PW ASPEN FUND, L.L.C.
FINANCIAL STATEMENTS
(UNAUDITED)
SEMI ANNUAL REPORT
FOR THE PERIOD FROM JANUARY 1, 2000
THROUGH JUNE 30, 2000
<PAGE>
PW ASPEN FUND, L.L.C.
FINANCIAL STATEMENTS
(UNAUDITED)
SEMI ANNUAL REPORT
FOR THE PERIOD FROM JANUARY 1, 2000
THROUGH JUNE 30, 2000
CONTENTS
Statement of Assets, Liabilities and Members' Capital.................1
Statement of Operations...............................................2
Statements of Changes in Members' Capital - Net Assets................3
Notes to Financial Statements.........................................4
Schedule of Portfolio Investments....................................10
<PAGE>
PW ASPEN FUND, L.L.C.
STATEMENT OF ASSETS, LIABILITIES AND MEMBERS' CAPITAL
(UNAUDITED)
--------------------------------------------------------------------------------
JUNE 30, 2000
--------------------------------------------------------------------------------
ASSETS
Investments in securities, at value (Cost $199,650,701) $179,997,690
Cash and cash equivalents 2,489,187
Receivables:
Investments sold, not settled 3,633,122
Dividends 101,640
Interest 22,510
--------------------------------------------------------------------------------
TOTAL ASSETS 186,244,149
--------------------------------------------------------------------------------
LIABILITIES
Payables:
Investments purchased, not settled 2,047,111
Management fee 170,009
Administration 73,117
Professional fees 28,022
Miscellaneous 15,379
--------------------------------------------------------------------------------
TOTAL LIABILITIES 2,333,638
--------------------------------------------------------------------------------
NET ASSETS $183,910,511
--------------------------------------------------------------------------------
MEMBERS' CAPITAL - NET ASSETS
Represented by:
Capital contributions $204,064,778
Accumulated net investment loss (951,843)
Accumulated net realized gain from investments 450,587
Accumulated net unrealized depreciation from investments (19,653,011)
--------------------------------------------------------------------------------
MEMBERS' CAPITAL - NET ASSETS $183,910,511
--------------------------------------------------------------------------------
1
The accompanying notes are an integral part of these financial statements.
<PAGE>
PW ASPEN FUND, L.L.C.
STATEMENT OF OPERATIONS
(UNAUDITED)
--------------------------------------------------------------------------------
FOR THE PERIOD FROM JANUARY 1, 2000 THROUGH JUNE 30, 2000
--------------------------------------------------------------------------------
INVESTMENT INCOME
Dividend $ 279,072
Interest 169,977
--------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 449,049
--------------------------------------------------------------------------------
EXPENSES
Management fee 928,797
Administration expense 101,719
Professional fees 21,105
Miscellaneous 82,333
--------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 1,133,954
Interest expense 6,494
--------------------------------------------------------------------------------
TOTAL EXPENSES 1,140,448
--------------------------------------------------------------------------------
NET INVESTMENT LOSS (691,399)
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS
Net realized gain from investments 100,722
Change in net unrealized depreciation from investments (30,788,627)
--------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS FROM INVESTMENTS (30,687,905)
--------------------------------------------------------------------------------
DECREASE IN MEMBERS' CAPITAL
DERIVED FROM OPERATIONS $(31,379,304)
--------------------------------------------------------------------------------
2
The accompanying notes are an integral part of these financial statements.
<PAGE>
PW ASPEN FUND, L.L.C.
STATEMENTS OF CHANGES IN MEMBERS' CAPITAL - NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD FROM
PERIOD FROM NOVEMBER 22, 1999
JANUARY 1, 2000 (COMMENCEMENT OF
TO JUNE 30, 2000 OPERATIONS) TO
(UNAUDITED) DECEMBER 31, 1999
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net investment loss $ (691,399) $ (260,444)
Net realized gain from investments 100,722 349,865
Change in net unrealized appreciation/depreciation from investments (30,788,627) 11,135,616
----------------------------------------------------------------------------------------------------
NET INCREASE/DECREASE IN MEMBERS' CAPITAL
DERIVED FROM OPERATIONS (31,379,304) 11,225,037
----------------------------------------------------------------------------------------------------
MEMBERS' CAPITAL TRANSACTIONS
Proceeds from Member subscriptions 166,700,951 36,313,827
Proceeds from Manager subscriptions -- 1,050,000
----------------------------------------------------------------------------------------------------
INCREASE IN MEMBERS' CAPITAL DERIVED
FROM CAPITAL TRANSACTIONS 166,700,951 37,363,827
----------------------------------------------------------------------------------------------------
MEMBERS' CAPITAL AT BEGINNING OF PERIOD 48,588,864 --
----------------------------------------------------------------------------------------------------
MEMBERS' CAPITAL AT END OF PERIOD $183,910,511 $48,588,864
----------------------------------------------------------------------------------------------------
</TABLE>
3
The accompanying notes are an integral part of these financial statements.
<PAGE>
PW ASPEN FUND, L.L.C.
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
JUNE 30, 2000
--------------------------------------------------------------------------------
1. ORGANIZATION
PW Aspen Fund, L.L.C. (the "Fund") was organized as a limited liability
company under the laws of Delaware on August 27, 1999. The Fund is
registered under the Investment Company Act of 1940 (the "1940 Act") as
a closed-end, non-diversified management investment company. The Fund's
investment objective is to seek long-term capital appreciation. The
Fund pursues its investment objective by investing principally in
publicly traded common stocks and other equity securities of U.S
companies. The Fund also may invest in equity securities of foreign
issuers and in bonds and other fixed-income securities of U.S. and
foreign issuers. Operations of the Fund commenced on November 22, 1999.
The Manager of the Fund is PW Aspen Management, L.L.C. (the "Manager"),
a Delaware limited liability company. The Manager's capital account
balance at June 30, 2000 was $1,120,618. The Manager is a joint venture
between PW Fund Advisor, L.L.C. ("PWFA") and Mark Advisors, L.L.C.
("MALLC"). PWFA is the managing Member of the Manager and is an
indirect, wholly-owned subsidiary of Paine Webber Group Inc. and is
registered as an investment advisor under the Investment Advisers Act
of 1940, as amended. Investment professionals employed by MALLC will
manage the Fund's investment portfolio on behalf of the Manager under
the oversight of PWFA's personnel. MALLC is also registered as an
investment advisor under the Investment Advisers Act of 1940.
The Fund's Board of Directors (the "Directors"), has overall
responsibility to manage and control the business affairs of the Fund,
including the exclusive authority to oversee and to establish policies
regarding the management, conduct and operation of the Fund's business.
The Directors have engaged the Manager to provide investment advice to,
and day-to-day management of, the Fund.
Initial and additional subscriptions for interests by eligible members
may be accepted at such times as the Fund may determine and are
generally accepted monthly. The Fund reserves the right to reject any
subscription for interests. The Fund from time to time may offer to
repurchase interests pursuant to written tenders to Members. These
repurchases will be made at such times and on such terms as may be
determined by the Directors, in their complete and exclusive
discretion. The Manager expects that generally, beginning in December
2000, it will recommend to the Directors that the Fund offer to
repurchase interests from Members twice each year, in June and
December. Member's interests in the Fund can only be transferred or
assigned with the approval of the Manager.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires the Manager
to make estimates and assumptions that affect the amounts reported in
the financial statements and accompanying notes. The
4
<PAGE>
PW ASPEN FUND, L.L.C.
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
JUNE 30, 2000
--------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Manager believes that the estimates utilized in preparing the Fund's
financial statements are reasonable and prudent; however, actual
results could differ from these estimates.
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. Realized gains and losses from security and foreign currency
transactions are calculated on the identified cost basis.
Cash and cash equivalents are accounted for at cost plus accrued
interest.
a. PORTFOLIO VALUATION
Net asset value of the Fund will be determined as of the close of
business at the end of any fiscal period in accordance with the
valuation principles set forth below or as may be determined from time
to time pursuant to policies established by the Directors.
Domestic exchange traded securities and securities included in the
NASDAQ National Market System will be valued at their last composite
sales 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 ask prices for
securities sold short, as reported by such exchanges. Securities traded
on a foreign securities exchange will be valued at their last sales
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 ask prices, in the case
of securities sold 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 ask prices in the case
of securities sold 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
Directors.
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
Directors will periodically monitor the reasonableness of valuations
provided by any such pricing service. Debt securities with remaining
maturities of 60 days or less, absent unusual circumstances, will be
valued at amortized cost, so long as such valuation is determined by
the Directors to represent fair value.
5
<PAGE>
PW ASPEN FUND, L.L.C.
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
JUNE 30, 2000
--------------------------------------------------------------------------------
a. PORTFOLIO VALUATION (CONTINUED)
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 which determination of
such values or exchange rates are made and the time that the net asset
value of the Fund is determined. When such events materially affect the
values of securities held by the Fund 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 Directors.
Foreign-denominated assets may involve more risks than domestic
transactions, including currency risk, political and economic risk,
regulatory risk, and market risk. Risks may arise from the potential
inability of a counterparty to meet the terms of a contract and from
unanticipated movements in the value of foreign currencies relative to
the U.S. dollar.
The Fund does not isolate the portion of operations resulting from
changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of foreign securities held. Such
fluctuations are included in net realized and unrealized gain or loss
from investments. Net realized exchange gain or loss from foreign
currency transactions represent net foreign exchange gain or loss from
forward foreign currency contracts, disposition of foreign currencies,
currency gain or loss realized between the trade and settlement dates
on security transactions, and the difference between the amount of net
investment income recorded on the Fund's accounting records and the U.
S. dollar equivalent amounts actually received or paid. Net unrealized
foreign exchange gain or loss arises from changes in value of assets
and liabilities, other than investments in securities, as a result of
changes in exchange rates.
b. FUND EXPENSES
The Fund will bear all expenses incurred in the business of the Fund,
including, but not limited to, the following: all costs and expenses
related to portfolio transactions and positions for the Fund's account;
legal fees; accounting and auditing fees; costs of insurance;
registration expenses; certain offering costs and organization costs;
and expenses of meetings of Directors and Members.
6
<PAGE>
PW ASPEN FUND, L.L.C.
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
JUNE 30, 2000
--------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
c. INCOME TAXES
No provision for the payment of Federal, state or local income taxes
has been provided. Each Member is individually required to report on
its own tax returns its distributive share of the Fund's taxable income
or loss.
3. MANAGEMENT FEE, INCENTIVE ALLOCATION, RELATED PARTY TRANSACTIONS AND
OTHER
PWFA provides certain management and administrative services to the
Fund, including, among other things, providing office space and other
support services to the Fund. In consideration for such services, the
Fund will pay PWFA a monthly management fee at an annual rate of 1.25%
of the Fund's net assets, excluding assets attributable to the
Manager's capital account (the "Fee"). The Fee is debited against the
Members' capital accounts, excluding the Manager. A portion of the fee
will be paid by PWFA to an affiliate of MALLC.
PaineWebber Incorporated ("PWI", a wholly owned subsidiary of Paine
Webber Group Inc.) acts as a placement agent for the Fund, without
special compensation from the Fund, and will bear its own costs
associated with its activities as placement agent. Placement fees, if
any, charged on contributions are debited against the contribution
amounts, to arrive at a net subscription amount.
The Fund may execute portfolio transactions through PWI. During the
period ended June 30, 2000, PWI earned $7,250 in brokerage commissions
from portfolio transactions executed on behalf of the Fund.
The increase (or decrease) in Member's capital derived from operations
(net profit) is initially allocated to the capital accounts of all
Members on a pro-rata basis. At the end of the twelve month period
following the admission of a Member to the Fund, and generally at the
end of each fiscal year thereafter, the Manager is entitled to an
incentive allocation (the "Incentive Allocation") of 20% of the net
profits, if any, that would have been credited to the Member's capital
account for such period. The Incentive Allocation will be made only
with respect to net profits that exceed any net losses previously
charged to the account of such Member which have not been offset by any
net profits subsequently credited to the account of the Member. There
was no Incentive Allocation recorded in the financial statements for
the period ended June 30, 2000.
Each Director, who is not an "interested person" of the Fund, as
defined by the 1940 Act, receives an annual retainer of $5,000 plus a
fee for each meeting attended. Any Director who is an "interested
person" does not receive any annual or other fee from the Fund. All
Directors are reimbursed by the Fund for all reasonable out-of-pocket
expenses incurred by them in performing their duties.
7
<PAGE>
PW ASPEN FUND, L.L.C.
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
JUNE 30, 2000
--------------------------------------------------------------------------------
3. MANAGEMENT FEE, INCENTIVE ALLOCATION, RELATED PARTY TRANSACTIONS AND
OTHER (CONTINUED)
PFPC Trust Company (an affiliate of PNC Bank, NA) serves as custodian
of the Fund's assets and provides custodial services for the Fund. PFPC
Trust Company entered into a service agreement whereby PNC Bank, NA
provides securities clearance functions.
PFPC Inc. (also an affiliate of PNC Bank, NA) serves as Administrator
and Accounting Agent to the Fund, and in that capacity provides certain
accounting, record keeping, tax and member related services. PFPC Inc.
receives a monthly fee primarily based upon aggregate net assets of the
Fund.
4. SECURITIES TRANSACTIONS
Aggregate purchases and sales of common stocks for the period ended
June 30, 2000, amounted to $223,821,237 and $70,423,801, respectively.
At June 30, 2000, 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 depreciation on
investments was ($19,653,011), consisting of $10,201,201 gross
unrealized appreciation and ($29,854,212) gross unrealized
depreciation.
5. SHORT-TERM BORROWINGS
The Fund has the ability to trade on margin and, in that connection,
borrows 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 1940 Act requires the
Fund to satisfy an asset coverage requirement of 300% of its
indebtedness, including amounts borrowed, measured at the time the Fund
incurs the indebtedness. The Fund pledges securities as collateral for
the margin borrowings, which are maintained in a segregated account
held by the Custodian. For the period ended June 30, 2000, the Fund's
average interest rate paid on borrowings was 7.25% and the average
borrowings outstanding were $190,827. The Fund had no borrowings
outstanding at June 30, 2000.
6. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK OR
CONCENTRATIONS OF CREDIT RISK
In the normal course of business, the Fund may trade various financial
instruments and enter into various investment activities with
off-balance sheet risk. These financial instruments include forward and
futures contracts, options and sales of 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.
8
<PAGE>
PW ASPEN FUND, L.L.C.
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 Members'
Capital.
The risk associated with purchasing an option is that the Fund pays a
premium whether or not the option is exercised. Additionally, the Fund
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.
During the period ended June 30, 2000, the Fund did not trade any
forward or futures contracts, or sell securities not yet purchased, but
did have purchases and sales of options amounting to $12,842,690 and
$10,795,634, respectively.
7. FINANCIAL HIGHLIGHTS
The following represents the ratios to average net assets and other
supplemental information for the period indicated:
<TABLE>
<CAPTION>
PERIOD FROM PERIOD FROM
JANUARY 1, 2000 NOVEMBER 22, 1999
TO JUNE 30, 2000 TO DECEMBER 31, 1999
---------------- --------------------
<S> <C> <C>
Ratio of net investment loss to average net assets -1.05%* -6.22%*
Ratio of operating expenses to average net assets 1.74%* 7.75%*
Ratio of operating expenses to average net assets
excluding interest expense 1.73%* 7.61%*
Portfolio turnover rate 53.53% 5.13%
Total return -15.75%** 23.90%**
Average debt ratio .14% 2.42%
<FN>
* Annualized.
** Total return assumes a purchase of an interest in the Fund at
the beginning of the period and a sale of the Fund interest on
the last day of the period noted, after incentive allocation
to the Manager, and does not reflect the deduction of
placement fees, if any, incurred when subscribing to the Fund.
Total returns for a period of less than a full year are not
annualized.
</FN>
</TABLE>
8. SUBSEQUENT EVENTS
Effective July 1, 2000 the Fund received additional Member capital
contributions of approximately $15,573,585.
9
<PAGE>
PW ASPEN FUND, L.L.C.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
JUNE 30, 2000
SHARES MARKET VALUE
--------------------------------------------------------------------------------
COMMON STOCK(95.63%)
-------------------
APPLICATIONS SOFTWARE(1.15%)
26,373 Microsoft Corp.* $ 2,109,840
------------
ATHLETIC FOOTWEAR(0.85%)
39,373 NIKE, Inc., Class B 1,567,557
------------
AUDIO/VIDEO PRODUCTS(1.11%)
33,177 Gemstar International Group, Ltd.* 2,038,826
------------
BROADCAST SERVICES/PROGRAMMING(12.94%)
590,382 AT&T Corp. - Liberty Media Group, Class A* 14,316,763
150,623 Fox Entertainment Group, Inc., Class A* 4,575,174
105,343 TV Guide, Inc., Class A* 3,607,998
14,300 UnitedGlobalCom, Inc. Class A* 668,525
16,979 XM Satellite Radio Holdings, Inc., Class A* 635,660
------------
23,804,120
------------
BUILDING - RESIDENTIAL/COMMERCIAL(0.20%)
18,251 Lennar Corp. 369,583
------------
CABLE TELEVISION(9.91%)
63,995 Cablevision Systems Corp., Class A* 4,343,661
37,681 Charter Communications, Inc. Class A* 619,400
47,999 Comcast Corp., Class A* 1,865,961
184,826 Comcast Corp., Special Class A* 7,485,453
180,480 USA Networks, Inc.* 3,902,880
------------
18,217,355
------------
CELLULAR TELECOMMUNICATIONS(1.67%)
51,529 Sprint Corp. (PCS Group)* 3,065,975
------------
The preceeding notes are an integral part of these financial statements.
10
<PAGE>
PW ASPEN FUND, L.L.C.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
JUNE 30, 2000
SHARES MARKET VALUE
--------------------------------------------------------------------------------
COMMON STOCK (CONTINUED)
------------------------
COMMERCIAL SERVICES(1.02%)
133,272 Cendant Corp.* $ 1,865,808
------------
COMPUTERS(0.90%)
31,556 Apple Computer, Inc. * 1,652,745
------------
COMPUTERS - INTEGRATED SYSTEMS(0.02%)
6,487 Aspeon, Inc.* 31,624
------------
COMPUTERS - MEMORY DEVICES(2.31%)
54,255 EMC Corp.* 4,174,271
929 StorageNetworks, Inc.* 83,842
------------
4,258,113
------------
DIVERSIFIED FINANCIAL SERVICES(0.10%)
2,147 Morgan Stanley, Dean Witter & Co.* 178,738
------------
E - COMMERCE(1.71%)
26,140 Amazon.com, Inc.* 949,222
27,389 Priceline.com, Inc.* 1,040,344
42,824 Ticketmaster Online - CitySearch, Inc., Class B* 682,529
64,419 Webvan Group, Inc.* 469,035
------------
3,141,130
------------
ELECTRONIC COMPONENTS - SEMICONDUCTORS(1.13%)
3,850 Broadcom Corp., Class A* 842,911
6,937 PMC - Sierra, Inc.* 1,232,622
------------
2,075,533
------------
The preceeding notes are an integral part of these financial statements.
11
<PAGE>
PW ASPEN FUND, L.L.C.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
JUNE 30, 2000
SHARES MARKET VALUE
--------------------------------------------------------------------------------
COMMON STOCK (CONTINUED)
------------------------
ENTERTAINMENT SOFTWARE(1.53%)
38,538 Electronic Arts, Inc.* $ 2,810,885
------------
FINANCE - INVESTMENT BANKER/BROKER(0.19%)
3,767 The Goldman Sachs Group, Inc. 357,394
------------
HOTELS & MOTELS(1.76%)
43,838 Hilton Hotels Corp. 410,981
86,680 Starwood Hotels & Resorts Worldwide, Inc. 2,822,561
------------
3,233,542
------------
INTERNET CONTENT(0.23%)
24,431 SportsLine.com, Inc.* 416,866
------------
INTERNET SERVICE PROVIDER(3.95%)
56,508 America Online, Inc.* 2,977,293
64,578 At Home Corp., Series A* 1,339,993
23,803 Yahoo!, Inc.* 2,948,597
------------
7,265,883
------------
INTERNET SOFTWARE(11.04%)
116,667 Exodus Communications, Inc.* 5,374,032
37,196 Inktomi Corp.* 4,398,427
15,182 RealNetworks, Inc.* 767,647
55,371 VeriSign, Inc.* 9,773,026
------------
20,313,132
------------
LEISURE & RECREATION/GAMING PRODUCTS(0.01%)
111,705 AMF Bowling, Inc.* 21,000
------------
The preceeding notes are an integral part of these financial statements.
12
<PAGE>
PW ASPEN FUND, L.L.C.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
JUNE 30, 2000
SHARES MARKET VALUE
--------------------------------------------------------------------------------
COMMON STOCK (CONTINUED)
------------------------
MULTIMEDIA(11.40%)
49,554 The News Corp., Ltd. - Sponsored ADR $ 2,700,693
15,917 The Seagram Co., Ltd. 923,186
66,358 Time Warner, Inc. 5,043,208
180,509 Viacom, Inc., Class B* 12,308,548
------------
20,975,635
------------
NETWORK SOFTWARE(0.40%)
25,622 OTG Software, Inc.* 731,841
------------
NETWORKING PRODUCTS(7.31%)
3,984 Juniper Networks, Inc.* 579,923
153,067 Oracle Corp.* 12,867,271
------------
13,447,194
------------
OIL COMPANIES - INTEGRATED(0.24%)
20,758 Occidental Petroleum Corp. 437,226
------------
RADIO(0.40%)
16,578 Sirius Satellite Radio, Inc.* 734,621
------------
REITS - DIVERSIFIED(1.60%)
84,829 Vornado Realty Trust 2,947,808
------------
REITS - HOTELS(0.24%)
47,194 Host Marriott Corp. 442,444
------------
REITS - OFFICE PROPERTY(1.62%)
77,206 Boston Properties, Inc. 2,982,082
------------
The preceeding notes are an integral part of these financial statements.
13
<PAGE>
PW ASPEN FUND, L.L.C.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
JUNE 30, 2000
SHARES MARKET VALUE
--------------------------------------------------------------------------------
COMMON STOCK (CONTINUED)
------------------------
REAL ESTATE MANAGEMENT/SERVICES(0.05%)
4,842 LNR Property Corp. $ 94,419
------------
REAL ESTATE OPERATING/DEVELOPMENT(0.03%)
6,241 Vornado Operating, Inc.* 48,368
------------
RETAIL - CONSUMER ELECTRONICS(0.43%)
16,767 Radioshack Corp. 794,337
------------
RETAIL - RESTAURANTS(1.56%)
87,310 McDonald's Corp. 2,875,817
------------
SATELLITE TELECOMMUNICATIONS(0.98%)
89,611 Globalstar Telecommunications, Ltd.* 806,499
143,725 Loral Space & Communications, Ltd.* 997,164
------------
1,803,663
------------
TELECOMMUNICATIONS EQUIPMENT(4.33%)
132,729 QUALCOMM, Inc.*,** 7,963,740
------------
TELECOMMUNICATIONS SERVICES(8.47%)
131,435 Cox Communications, Inc., Class A* 5,988,573
80,071 Global Crossing, Ltd.* 2,106,908
64,628 GT Group Telecom, Inc., Class B* 1,021,963
70,868 NTL, Inc.* 4,243,206
34,436 Time Warner Telecom, Inc., Class A* 2,216,817
------------
15,577,467
------------
TELEPHONES - INTEGRATED(2.37%)
The preceeding notes are an integral part of these financial statements.
14
<PAGE>
PW ASPEN FUND, L.L.C.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
JUNE 30, 2000
SHARES MARKET VALUE
--------------------------------------------------------------------------------
COMMON STOCK (CONTINUED)
------------------------
TELEPHONES - INTEGRATED(2.37%)
137,905 AT&T Corp. $ 4,361,246
------------
TRANSPORT - SERVICES(0.37%)
11,628 United Parcel Service, Inc., Class B* 686,052
------------
WIRELESS EQUIPMENT(0.10%)
6,136 Motorola, Inc. 178,331
------------
TOTAL COMMON STOCK (COST $195,139,458) 175,877,940
------------
PREFERRED STOCK(1.43%)
---------------------
MULTIMEDIA(1.43%)
55,240 The News Corp., Ltd. - Sponsored ADR 2,623,900
------------
TOTAL PREFERRED STOCK (COST $2,772,733) 2,623,900
------------
NUMBER OF
CONTRACTS
CALL OPTIONS(0.76%)
------------------
E - COMMERCE(0.05%)
136 Amazon.Com, 07/22/00, $30.00 96,900
------------
ELECTRONIC COMPONENTS - SEMICONDUCTORS(0.12%)
44 PMC - Sierra, Inc., 07/22/00, $130.00 211,200
------------
INTERNET SERVICE PROVIDER(0.26%)
138 America Online, Inc., 07/22/00, $40.00 169,050
374 America Online, Inc., 07/22/00, $45.00 303,875
------------
472,925
------------
The preceeding notes are an integral part of these financial statements.
15
<PAGE>
PW ASPEN FUND, L.L.C.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
JUNE 30, 2000
NUMBER OF
CONTRACTS MARKET VALUE
--------------------------------------------------------------------------------
CALL OPTIONS (CONTINUED)
------------------------
INTERNET SOFTWARE(0.07%)
28 Verisign, Inc., 07/22/00, $130.00 $ 131,950
------------
MULTIMEDIA(0.18%)
22 The News Corp. Ltd-Spons Adr., 07/22/00, $40.00 31,625
68 The Seagram Co. Ltd., 07/22/00, $50.00 56,950
272 The Seagram Co. Ltd., 08/19/00, $55.00 142,800
68 The Seagram Co. Ltd., 11/18/00, $45.00 101,150
------------
332,525
------------
OIL COMPANIES - INTEGRATED(0.02%)
68 Occidental Petroleum Corp., 08/19/00, $15.00 44,200
------------
RETAIL - RESTAURANTS(0.01%)
44 McDonald's Corp., 07/22/00, $30.00 13,200
------------
TELEPHONES - INTEGRATED(0.05%)
68 AT&T Corp., 07/22/00, $30.00 17,425
136 Worldcom, 07/22/00, $40.00 81,600
------------
99,025
------------
TOTAL CALL OPTIONS (COST $1,540,075) 1,401,925
------------
PUT OPTIONS(0.05%)
-----------------
CELLULAR TELECOMMUNICATIONS(0.05%)
272 AT&T Wireless Group, 08/19/00, $30.00 85,000
------------
STOCK INDEX(0.00%)
102 S&P 100, 07/22/00, $705.00 8,925
------------
TOTAL PUT OPTIONS (COST $198,435) 93,925
------------
The preceeding notes are an integral part of these financial statements.
16
<PAGE>
PW ASPEN FUND, L.L.C.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
JUNE 30, 2000
MARKET VALUE
--------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 97.87 (COST $199,650,701) $179,997,690
------------
OTHER ASSETS IN EXCESS OF LIABILITIES -- 2.13% 3,912,821
------------
TOTAL NET ASSETS -- 100.00% $183,910,511
============
* Non-income producing security
** Partially or wholly held ($ 2,429,250) in a pledged account by the Custodian
as collateral.
The preceeding notes are an integral part of these financial statements.
17
