-----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, QWpirhhWssq1DKaYr1t6HK3s5RyQro0BwUMb+vt7+17gKHbETurZtw+j1yIzH8SK Dueqfc1O0iaf1KG3QLbXTA== 0000820027-99-000478.txt : 19990630 0000820027-99-000478.hdr.sgml : 19990630 ACCESSION NUMBER: 0000820027-99-000478 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990430 FILED AS OF DATE: 19990629 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: 99654521 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 The 10 Largest Holdings World Technologies Portfolio Percent Value (of net assets) (as of April 30, 1999) America Online 18.74% $1,356,124 Amazon.com 3.57 258,094 Cisco Systems 3.15 228,124 Sterling Commerce 3.03 219,187 SDL 3.02 218,499 Legato Systems 2.79 202,188 Yahoo! 2.41 174,688 VeriSign 2.38 172,500 MediaOne Group 2.25 163,124 COLT Telecom Group ADR 2.11 152,749 For further detail about these holdings, please refer to the section entitled "Investments in Securities." The 10 holdings listed here make up 43.45% of net assets Fund Facts Class A -- 6-month performance (All figures per share) Net asset value (NAV) April 30, 1999 $ 9.02 Oct. 31, 1998 $ 5.41 Increase $ 3.61 Total return* +66.65%** Class B -- 6-month performance (All figures per share) Net asset value (NAV) April 30, 1999 $ 8.85 Oct. 31, 1998 $ 5.33 Increase $ 3.52 Total return* +66.03%** Class Y -- 6-month performance (All figures per share) Net asset value (NAV) April 30, 1999 $ 9.02 Oct. 31, 1998 $ 5.41 Increase $ 3.61 Total return* +66.65%** * 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.
Financial Statements Statement of assets and liabilities AXP Innovations Fund April 30, 1999 (Unaudited) Assets Investment in World Technologies Portfolio (Note 1) $6,332,652 ---------- Liabilities Accrued distribution fee 4 Accrued administrative services fee 10 Other accrued expenses 24,904 ------ Total liabilities 24,918 Net assets applicable to outstanding capital stock $6,307,734 ========== Represented by Capital stock-- $.01 par value (Note 1) $7,000 Additional paid-in capital 3,399,266 Excess of distributions over net investment income (33,560) Accumulated net realized gain (loss) 486,440 Unrealized appreciation (depreciation) on investments 2,448,588 --------- Total-- representing net assets applicable to outstanding capital stock $6,307,734 ========== Net assets applicable to outstanding shares: Class A $5,950,399 Class B $177,020 Class Y $180,315 Net asset value per share of outstanding capital stock:Class A shares 660,000 $9.02 Class B shares 20,000 $8.85 Class Y shares 20,000 $9.02 See accompanying notes to financial statements.
Statement of operations AXP Innovations Fund Six months ended April 30, 1999 (Unaudited) Investment income Income: Dividends $2,063 Less foreign taxes withheld (68) --- Total income 1,995 ----- Expenses (Note 2): Expenses allocated from World Technologies Portfolio 29,483 Distribution fee-- Class B 558 Transfer agency fee 22 Incremental transfer ageny fee Class A 1 Class B 1 Administrative services fees and expenses 1,588 Registration fees 2,577 Audit fees 2,000 Other 524 --- Total expenses 36,754 Less expenses voluntarily reimbursed by AEFC (Note 2) (1,129) ------ Total net expenses 35,625 ------ Investment income (loss) -- net (33,630) ------- Realized and unrealized gain (loss) -- net Net realized gain (loss) on: Security transactions 831,742 Options contracts written (1,470) ------ Net gain (loss) on investments 830,272 Net change in unrealized appreceiation (depreciation) on investments 1,723,791 --------- Net gain (loss) on investments 2,554,063 --------- Net increase (decrease) in net assets resulting from operations $2,520,433 ========== See accompanying notes to financial statements
Statements of changes in net assets AXP Innovations Fund April 30, 1999 Oct. 31, 1998 Six months ended Year ended (Unaudited) Operations Investment income (loss)-- net $(33,630) $(52,328) Net realized gain (loss) on investments 830,272 (98,943) Net change in unrealized appreciation (depreciation) on investments 1,723,791 252,692 --------- ------- Net increase (decrease) in net assets resulting from operations 2,520,433 101,421 Net assets at beginning of period 3,787,301 3,685,880 --------- --------- Net assets at end of period $6,307,734 $3,787,301 ========== ========== Undistributed (excess of distributions over) net investment income $(33,560) $70 ======== === See accompanying notes to financial statements.
Notes to Financial Statements AXP Innovations Fund (Unaudited as to April 30, 1999) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AXP Innovations Fund (a series of AXP Global Series, Inc.) is registered under the Investment Company Act of 1940 (as amended) as a diversified, open-end management investment company. AXP Global Series, Inc. has 10 billion authorized shares of capital stock that can be allocated among the separate series as designated by the board. The Fund offers Class A, Class B and Class Y shares. o Class A shares are sold with a front-end sales charge. o Class B shares may be subject to a contingent deferred sales charge and automatically convert to Class A shares during the ninth calendar year of ownership. o Class Y shares have no sales charge and are offered only to qualifying institutional investors. All classes of shares have identical voting, dividend and liquidation rights. The 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 (the 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 Portfolio's net assets. The percentage of the Portfolio owned by the Fund as of April 30, 1999 was 87.52%. Valuation of securities held by the Portfolio is discussed in Note 1 of the Portfolio's "Notes to financial statements" (included elsewhere in this report). Use of estimates Preparing financial statements that conform to generally accepted accounting principles requires management to make estimates (e.g., on assets and liabilities) that could differ from actual results. Federal taxes The Fund's policy is to comply with all sections of the Internal Revenue Code that apply to regulated investment companies and to distribute all of its taxable income to the shareholders. No provision for income or excise taxes is thus required. Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of deferred 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 from net investment income, declared and paid at the end of the calendar year, when available, 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 As of April 30, 1999, AEFC owned 100% of outstanding shares of AXP Innovations Fund. 2. EXPENSES AND SALES CHARGES In addition to the expenses allocated from the Portfolio, the Fund accrues its own expenses as follows: The Fund has an agreement with AEFC to provide administrative services. Under an 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 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 $19 o Class B $20 o Class Y $17 Under terms of a prior agreement that ended Jan. 31, 1999, the Fund paid a transfer agency fee at an annual rate per shareholder account of $15 for Class A and $16 for Class B. Under terms of a prior agreement that ended March 31, 1999, the Fund paid a transfer agency fee at an annual rate per shareholder account of $15 for Class Y. The Fund has agreements with American Express Financial Advisors Inc. for distribution and shareholder 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 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 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, 1999. 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, 1999, AEFC further voluntarily agreed to waive certain fees and expenses to 1.33% for Class A, 2.08% 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 as of Oct. 31, 1998 of $343,832 that, if not offset by subsequent capital gains, will expire in 2005 through 2006. 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. BANK BORROWINGS The Fund has a revolving credit agreement with U.S. Bank, N.A., whereby the Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The Fund must have asset coverage for borrowings not to exceed the aggregate of 333% of advances equal to or less than five business days plus 367% of advances over five business days. The agreement, which enables the Fund to participate with other IDS Funds, permits borrowings up to $200 million, collectively. Interest is charged to each Fund based on its borrowings at a rate equal to the Federal Funds Rate plus 0.30% or the Eurodollar Rate (Reserve Adjusted) plus 0.20%. Borrowings are payable up to 90 days after such loan is executed. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.05% per annum. The Fund had no borrowings outstanding during the six months ended April 30, 1999.
5. 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 1999b 1998 1997c 1999b 1998 1997c 1999b 1998 1997c Net asset value, beginning of period $5.41 $5.27 $5.00 $5.33 $5.23 $5.00 $5.41 $5.27 $5.00 Income from investment operations: Net investment income (loss) (.05) (.07) (.06) (.07) (.11) (.09) (.05) (.07) (.06) Net gains (losses) (both realized and unrealized) 3.66 .21 .33 3.59 .21 .32 3.66 .21 .33 Total from investment operations 3.61 .14 .27 3.52 .10 .23 3.61 .14 .27 Net asset value, end of period $9.02 $5.41 $5.27 $8.85 $5.33 $5.23 $9.02 $5.41 $5.27 Ratios/supplemental data: Net assets, end of period (in thousands) $5,950 $3,572 $3,476 $177 $107 $105 $180 $108 $105 Ratio of expenses to average daily net assetsd 1.33%e 1.33% 1.35%e 2.08%e 2.08% 2.10%e 1.32%e 1.33% 1.35%e Ratio of net investment income (loss) to average daily net assets (1.25%)e (1.29%) (1.26%)e (2.00%)e (2.04%) (2.00%)e (1.25%)e (1.29%) (1.25%)e Portfolio turnover rate (excluding short-term securities) 80% 200% 164% 80% 200% 164% 80% 200% 164% Total returnf 66.65% 2.68% 5.38% 66.03% 1.91% 4.62% 66.65% 2.68% 5.38% a For a share outstanding throughout the period. Rounded to the nearest cent. b Six months ended April 30, 1999 (Unaudited). c Inception date. Period from Nov. 13, 1996 to Oct. 31, 1997. d AEFC reimbursed the Fund for certain expenses. Had AEFC not done so, the annual ratios of expenses would have been 1.37%, 1.63% and 2.36% for Class A, 2.12%, 2.38% and 3.11% for Class B and 1.37%, 1.63% and 2.36% for class Y for the periods ending 1999, 1998 and 1997, respectively. e Adjusted to an annual basis. f Total return does not reflect payment of a sales charge.
Financial Statements Statement of assets and liabilities World Technologies Portfolio April 30, 1999 (Unaudited) Assets Investments in securities, at value (Note 1) (identified cost $4,157,929) $6,955,731 Cash in bank on demand deposit 173,315 Dividends and accrued interest receivable 952 Receivable for investment securities sold 113,509 ------- Total assets 7,243,507 --------- Liabilities Accrued investment management services fee 144 Other accrued expenses 7,956 ----- Total liabilities 8,100 ----- Net assets $7,235,407 ========== See accompanying notes to financial statements.
Statement of operations World Technologies Portfolio Six months ended April 30, 1999 (Unaudited) Investment income Income: Dividends $2,357 Less foreign taxes withheld (78) --- Total income 2,279 ----- Expenses (Note 2): Investment management services fee 21,868 Custodian fees 5,898 Audit fees 6,000 Other 2,041 ----- Total expenses 35,807 Earnings credits on cash balances (Note 2) (2,122) ------ Total net expenses 33,685 ------ Investment income (loss) -- net (31,406) ------- Realized and unrealized gain (loss) -- net Net realized gain (loss) on: Security transactions (Note 3) 950,503 Options contracts written (Note 4) (1,680) ------ Net realized gain (loss) on investments 948,823 ------- Net change in unrealized appreciation (depreciation) on investments 1,969,566 --------- Net gain (loss) on investments 2,918,389 --------- Net increase (decrease) in net assets resulting from operations $2,886,983 ========== See accompanying notes to financial statements.
Financial statements Statements of changes in net assets World Technologies Portfolio April 30, 1999 Oct. 31, 1998 Six months ended Year ended (Unaudited) Operations Investment income (loss)-- net $(31,406) $(56,345) Net realized gain (loss) on investments 948,823 (112,973) Net change in unrealized appreciation (depreciation) on investments 1,969,566 288,162 --------- ------- Net increase (decrease) in net assets resulting from operations 2,886,983 118,844 Net contributions (withdrawals) from partners (9,474) (3,049) ------ ------ Total increase (decrease) in net assets 2,877,509 115,795 Net assets at beginning of period 4,357,898 4,242,103 --------- --------- Net assets at end of period $7,235,407 $4,357,898 ========== ========== See accompanying notes to financial statements.
Notes to Financial Statements World Technologies Portfolio (Unaudited as to April 30, 1999) 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. The Portfolio's significant accounting policies are summarized below: Use of estimates Preparing financial statements that conform to generally accepted accounting principles requires management to make estimates (e.g., on assets and liabilities) that could differ from actual results. 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 that reflects fair value as quoted by dealers 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 To produce incremental earnings, protect gains and facilitate buying and selling of securities for investments, the Portfolio may buy and write options traded on any U.S. or foreign exchange or in the over-the-counter market where completing the obligation depends 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 as well as write cash-secured put options. The risk in writing a call option is that the Portfolio gives up the opportunity for 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 being unable 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 when the option transaction expires or closes. 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 To gain exposure to or protect itself from market changes, 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 of 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, if any, may arise from sales of foreign currency, closed forward contracts, exchange gains or losses realized between the trade date and settlement date 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 its contract obligations. 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. As a "pass-through" entity, the Portfolio therefore 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 an Investment Management Services Agreement with AEFC to manage 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. The Portfolio also pays custodian fees to American Express Trust Company, an affiliate of AEFC. During the six months ended April 30, 1999, the Portfolio's custodian fees were reduced by $2,122 as a result of earnings credits from overnight cash balances. According to a Placement Agency Agreement, American Express Financial Advisors Inc. acts as placement agent of the Trust's units. 3. SECURITIES TRANSACTIONS Cost of purchases and proceeds from sales of securities (other than short-term obligations) aggregated $4,848,718 and $5,343,077, respectively, for the six months ended April 30, 1999. For the same period, the portfolio turnover rate was 80%. Realized gains and losses are determined on an identified cost basis. 4. OPTIONS CONTRACTS WRITTEN Contracts and premium amounts associated with options contracts written is as follows: Six months ended April 30, 1999 Puts Contracts Premium Balance Oct. 31, 1998 30 $ 8,910 Opened -- -- Closed (30) (8,910) --- ------ Balance April 30, 1999 -- $ -- See "Summary of significant accounting policies."
Investments in Securities World Technologies Portfolio April 30, 1999 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (95.8%) Issuer Shares Value(a) Communications equipment & services (13.6%) Carrier Access 1,200 *(b) $62,325 CMGI 500 *(b) 127,281 E-Tek Dynamics 2,000 *(b) 85,999 Motorola 900 72,113 Nokia Oyj ADR Cl A 1,000 *(c) 74,188 P-COM 10,000 *(b) 58,438 Sterling Commerce 7,000 *(b) 219,187 Tellabs 1,000 *(b) 109,562 Yahoo! 1,000 *(b) 174,688 Total 983,781 Computers-Internet (23.8%) America Online 9,500 *(b) 1,356,124 At Home Corp Series A 500 71,969 Excite 1,000 *(b) 146,000 Network Solutions Cl A 1,000 *(b) 77,750 Xoom.com 1,000 *(b) 70,000 Total 1,721,843 Computers & office equipment (22.2%) Ascend Communications 1,000 *(b) 96,625 CheckFree Holdings 2,000 *(b) 96,000 Cisco Systems 2,000 *(b) 228,124 Citrix Systems 1,000 *(b) 42,500 Comdisco 1,500 39,469 Compuware 4,000 *(b) 97,500 Descartes Systems Group 10,000 *(b,c) 63,125 EMC 1,000 *(b) 108,938 Equant 1,000 *(b,c) 89,250 Legato Systems 5,000 *(b) 202,188 Network Appliance 2,000 100,625 Pegasus Systems 2,000 *(b) 93,500 Rational Software 4,000 *(b) 118,500 VeriSign 1,500 *(b) 172,500 Visual Networks 2,000 56,125 Total 1,604,969 Electronics (15.9%) Advanced Energy Inds 2,000 *(b) 55,375 Altera 1,000 *(b) 72,250 Flextronics Intl 2,500 *(b) 116,719 Intel 2,000 122,375 KLA-Tencor 1,000 *(b) 49,625 RF Micro Devices 1,000 *(b) 55,875 Sawtek 2,000 *(b) 70,500 SDL 2,000 218,499 Taiwan Semiconductor Mfg ADR 2,500 *(b,c) 60,000 Teradyne 2,000 *(b) 94,375 Uniphase 1,000 *(b) 121,375 Vitesse Semiconductor 1,500 *(b) 69,469 Zoran 5,000 *(b) 54,063 Total 1,160,500 Leisure time & entertainment (0.7%) Ticketmaster Online-Citysearch Cl B 1,500 *(b) 47,438 Media (4.8%) Cablevision Systems Cl A 500 *(b) 38,688 MediaOne Group 2,000 *(b) 163,124 Reuters Group ADR 900 *(c) 73,688 Univision Communications Cl A 1,200 *(b) 69,450 Total 344,950 Miscellaneous (1.4%) Resource America Cl A 8,000 99,000 Retail (3.6%) Amazon.com 1,500 258,094 Utilities -- telephone (9.9%) AT&T 1,000 50,500 Cable & Wireless Communications ADR 1,000 *(b,c) 57,000 COLT Telecom Group ADR 2,000 *(b,c) 152,749 Hellenic Telecommunications ADR 10,000 *(c) 119,375 MCI WorldCom 1,500 *(b) 123,281 RCN 2,000 *(b) 97,250 Western Wireless Cl A 1,000 *(b) 41,063 WinStar Communications 1,500 *(b) 72,938 Total 714,156 Total common stocks (Cost: $4,133,619) $6,934,731
Options purchased (0.3%) Issuer Shares Exercise Expiration Value(a) price date Put United Intl 2,000 $60 Aug. 1999 $21,000 Total options purchased (Cost: $24,310) $21,000 Total investments in securities (Cost: $4,157,929)(d) $6,955,731
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 security values are stated in U.S. dollars. As of April 30, 1999, the value of foreign securities represented 9.53% of net assets. (d) At April 30, 1999, the cost of securities for federal income tax purposes was approximately $4,158,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $2,913,000 Unrealized depreciation (115,000) -------- Net unrealized appreciation $2,798,000 -----END PRIVACY-ENHANCED MESSAGE-----