Class B and 1.57% and 2.36% for Class Y for the six months ended April 30, 1998 and period ended Oct. 31, 1997, respectively. eTotal return does not reflect payment of a sales charge. fThe Fund is required to disclose an average brokerage commission rate per share for security trades on which commissions are charged. The comparability of this information may be affected by the fact that commission rates per share vary significantly among foreign countries. gSix months ended April 30, 1998 (Unaudited).
Financial statements Statement of assets and liabilities World Technologies Portfolio April 30, 1998 Assets (Unaudited) Investments in securities, at value (Note 1) (identified cost $3,855,041) $ 5,117,400 Cash in bank on demand deposit 73,047 Dividends and accrued interest receivable 65 Receivable for investment securities sold 215,268 -------------- Total assets 5,405,780 -------------- Liabilities Payable for investment securities purchased 112,500 Accrued investment management services fee 101 Other accrued expenses 6,100 -------------- Total liabilities 118,701 -------------- Net assets $ 5,287,079 ============== See accompanying notes to financial statements.
Financial statements Statement of operations World Technologies Portfolio Six months ended April 30, 1998 Investment income (Unaudited) Income: Dividends $ 452 Interest 4 ------------- Total income 456 ------------- Expenses (Note 2): Investment management services fee 16,270 Custodian fees 5,137 Audit fees 5,625 Other 3,118 ------------- Total expenses 30,150 Earnings credits on cash balances (Note 2) (1,939) ------------- Total net expenses 28,211 ------------- Investment income (loss) -- net (27,755) ------------- Realized and unrealized gain (loss) -- net Net realized gain (loss) on security transactions (Note 3) 354,718 Net change in unrealized appreciation (depreciation) on investments 722,286 ------------- Net gain (loss) on investments 1,077,004 ------------- Net increase (decrease) in net assets resulting from operations $ 1,049,249 ============= See accompanying notes to financial statements.
Financial statements Statement of changes in net assets World Technologies Portfolio Operations April 30, 1998 For the period from Six months ended Nov. 13, 1996* to (Unaudited) Oct. 31, 1997 Investment income (loss)-- net $ (27,755) $ (43,075) Net realized gain (loss) on security transactions 354,718 (279,246) Net change in unrealized appreciation (depreciation) on investments 722,286 540,074 -------------- ------------ Net increase (decrease) in net assets resulting from operations 1,049,249 217,753 Net contributions (withdrawals) from partners (4,273) 24,350 -------------- ------------ Total increase (decrease) in net assets 1,044,976 242,103 Net assets at beginning of period (Note 1) 4,242,103 4,000,000 -------------- ------------ Net assets at end of period $ 5,287,079 $ 4,242,103 ============== ============ *Commencement of operations. See accompanying notes to financial statements.
Notes to financial statements World Technologies Portfolio (Unaudited as to April 30, 1998) 1. Summary of significant accounting policies World Technologies Portfolio (the Portfolio) is a series of World Trust (the Trust) and is registered under the Investment Company Act of 1940 (as amended) as a diversified, open-end management investment company. World Technologies Portfolio invests in common stocks of companies within the information technology sector. The Declaration of Trust permits the Trustees to issue non-transferable interests in the Portfolio. On Nov. 12, 1996, two funds affiliated with American Express Financial Corporation (AEFC) invested $4,000,000 in the Portfolio. Operations commenced on Nov. 13, 1996. Significant accounting polices followed by the Portfolio are summarized below: Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the period. Actual results could differ from those estimates. Valuation of securities All securities are valued at the close of each business day. Securities traded on national securities exchanges or included in national market systems are valued at the last quoted sales price. Debt securities are generally traded in the over-the-counter market and are valued at a price deemed best to reflect fair value as quoted by dealers who make markets in these securities or by an independent pricing service. Securities for which market quotations are not readily available are valued at fair value according to methods selected in good faith by the board. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates; those maturing in 60 days or less are valued at amortized cost. Option transactions In order to produce incremental earnings, protect gains and facilitate buying and selling of securities for investment purposes, the Portfolio may buy and write options traded on any U.S. or foreign exchange or in the over-the-counter market where the completion of the obligation is dependent upon the credit standing of the other party. The Portfolio also may buy and sell put and call options and write covered call options on portfolio securities and may write cash-secured put options. The risk in writing a call option is that the Portfolio gives up the opportunity of profit if the market price of the security increases. The risk in writing a put option is that the Portfolio may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolio pays a premium whether or not the option is exercised. The Portfolio also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Option contracts are valued daily at the closing prices on their primary exchanges and unrealized appreciation or depreciation is recorded. The Portfolio will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option or the cost of a security for a purchased put or call option is adjusted by the amount of premium received or paid. Futures transactions In order to gain exposure to or protect itself from changes in the market, the Portfolio may buy and sell financial futures contracts traded on any U.S. or foreign exchange. The Portfolio also may buy and write put and call options on these futures contracts. Risks of entering into futures contracts and related options include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, the Portfolio is required to deposit either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Portfolio recognizes a realized gain or loss when the contract is closed or expires. Foreign currency translations and foreign currency contracts Securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars at the closing rate of exchange. Foreign currency amounts related to the purchase or sale of securities and income and expenses are translated at the exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized security gains or losses is reflected as a component of such gains or losses. In the statement of operations, net realized gains or losses from foreign currency transactions may arise from sales of foreign currency, closed forward contracts, exchange gains or losses realized between the trade date and settlement dates on securities transactions, and other translation gains or losses on dividends, interest income and foreign withholding taxes. The Portfolio may enter into forward foreign currency exchange contracts for operational purposes and to protect against adverse exchange rate fluctuation. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Portfolio and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. The Portfolio is subject to the credit risk that the other party will not complete the obligations of the contract. Federal taxes For federal income tax purposes the Portfolio qualifies as a partnership and each investor in the Portfolio is treated as the owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Portfolio. Accordingly, as a "pass-through" entity, the Portfolio does not pay any income dividends or capital gain distributions. Other Security transactions are accounted for on the date securities are purchased or sold. Dividend income is recognized on the ex-dividend date and interest income, including level-yield amortization of premium and discount, is accrued daily. 2. Fees and expenses The Trust, on behalf of the Portfolio, has entered into an Investment Management Services Agreement with AEFC for managing its portfolio. Under this agreement, AEFC determines which securities will be purchased, held or sold. The management fee is a percentage of the Portfolio's average daily net assets in reducing percentages from 0.72% to 0.595% annually. Under the agreement, the Trust also pays taxes, brokerage commissions and nonadvisory expenses, which include custodian fees, audit and certain legal fees, fidelity bond premiums, registration fees for units, office expenses, consultants' fees, compensation of trustees, corporate filing fees, expenses incurred in connection with lending securities of the Portfolio, and any other expenses properly payable by the Trust or Portfolio and approved by the board. During the six months ended April 30, 1998, the Portfolio's custodian fees were reduced by $1,939 as a result of earnings credits from overnight cash balances. Pursuant to a Placement Agency Agreement, American Express Financial Advisors Inc. acts as placement agent of the units of the Trust. 3. Securities transactions Cost of purchases and proceeds from sales of securities (other than short-term obligations) aggregated $4,420,147 and $4,580,170, respectively, for the six months ended April 30, 1998. For the same period, the portfolio turnover rate was 98%. Realized gains and losses are determined on an identified cost basis.
Investments in securities World Technologies Portfolio (Percentages represent April 30, 1998 (Unaudited) value of investments compared to net assets) Common stocks (96.8%) Issuer Shares Value(a) Communications equipment & services (10.6%) Advanced Fibre Communications 1,000 (b) $42,375 American Tower Systems 2,000 (b) 46,000 Andrew Corp 2,000 (b) 45,750 Ascend Communications 1,500 (b) 65,344 LCC Intl Cl A 3,000 (b) 61,500 Natural Microsystems 3,000 (b) 96,750 PairGain Technologies 2,500 (b) 46,094 RELTEC 2,000 (b) 79,750 Specialty Teleconstructors 2,000 (b) 74,500 Total 558,063 Computers & office equipment (46.1%) American Business Information Cl A 4,000 (b) 54,000 Aris 1,600 (b) 48,800 BEA Systems 10,000 (b) 222,500 BMC Software 600 (b) 56,138 Computer Associates Intl 1,500 87,844 CSG Systems Intl 2,500 (b) 113,750 DAOU Systems 2,500 (b) 45,000 Extended Systems 6,000 (b) 42,000 Hagler Bailly 4,000 (b) 106,000 Hyperion Software 1,000 (b) 43,375 Infonautics Cl A 9,000 (b) 42,469 Information Management Associates 5,000 (b) 67,500 Legato Systems 2,000 (b) 63,250 Made2Manage Systems 4,000 (b) 57,750 Metro Information Services 2,000 (b) 69,500 Metzler Group 2,700 (b) 93,487 Network Appliance 1,500 (b) 54,094 Network Associates 4,250 (b) 291,125 PeopleSoft 3,800 (b) 176,700 Pervasive Software 11,000 (b) 149,875 Phoenix Intl 1,500 (b) 44,250 Platinum Technology 2,000 (b) 51,000 Segue Software 3,000 (b) 44,250 Sterling Commerce 4,200 (b) 178,762 Symix 8,000 (b) 164,000 Transition Systems 3,000 (b) 67,500 Total 2,434,919 Electronics (5.4%) Advanced Micro Devices 2,000 (b) 55,500 PCD 3,000 (b) 60,187 Sawtek 2,000 (b) 60,750 Uniphase 2,000 (b) 108,500 Total 284,937 Energy equipment & services (2.1%) Veritas DGC 2,000 (b) 108,375 Foreign (7.0%)(c) Alcatel Alsthom ADR 1,400 (b) 50,750 British Sky Broadcasting Group ADR 2,000 88,875 Central European Media Enterprises 1,500 (b) 41,906 Fundtech 2,000 (b) 42,250 Peak Intl 2,000 (b) 46,500 Petroleum Geo-Services ADR 800 (b) 52,600 Scandinavian Broadcasting System 1,500 (b) 47,625 Total 370,506 Health care (4.9%) Biomatrix 1,300 (b) 41,275 IDEC Pharmaceuticals 1,000 (b) 36,000 Pharmacyclics 1,500 (b) 40,687 Trex Medical 3,000 (b) 57,000 Watson Pharmaceuticals 2,000 (b) 86,000 Total 260,962 Health care services (7.4%) HBO & Co 5,800 346,912 Simione Central Holdings 3,000 (b) 46,500 Total 393,412 Leisure time & entertainment (2.1%) Activision 4,000 (b) 43,500 SFX Entertainment Cl A 2,000 (b) 69,000 Total 112,500 Media (5.7%) Chancellor Media 2,000 (b) 94,875 Journal Register 3,000 (b) 67,688 Sinclair Broadcast Group Cl A 1,000 51,875 Univision Communications Cl A 2,200 (b) 84,288 Total 298,726 Miscellaneous (2.9%) Artisan Components 4,000 (b) 69,500 BrightStar Information Technology Group 2,500 (b) 39,062 Willis Lease Finance 2,000 (b) 47,250 Total 155,812 Multi-industry conglomerates (1.8%) Strayer Education 1,500 55,125 Whitman Education Group 7,000 (b) 39,375 Total 94,500 Utilities -- telephone (0.8%) Telscape Intl 2,500 (b) 44,688 Total common stocks (Cost: $3,855,041) $5,117,400 Total investments in securities $5,117,400 (Cost: $3,855,041)(d) Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements. (b) Non-income producing. (c) Foreign securities values are stated in U.S. dollars. (d) At April 30, 1998, the cost of securities for federal income tax purposes was approximately $3,855,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $1,337,000 Unrealized depreciation (75,000) - ----------------------------------------------------------------------------- Net unrealized appreciation $1,262,000 - -----------------------------------------------------------------------------
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