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Politics : Ask Michael Burke

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To: Joan Osland Graffius who wrote (99966)	11/30/2003 4:27:22 PM
From: AuBug	Read Replies (1) of 132070

Hi Joan, I just perused the QRAAX Annual Report and their Prospectus. They seem to hold a lot corporate bonds and various kinds of notes. They also have puts & calls on futures. I didn't see any outright futures contracts. In their words, Fund Manager Angelo Manioudakis: "We invest in securities that imitate the performance of commodities. Based on where we believe the economy to be in the business cycle, we will allocate assets to certain broad commodity sectors. In this way, the fund provides a unique opportunity for investors to add additional diversity and growth potential to their long-term investment portfolios. Our goal is to offer competitive performance against our investment benchmark, the Goldman Sachs Commodity Index (GSCI)." They also say they "generally" mimic the GSCI which if they did do that would weight 66% or so in energy. Too heavy for my liking. They also say they "actively manage" the fund so it might not track the GSCI, yes, it lags it (see their graphs in annual report). oppenheimerfunds.com oppenheimerfunds.com Here's an interesting article about these 2 funds: Can You Have Your Cake And Eat It, Too? by Rick Kahler - October 17, 2003 rickkahler.com I'm going to bet on PCRAX as I prefer their DJAIG Index and the lower energy weighting and higher soybean oil weighting.

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