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) 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)Ameritor Security Trust	20.2
(RYOCX)Rydex OTC	17.5
(FSCSX)Fidelity Select Software and Computer Services	14.7
(POTCX)Potomac OTC Plus	14.1
(CFLGX)CitiFunds Large Cap Growth	12.6
Berkshire Focus	11.7
(LRPSX)Papp Stock	10.7
(FOCPX)Fidelity OTC	9.8
(FADTX)Fidelity Advisor Technology	9.6
(DSEFX)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), IBM (IBM), Oracle (ORCL) and Sun Microsystems (SUNW).

Funds With Big Stakes in America Online
Fund	% of assets in AOL
Boyle Marathon	16.5%
(JAVLX)Janus Twenty	16.2
Regional Opportunity	15.7
Millennium Growth & Income	12.9
(FLVBX)Flag Investors Value Builder	11.6
(TISHX)Flag Investors Communications	11
(LMVTX)Legg Mason Value	11
(UMLGX)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)Firstar Stellar Relative Value	9.1
Leonetti Balanced	8.6
(OFTDX)Orbitex Focus 30	7.9
(LMTRX)Legg Mason Total Return	7.4
(SNTRX)Sentry	7
(CFLGX)CitiFunds Large Cap Growth	6.6
(MBALX)Monetta Balanced	6.2
(STSEX)State Street Exchange	6
(SDOWX)Strong Dow 30 Value	6
Source: Morningstar

Funds With Big Stakes in Oracle
Fund	% of assets in Oracle
(FSCSX)Fidelity Select Software and Computer Services	13.4%
Countrywide Growth/Value	8.8
(MFEGX)MFS Emerging Growth	8.2
Countrywide Aggressive Growth	6
Exeter Tax Managed	5.6
(MMNSX)MFS Managed Sectors	5.1
(FOIGX)Forum Investors Growth	4.3
(FOCPX)Fidelity OTC	4
(TLFQX)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)Matterhorn Growth	10.4
Ameritor Investment	9.7
Ameritor Security Trust	8.9
Countrywide Aggressive Growth	7.8
(CEQAX)Countrywide Equity	6.4
(WHGRX)Wayne Hummer Growth	5.4
(SGCRX)Phoenix-Seneca Growth	5
(ROGSX)Red Oak Technology Select	4.9
(GFWIX)Guinness Flight Wired Index	4.7
Source: Morningstar

Finally, here's a look at funds that have significant stakes in Dell(DELL), Compaq(CPQ) and Apple(AAPL), 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)Transamerica Premier Equity	8.3
(TBAIX)Transamerica Premier Balanced	7.4
TCW Galileo Select Equity	7.3
(TPAGX)Transamerica Premier Aggressive Growth	7.2
American Growth	6.8
(FADTX)Fidelity Advisor Technology	6.7
Regional Opportunity	6.7
(LMVTX)Legg Mason Value	6.3
(DOIGX)Dominion Insight Growth	6.3
Source: Morningstar

Funds With Big Stakes in Compaq
Fund	% of assets in Compaq
(PARNX)Parnassus	6.2%
(MINVX)Mosaic Investors	5.2
Mosaic Focus	4.7
(ISTLX)Lepercq-Istel	4.5
(PRBLX)Panassus Income Equity Income	4.1
Mosaic Foresight	3.8
(BHBFX)Mosaic Balanced	3.5
Capital Value	3.5
(RBCAX)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)Janus Special Situations	5.6%
(EVSAX)Evergreen Stock Selector	4.9
(CALEX)Cutler Value	3.8
(ASGAX)Atlas Strategic Growth	3.1
(HSYTX)HomeState Year 2000	3.1
(OSAGX)O'Shaughnessy Aggressive Growth	3
(PDGFX)Norwest Advantage Performa Disc. Growth	2.9
(OSCGX)O'Shaughnessy Cornerstone Growth	2.9
Sextant Growth	2.8
(USBOX)Quantitative Growth & Income	2.7
Source: Morningstar

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