The Microsoft Decision: Funds That Will Feel the Impact of the Microsoft Ruling

If you're a mutual fund investor, you'll probably be affected by today's expected ruling in the Microsoft (MSFT Quote) antitrust trial.

One-third of domestic equity mutual funds own the stock, according to Morningstar. Of course, some funds have bet more heavily than others on the company. Here's a look at some funds with the biggest bets (according to Morningstar's Sept. 30 figures, which are based on each fund's latest report to shareholders):

Funds With Big Stakes in Microsoft
Fund	% of assets in Microsoft
(ASTRX Quote)Ameritor Security Trust	20.2
(RYOCX Quote)Rydex OTC	17.5
(FSCSX Quote)Fidelity Select Software and Computer Services	14.7
(POTCX Quote)Potomac OTC Plus	14.1
(CFLGX Quote)CitiFunds Large Cap Growth	12.6
Berkshire Focus	11.7
(LRPSX Quote)Papp Stock	10.7
(FOCPX Quote)Fidelity OTC	9.8
(FADTX Quote)Fidelity Advisor Technology	9.6
(DSEFX Quote)Domini Social Equity	9.3
Source: Morningstar

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Though it will take time to sort through the implications of today's ruling, any adverse impact on Microsoft could prove beneficial to companies that have been competitors in key areas.

Here's a look at funds with significant holdings in some of those competitors, including America Online(AOL Quote), IBM (IBM Quote), Oracle (ORCL Quote) and Sun Microsystems (SUNW Quote).

Funds With Big Stakes in America Online
Fund	% of assets in AOL
Boyle Marathon	16.5%
(JAVLX Quote)Janus Twenty	16.2
Regional Opportunity	15.7
Millennium Growth & Income	12.9
(FLVBX Quote)Flag Investors Value Builder	11.6
(TISHX Quote)Flag Investors Communications	11
(LMVTX Quote)Legg Mason Value	11
(UMLGX Quote)Excelsior Large Cap Growth	10.9
Profit Value	10
New York Equity	9.6
Source: Morningstar

Funds With Big Stakes in IBM
Fund	% of assets in IBM
American Growth	9.4%
(SRVFX Quote)Firstar Stellar Relative Value	9.1
Leonetti Balanced	8.6
(OFTDX Quote)Orbitex Focus 30	7.9
(LMTRX Quote)Legg Mason Total Return	7.4
(SNTRX Quote)Sentry	7
(CFLGX Quote)CitiFunds Large Cap Growth	6.6
(MBALX Quote)Monetta Balanced	6.2
(STSEX Quote)State Street Exchange	6
(SDOWX Quote)Strong Dow 30 Value	6
Source: Morningstar

Funds With Big Stakes in Oracle
Fund	% of assets in Oracle
(FSCSX Quote)Fidelity Select Software and Computer Services	13.4%
Countrywide Growth/Value	8.8
(MFEGX Quote)MFS Emerging Growth	8.2
Countrywide Aggressive Growth	6
Exeter Tax Managed	5.6
(MMNSX Quote)MFS Managed Sectors	5.1
(FOIGX Quote)Forum Investors Growth	4.3
(FOCPX Quote)Fidelity OTC	4
(TLFQX Quote)Firsthand Technology Leaders	3.8
Monterey Murphy New World Technology	3.7
Source: Morningstar

Funds With Big Stakes in Sun Microsystems
Fund	% of assets in Sun
Countrywide Growth/Value	13.3%
(FWLEX Quote)Matterhorn Growth	10.4
Ameritor Investment	9.7
Ameritor Security Trust	8.9
Countrywide Aggressive Growth	7.8
(CEQAX Quote)Countrywide Equity	6.4
(WHGRX Quote)Wayne Hummer Growth	5.4
(SGCRX Quote)Phoenix-Seneca Growth	5
(ROGSX Quote)Red Oak Technology Select	4.9
(GFWIX Quote)Guinness Flight Wired Index	4.7
Source: Morningstar

Finally, here's a look at funds that have significant stakes in Dell(DELL Quote), Compaq(CPQ Quote) and Apple(AAPL Quote), which might benefit from a broader market for operating systems to run the personal computers and servers they manufacture.

Funds With Big Stakes in Dell
Fund	% of assets in Dell
Boyle Marathon	13.4
(TEQUX Quote)Transamerica Premier Equity	8.3
(TBAIX Quote)Transamerica Premier Balanced	7.4
TCW Galileo Select Equity	7.3
(TPAGX Quote)Transamerica Premier Aggressive Growth	7.2
American Growth	6.8
(FADTX Quote)Fidelity Advisor Technology	6.7
Regional Opportunity	6.7
(LMVTX Quote)Legg Mason Value	6.3
(DOIGX Quote)Dominion Insight Growth	6.3
Source: Morningstar

Funds With Big Stakes in Compaq
Fund	% of assets in Compaq
(PARNX Quote)Parnassus	6.2%
(MINVX Quote)Mosaic Investors	5.2
Mosaic Focus	4.7
(ISTLX Quote)Lepercq-Istel	4.5
(PRBLX Quote)Panassus Income Equity Income	4.1
Mosaic Foresight	3.8
(BHBFX Quote)Mosaic Balanced	3.5
Capital Value	3.5
(RBCAX Quote)Reserve Blue Chip Growth	3.4
Merrill Lynch Asset Builder Growth Opportunities	3.3
Source: Morningstar

Funds With Big Stakes in Apple
Fund	% of assets in Apple
(JASSX Quote)Janus Special Situations	5.6%
(EVSAX Quote)Evergreen Stock Selector	4.9
(CALEX Quote)Cutler Value	3.8
(ASGAX Quote)Atlas Strategic Growth	3.1
(HSYTX Quote)HomeState Year 2000	3.1
(OSAGX Quote)O'Shaughnessy Aggressive Growth	3
(PDGFX Quote)Norwest Advantage Performa Disc. Growth	2.9
(OSCGX Quote)O'Shaughnessy Cornerstone Growth	2.9
Sextant Growth	2.8
(USBOX Quote)Quantitative Growth & Income	2.7
Source: Morningstar