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Previous: SOROS FUND MANAGEMENT LLC, SC 13G/A, EX-99.F, 2000-09-08 |
Next: SONIC FOUNDRY INC, S-8, 2000-09-08 |
TROON PARTNERS, L.P.
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
JUNE 30, 2000
(UNAUDITED)
<PAGE>
TROON PARTNERS, L.P.
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
JUNE 30, 2000
(UNAUDITED)
CONTENTS
Statement of Assets, Liabilities and Partners' Capital......................1
Statement of Operations.....................................................2
Statement of Changes in Partners' Capital - Net Assets......................3
Notes to Financial Statements ..............................................4
Schedule of Portfolio Investments .........................................11
<PAGE>
TROON PARTNERS, L.P.
STATEMENT OF ASSETS, LIABILITIES AND PARTNERS' CAPITAL (IN THOUSANDS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
JUNE 30, 2000
(UNAUDITED)
<S> <C>
ASSETS
Investments in securities, at market (identified cost - $373,263) $549,441
Due from broker 5,972
Dividends receivable 298
Organizational costs (net of accumulated amortization of $160) 76
Other assets 29
--------
TOTAL ASSETS 555,816
--------
LIABILITIES
Loan payable 4,466
Withdrawals payable 150
Management fee payable 393
Accrued expenses 302
--------
TOTAL LIABILITIES 5,311
--------
NET ASSETS $550,505
========
PARTNERS' CAPITAL - NET ASSETS
Represented by:
Capital contributions - net $289,172
Accumulated net investment loss (5,766)
Accumulated net realized gain on investments 90,921
Accumulated net unrealized appreciation on investments 176,178
--------
PARTNERS' CAPITAL - NET ASSETS $550,505
========
</TABLE>
The accompanying notes are an integral part of these financial statements.
- 1 -
<PAGE>
TROON PARTNERS, L.P.
STATEMENT OF OPERATIONS (IN THOUSANDS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
June 30, 2000
(UNAUDITED)
<S> <C>
INVESTMENT INCOME
Dividends $ 993
Interest 6
--------
999
--------
EXPENSES
OPERATING EXPENSES:
Management fee 2,804
Administration fees 250
Professional fees 108
Custodian fees 94
Insurance expense 32
Amortization of organizational costs 24
Individual General Partners' fees and expenses 13
Miscellaneous 13
--------
TOTAL OPERATING EXPENSES 3,338
Interest expense 170
--------
TOTAL EXPENSES 3,508
--------
NET INVESTMENT LOSS (2,509)
--------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
REALIZED GAIN (LOSS) ON INVESTMENTS:
Investment securities 43,398
Purchased options (10,398)
--------
NET REALIZED GAIN ON INVESTMENTS 33,000
--------
NET CHANGE IN UNREALIZED APPRECIATION ON INVESTMENTS (168,804)
--------
NET REALIZED AND UNREALIZED LOSS (135,804)
--------
DECREASE IN PARTNERS' CAPITAL DERIVED FROM INVESTMENT ACTIVITIES $(138,313)
=========
</TABLE>
The accompanying notes are an integral part of these financial statements.
- 2 -
<PAGE>
TROON PARTNERS, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - NET ASSETS (IN THOUSANDS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, 1999
(UNAUDITED)
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment loss $ (2,509) $ (2,450)
Net realized gain on investments 33,000 57,995
Net change in unrealized appreciation on
investments (168,804) 263,875
--------- --------
INCREASE (DECREASE) IN PARTNERS' CAPITAL DERIVED
FROM INVESTMENT ACTIVITIES (138,313) 319,420
PARTNERS' CAPITAL TRANSACTIONS
Capital contributions 126,527 98,749
Capital withdrawals - General Partner (2,042) (37,287)
Capital withdrawals - Limited Partners (150) (19,371)
--------- --------
INCREASE IN PARTNERS' CAPITAL
DERIVED FROM CAPITAL TRANSACTIONS 124,335 42,091
PARTNERS' CAPITAL AT BEGINNING OF PERIOD 564,483 202,972
--------- --------
PARTNERS' CAPITAL AT END OF PERIOD $ 550,505 $ 564,483
========= =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
- 3 -
<PAGE>
TROON PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS -- JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
1. ORGANIZATION
Troon Partners, L.P. (the "Partnership") was organized under the
Delaware Revised Uniform Limited Partnership Act on December 12, 1996.
The Partnership is registered under the Investment Company Act of 1940
(the "Act") as a closed-end, non-diversified management investment
company. The Partnership will operate until December 31, 2021 unless
further extended or sooner terminated as provided for in the First
Amended and Restated Limited Partnership Agreement dated as of February
10, 1999. The Partnership's investment objective is to seek long-term
capital appreciation. The Partnership pursues this objective by
investing principally in equity securities of publicly traded U.S.
companies. The Partnership may also invest in equity securities of
foreign issuers, bonds, options and other fixed-income securities of
U.S. issuers.
There are four "Individual General Partners", who serve as the
governing board of the Partnership, and a "Manager." The Manager is
Troon Management, L.L.C., whose principal members are CIBC World
Markets Corp. (formerly CIBC Oppenheimer Corp.) and Mark Asset
Management Corporation ("MAMC"). Investment professionals at MAMC
manage the Partnership's investment portfolio on behalf of the Manager
under the supervision of CIBC World Markets Corp. ("CIBC WM").
The acceptance of initial and additional contributions is subject to
approval by the Manager. The Partnership may from time to time offer to
repurchase interests pursuant to written tenders by Partners. Such
repurchases will be made at such times and on such terms as may be
determined by the Individual General Partners, in their complete and
exclusive discretion. The Manager expects that generally it will
recommend to the Individual General Partners that the Partnership
repurchase interests from Partners once in each year effective as of
the end of each such year.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with generally
accepted accounting principles requires the Manager to make estimates
and assumptions that affect the amounts reported in the financial
statements and accompanying notes. The Manager believes that the
estimates utilized in preparing the Partnership's financial statements
are reasonable and prudent; however, actual results could differ from
these estimates.
a. PORTFOLIO VALUATION
Securities transactions, including related revenue and expenses, are
recorded on a trade-date basis and dividends are recorded on an
ex-dividend date basis. Interest income is recorded on the accrual
basis.
- 4 -
<PAGE>
TROON PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS -- JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
a. PORTFOLIO VALUATION (CONTINUED)
Domestic exchange traded or NASDAQ listed equity securities will be
valued at their last composite sale prices as reported on the exchanges
where such securities are traded. If no sales of such securities are
reported on a particular day, the securities will be valued based upon
their composite bid prices for securities held long, or their composite
asked prices for securities held short, as reported by such exchanges.
Securities traded on a foreign securities exchange will be valued at
their last sale prices on the exchange where such securities are
primarily traded, or in the absence of a reported sale on a particular
day, at their bid prices (in the case of securities held long) or asked
prices (in the case of securities held short) as reported by such
exchange. Listed options will be valued using last sales prices as
reported by the exchange with the highest reported daily volume for
such options or, in the absence of any sales on a particular day, at
their bid prices as reported by the exchange with the highest volume on
the last day a trade was reported. Other securities for which market
quotations are readily available will be valued at their bid prices (or
asked prices in the case of securities held short) as obtained from one
or more dealers making markets for such securities. If market
quotations are not readily available, securities and other assets will
be valued at fair value as determined in good faith by, or under the
supervision of, the Individual General Partners.
Debt securities will be valued in accordance with the procedures
described above, which with respect to such securities may include the
use of valuations furnished by a pricing service which employs a matrix
to determine valuation for normal institutional size trading units. The
Individual General Partners will periodically monitor the
reasonableness of valuations provided by any such pricing service. Debt
securities with remaining maturities of 60 days or less will, absent
unusual circumstances, be valued at amortized cost, so long as such
valuation is determined by the Individual General Partners to represent
fair value.
All assets and liabilities initially expressed in foreign currencies
will be converted into U.S. dollars using foreign exchange rates
provided by a pricing service compiled as of 4:00 p.m. London time.
Trading in foreign securities generally is completed, and the values of
such securities are determined, prior to the close of securities
markets in the U.S. Foreign exchange rates are also determined prior to
such close. On occasion, the values of such securities and exchange
rates may be affected by events occurring between the time such values
or exchange rates are determined and the time that the net asset value
of the Partnership is determined. When such events materially affect
the values of securities held by the Partnership or its liabilities,
such securities and liabilities will be valued at fair value as
determined in good faith by, or under the supervision of, the
Individual General Partners.
- 5 -
<PAGE>
TROON PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS -- JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
b. PARTNERSHIP EXPENSES
The expenses incurred by the Partnership in connection with its
organization are being amortized over a 60-month period beginning with
the commencement of operations on February 27, 1997.
c. INCOME TAXES
No provision for the payment of Federal, state or local income taxes on
the profits of the Partnership will be made. The Partners are
individually liable for the income taxes on their share of the
Partnership's income.
3. MANAGEMENT FEE, RELATED PARTY TRANSACTIONS AND OTHER
CIBC WM provides certain management and administrative services to the
Partnership including, among other things, providing office space and
other support services to the Partnership. In exchange for such
services, the Partnership pays CIBC WM a monthly management fee of
.08333% (1% on an annualized basis) of the Partnership's net assets
determined as of the beginning of the month, excluding assets
attributable to the Manager's capital account.
During the period ended June 30, 2000, CIBC WM earned $2,307 in
brokerage commissions from portfolio transactions executed on behalf of
the Partnership.
At the end of the twelve month period following the admission of a
limited partner to the Partnership, and generally at the end of each
fiscal year thereafter, the Manager is entitled to an incentive
allocation of 20% of net profits, if any, that have been credited to
the capital account of such limited partner during such period. The
incentive allocation will be charged to a limited partner only to the
extent that cumulative net profits with respect to such limited partner
through the close of any period exceeds the highest level of cumulative
net profits with respect to such limited partner through the close of
any prior period. During the six months ended June 30, 2000, incentive
allocations to the Manager were $5,201,374.
Each Independent Individual General Partner who is not an "interested
person" of the Partnership, as defined by the Act, receives an annual
retainer of $5,000 plus a fee for each meeting attended. Any Individual
General Partner who is an "interested person" does not receive any
annual or other fees from the Partnership. One Individual General
Partner is an "interested person" of the Partnership. All Individual
General Partners are reimbursed by the Partnership for all reasonable
out-of-pocket expenses incurred by them in performing their duties. For
the six months ended June 30, 2000, fees (including meeting fees and
the annual retainer) and expenses paid to the Individual General
Partners totaled $18,904.
- 6 -
<PAGE>
TROON PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS -- JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
3. MANAGEMENT FEE, RELATED PARTY TRANSACTIONS AND OTHER (CONTINUED)
Chase Manhattan Bank served as Custodian of the Partnership's assets.
PFPC Inc. serves as Administrator and Accounting Agent to the
Partnership, and in that capacity provides certain accounting,
recordkeeping, tax and investor related services.
4. SECURITIES TRANSACTIONS
Aggregate purchases and sales of investment securities, excluding
short-term securities, for the six months ended June 30, 2000, amounted
to $324,004,610 and $290,196,385, respectively.
At June 30, 1999, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes. At June 30, 2000, accumulated net unrealized appreciation on
investments was $176,177,569, consisting of $205,358,064 gross
unrealized appreciation and $29,180,495 gross unrealized depreciation.
Due from broker represents receivables and payables from unsettled
security trades.
5. SHORT-TERM BORROWINGS
The Partnership has the ability to trade on margin and, in that
connection, borrow funds from brokers and banks for investment
purposes. Trading in equity securities on margin involves an initial
cash requirement representing at least 50% of the underlying security's
value with respect to transactions in U.S. markets and varying
percentages with respect to transactions in foreign markets. The Act
requires the Partnership to satisfy an asset coverage requirement of
300% of its indebtedness, including amounts borrowed, measured at the
time the Partnership incurs the indebtedness. The Partnership pays
interest on outstanding margin borrowings at an annualized rate of
LIBOR plus .875%. The Partnership pledges securities as collateral for
the margin borrowings, which are maintained in a segregated account
held by the Custodian. As of June 30, 2000, the Partnership had
outstanding margin borrowings of $4,466,144. For the six months ended
June 30, 2000, the average daily amount of such borrowings was
$4,513,353.
6. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK OR CONCENTRATIONS OF
CREDIT RISK
In the normal course of business, the Partnership may trade various
financial instruments and enter into various investment activities with
off-balance sheet risk. These financial instruments include forward
contracts, options and securities sold, not yet purchased. Generally,
these financial instruments represent future commitments to purchase or
sell other financial instruments at specific terms at specified future
dates.
- 7 -
<PAGE>
TROON PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS -- JUNE 30, 2000
--------------------------------------------------------------------------------
6. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK OR
CONCENTRATIONS OF CREDIT RISK (CONTINUED)
Each of these financial instruments contains varying degrees of
off-balance sheet risk whereby changes in the market value of the
securities underlying the financial instruments may be in excess of the
amounts recognized in the Statement of Assets, Liabilities and
Partners' Capital.
The Partnership maintains cash in bank deposit accounts which, at
times, may exceed federally insured limits. The Partnership has not
experienced any losses in such accounts and does not believe it is
exposed to any significant credit risk on cash.
The risk associated with purchasing an option is that the Partnership
pays a premium whether or not the option is exercised. Additionally,
the Partnership bears the risk of loss of premium and change in market
value should the counterparty not perform under the contract. Put and
call options purchased are accounted for in the same manner as
investment securities.
Transactions in purchased options were as follows:
<TABLE>
<CAPTION>
CALL OPTIONS PUT OPTIONS
--------------------------- -----------------------------
NUMBER NUMBER
OF CONTRACTS COST OF CONTRACTS COST
------------ ---- ------------ ----
<S> <C> <C> <C> <C>
Beginning balance 4,439 $ 7,077,154 324 $ 227,772
Options purchased 45,804 67,776,511 6,097 5,794,212
Options closed (43,942) (67,197,277) (3,129) (3,962,570)
Options expired (756) (1,145,094) (2,016) (1,382,436)
Options split 216 -- -- --
------- ------------ ---------- -----------
Options outstanding at
June 30, 2000 5,761 $ 6,511,294 1,276 $ 676,978
======= ============ ========== ===========
</TABLE>
- 8 -
<PAGE>
TROON PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS -- JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
7. FINANCIAL INSTRUMENTS HELD OR ISSUED FOR TRADING PURPOSES
The Partnership maintains positions in a variety of financial
instruments. The following table summarizes the components of net
realized and unrealized gains from investment transactions:
NET GAINS / (LOSSES)
FOR THE YEAR ENDED
JUNE 30, 2000
Equity securities $(120,399,838)
Equity options (14,073,832)
Equity index options (1,330,792)
--------------
$ (135,804,462)
==============
The following table presents the market values of derivative financial
instruments and the average market values of those instruments:
<TABLE>
<CAPTION>
AVERAGE MARKET VALUE
MARKET VALUE AT FOR THE YEAR ENDED
JUNE 30, 2000 JUNE 30, 2000
------------- ---------------------
<S> <C> <C>
ASSETS:
Equity options $ 6,269,549 $ 8,231,433
Equity index options 30,450 114,263
Average market values presented above are based upon month-end market
values during the period ended June 30, 2000.
</TABLE>
- 9 -
<PAGE>
TROON PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS - JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
8. SELECTED FINANCIAL RATIOS AND OTHER SUPPLEMENTAL INFORMATION
The following represents the ratios to average net assets and other
supplemental information for the periods indicated:
<TABLE>
<CAPTION>
FEBRUARY 27, 1997
SIX MONTHS (COMMENCEMENT
ENDED YEAR ENDED YEAR ENDED OF OPERATIONS)
JUNE 30, 2000 DECEMBER 31, 1999 DECEMBER 31, 1998 TO DECEMBER 31, 1997
------------- ----------------- ----------------- --------------------
<S> <C> <C> <C> <C>
Ratio of net investment loss to
average net assets (0.88%)* (0.73%) (0.30%) (0.49%)*
Ratio of operating expenses to
average net assets 1.18%* 1.17% 1.43% 1.73%*
Ratio of interest expense to average
net assets 0.05%* 0.07% 0.07% 0.07%*
Portfolio turnover 50.08% 79.26% 72.00% 58.73%
Total return ** (20.19)% 120.54% 37.34% 37.60%
Average debt ratio 0.79% 1.03% 1.06% 1.06%
<FN>
* Annualized.
** Total return assumes a purchase of a Limited Partnership interest in
the Partnership on the first day and a sale of the Partnership
interest on the last day of the period noted, before incentive
allocation to the Manager, if any. Total returns for a period of
less than a full year are not annualized.
</FN>
</TABLE>
- 10 -
<PAGE>
TROON PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
JUNE 30, 2000
SHARES MARKET VALUE
<S> <C> <C>
COMMON STOCKS - 97.41%
APPLICATIONS SOFTWARE - 1.02%
70,137 Microsoft Corp.* $ 5,610,960
------------
ATHLETIC FOOTWEAR - 0.88%
122,173 Nike, Inc., Class B 4,864,074
------------
AUDIO/VIDEO PRODUCTS - 1.38%
123,704 Gemstar International Group, Ltd.* 7,601,982
------------
BROADCASTING SERVICES/PROGRAMMING - 13.19%
1,808,880 AT&T - Liberty Media Group, Class A * 43,865,340
437,191 Fox Entertainment Group, Inc., Class A * 13,279,677
331,895 TV Guide, Inc., Class A * 11,367,404
43,176 UnitedGlobalCom, Inc., Class A * 2,018,478
55,197 XM Satellite Radio Holdings, Inc., Class A * 2,066,465
------------
72,597,364
------------
BUILDING - RESIDENTIAL/COMMERCIAL - 0.20%
53,904 Lennar Corp. 1,091,556
------------
CABLE TV - 9.71%
200,608 Cablevision Systems Corp., Class A * 13,616,268
104,369 Charter Communications, Inc., Class A * 1,715,618
146,407 Comcast Corp., Class A * 5,691,572
524,827 Comcast Corp., Special Class A * 21,255,493
517,959 USA Networks, Inc. * (a) 11,200,863
------------
53,479,814
------------
CELLULAR TELECOMMUNICATIONS - 1.67%
154,947 Sprint Corp., (PCS Group) * 9,219,346
------------
COMMERCIAL SERVICES - 1.10%
431,700 Cendant Corp. * 6,043,800
------------
COMPUTERS - INTEGRATED SYSTEMS - 0.02%
20,137 Aspeon, Inc.* 98,168
------------
The accompanying notes are an integral part of these financial statements.
- 11 -
<PAGE>
TROON PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
JUNE 30, 2000
SHARES MARKET VALUE
COMMON STOCKS - (CONTINUED)
COMPUTERS - MEMORY DEVICES - 2.21%
154,291 EMC Corp. $ 11,870,841
3,250 StorageNetworks, Inc. * 293,313
------------
12,164,154
------------
COMPUTERS - MICRO - 0.91%
95,878 Apple Computer, Inc. * 5,021,610
------------
DIVERSIFIED FINANCIAL SERVICES - 0.10%
6,773 Morgan Stanley Dean Witter & Co. 563,852
------------
E - COMMERCE -1.82%
83,241 Amazon.com, Inc. * 3,022,730
90,288 Priceline.com, Inc * 3,429,499
130,904 Ticketmaster Online-City Search, Inc., Class B * 2,086,348
203,139 Webvan Group, Inc. * 1,479,055
------------
10,017,632
------------
ELECTRIC COMPONENTS - SEMICONDUCTORS - 1.29%
25,653 PMC - Sierra, Inc. * 4,558,230
11,604 Broadcom Corp., Class A * 2,540,557
------------
7,098,787
------------
ENTERTAINMENT SOFTWARE - 1.58%
119,574 Electronic Arts, Inc.* 8,721,488
------------
FINANCE - INVESTMENT BANKER/BROKER - 0.18%
10,579 The Goldman Sachs Group, Inc. 1,003,683
------------
HOTELS & MOTELS - 1.79%
121,023 Hilton Hotels Corp. 1,134,591
267,004 Starwood Hotels & Resorts Worldwide, Inc. 8,694,451
------------
9,829,042
------------
INTERNET CONTENT - 1.89%
76,518 SportsLine.com, Inc. * 1,305,627
73,611 Yahoo!, Inc. * 9,118,563
------------
10,424,190
------------
The accompanying notes are an integral part of these financial statements.
- 12 -
<PAGE>
TROON PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
JUNE 30, 2000
SHARES MARKET VALUE
COMMON STOCKS - (CONTINUED)
INTERNET SOFTWARE - 13.68%
189,181 America Online, Inc. * $ 9,967,569
205,892 At Home Corp., Series A * 4,272,259
350,514 Exodus Communications, Inc. * 16,145,726
109,891 Inktomi Corp. * 12,994,611
45,071 RealNetworks, Inc. * 2,278,925
167,985 VeriSign, Inc. * 29,649,352
------------
75,308,442
------------
LEISURE & RECREATION/GAMING - 0.01%
332,306 AMF Bowling, Inc. * 62,474
------------
MULTIMEDIA - 11.92%
145,086 News Corp., Ltd. - Sponsored ADR 7,907,187
55,709 Seagram Co., Ltd. 3,231,122
193,863 Time Warner, Inc. 14,733,588
583,151 Viacom, Inc., Class A * 39,763,900
------------
65,635,797
------------
NETWORK SOFTWARE - 0.41%
78,170 OTG Software, Inc. * 2,232,770
------------
NETWORKING PRODUCTS - 7.08%
18,400 Juniper Networks, Inc. * 2,678,359
431,834 Oracle Corp. * 36,301,262
------------
38,979,621
------------
OIL COMPANIES - INTEGRATED - 0.17%
44,732 Occidental Petroleum Corp. 942,190
------------
RADIO - 0.44%
54,886 Sirius Satellite Radio, Inc. * 2,432,163
------------
REAL ESTATE DEVELOPMENT - 0.03%
18,499 Vornado Operating, Inc. * 143,367
------------
The accompanying notes are an integral part of these financial statements.
- 13 -
<PAGE>
TROON PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
JUNE 30, 2000
SHARES MARKET VALUE
COMMON STOCKS - (CONTINUED)
REAL ESTATE INVESTMENT/MANAGEMENT - 0.06%
15,662 LNR Property Corp. $ 305,409
------------
REAL ESTATE INVESTMENT TRUST - HOTEL/RESTAURANT - 0.22%
131,179 Host Marriott Corp. 1,229,803
------------
REAL ESTATE INVESTMENT TRUST - OFFICE PROPERTY - 1.61%
229,918 Boston Properties, Inc. 8,880,583
------------
REAL ESTATE INVESTMENT TRUST - DIVERSIFIED - 1.65%
260,980 Vornado Realty Trust 9,069,055
------------
Retail - Consumer Electronics - 0.45%
51,843 RadioShack Corp. 2,456,062
------------
RETAIL - RESTAURANTS - 1.59%
264,934 McDonald's Corp. 8,726,396
------------
SATELLITE TELECOMMUNICATIONS - 1.01%
274,187 Globalstar Telecommunications, Ltd. * 2,467,683
443,378 Loral Space & Communications, Ltd. * 3,076,157
------------
5,543,840
------------
TELECOMMUNICATIONS EQUIPMENT - 5.10%
467,863 QUALCOMM, Inc. * 28,071,780
------------
TELECOMMUNICATIONS SERVICES - 8.33%
370,288 Cox Communications, Inc., Class A * 16,871,432
234,723 Global Crossing Ltd. * 6,176,266
167,625 GT Group Telecom, Inc., Class B * 2,650,654
223,179 NTL, Inc. * 13,362,843
105,673 Time Warner Telecom, Inc., Class A * 6,802,699
------------
45,863,894
------------
TELEPHONE - INTEGRATED - 2.23%
388,764 AT&T Corp. 12,294,662
------------
The accompanying notes are an integral part of these financial statements.
- 14 -
<PAGE>
TROON PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
JUNE 30, 2000
SHARES MARKET VALUE
COMMON STOCKS - (CONTINUED)
TRANSPORTATION SERVICES - 0.39%
36,075 United Parcel Service, Inc., Class B $ 2,128,425
------------
WIRELESS EQUIPMENT - 0.09%
16,266 Motorola, Inc. 472,739
------------
TOTAL COMMON STOCKS (COST $358,762,802) $536,230,974
============
PREFERRED STOCKS - 1.25%
MULTIMEDIA - 1.25%
145,468 News Corp., Ltd. - Sponsored ADR 6,909,730
------------
TOTAL PREFERRED STOCK (COST $7,312,060) $ 6,909,730
============
NUMBER OF
CONTRACTS
CALL OPTIONS - 1.09%
CELLULAR TELECOMMUNICATIONS - 0.11%
432 Sprint Corp., (PCS Group), 07/22/00, $45.00 615,600
------------
E - COMMERCE - 0.06%
464 Amazon.com, Inc., 07/22/00, $30.00 330,600
------------
ELECTRONIC COMPONENTS - SEMICONDUCTORS - 0.19%
220 PMC - Sierra, Inc., 07/22/00, $130.00 1,056,000
------------
INTERNET SOFTWARE - 0.41%
626 America Online, Inc., 07/22/00, $40.00 766,850
1,277 America Online, Inc., 07/22/00, $45.00 1,037,562
92 VeriSign, Inc., 07/22/00, $130.00 433,550
------------
2,237,962
------------
MULTIMEDIA - 0.22%
110 News Corp, Ltd., - ADR, 07/22/00, $40.00 158,125
232 Seagram Co., Ltd., 07/22/00, $50.00 194,300
The accompanying notes are an integral part of these financial statements.
- 15 -
<PAGE>
TROON PARTNERS, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
NUMBER JUNE 30, 2000
CONTRACTS MARKET VALUE
CALL OPTIONS - (CONTINUED)
MULTIMEDIA - (CONTINUED)
928 Seagram Co., Ltd., 08/19/00, $55.00 $ 487,200
232 Seagram Co., Ltd., 11/18/00, $45.00 345,100
------------
1,184,725
------------
OIL COMPANIES - INTEGRATED - 0.03%
232 Occidental Petroleum, Corp., 08/19/00, $15.00 150,800
------------
RETAIL RESTAURANTS - 0.01%
220 McDonald's Corp., 07/22/00, $30.00 66,000
------------
TELEPHONE - INTEGRATED - 0.06%
232 AT&T Corp., 07/22/00, $30.00 59,462
464 WorldCom, Inc., 07/22/00, $40.00 278,400
------------
337,862
------------
TOTAL CALL OPTIONS (COST $6,511,294) $ 5,979,549
============
PUT OPTIONS - 0.06%
INDEX - 0.01%
348 S & P 100 Index, 07/22/00, $705.00 30,450
------------
CELLULAR TELECOMMUNICATIONS - 0.05%
928 AT&T Wireless Group, 08/19/00, $30.00 290,000
------------
TOTAL PUT OPTIONS (COST $676,978) $ 320,450
============
TOTAL INVESTMENTS (COST $373,263,134) - 99.81% 549,440,703
------------
OTHER ASSETS, LESS LIABILITIES - 0.19% 1,064,385
------------
NET ASSETS - 100.00% $550,505,088
============
<FN>
(a) Partially or wholly held in a pledged account by the Custodian as collateral
for loan payable.
* Non-income producing security.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
- 16 -
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