International Equity Portfolio
Name of the Underwriters
Goldman Sachs and
Salomon Smith Barney
Name of Issuer
Nippon Telegraph and Telephone Corp.
Title of Security
Common Stock
Date of Secondary Offering
11/8/99
Amount of Total Offering
952,000 shares
Unit Price
JPY 1,666,000
Underwriting Spread or Commission
JPY 27,489 per share
Rating
NA
Maturity Date
NA
Current Yield
NA
Yield to Maturity
NA
Subordination Features
NA
Nature of Political Entity, if any,
including in the case of revenue
bonds, underlying entity supplying
the revenue
NA
Total Par Value of Bonds Purchased
NA
Dollar Amount of Purchases
USD 47,227
Number of Shares Purchased
3 shares
Years of Continuous Operation
Greater than 3 years
% of offering Purchased by Fund
.0003%
% of offering Purchased by
Associated Funds
.0167%
% of Funds Total Assets Applied to Purchase
NA
Name(s) of Underwriter(s) or Dealer(s) from
Whom Purchased
Salomon Smith Barney, Inc.
Is Goldman, Sachs & Co. a Manager or
Co-Manager of Offering?
Yes
Were Purchases Designated as Group Sales
or otherwise allocated to Goldman, Sachs
& Co. ?
No
Have the following conditions been satisfied?
a) The securities were part of an issue registered
under the Securities Act of 1993, as amended,
which is being offered to the public, or were
municipal securities, as defined in Section 3(a)(29)
of the Securities Exchange Act of 1943, or were
securities sold in an Eligible Foreign Offering or
were securities sold in an Eligible Rule 144A Offering?
Yes
b) The securities were purchased prior to the end
of the first day on which any sales to the public
were made, at a price that was not more than
the price paid by each other purchaser of
securities in that offering or in any concurrent
offering of the securities (except, in the case of an
Eligible Foreign Offering, for any rights to purchase
required by law to be granted to existing security
holders of the issue) or, if a rights offering, the
securities were purchased on or before the fourth
day of preceding the day on which the
rights offering terminated?
Yes
c) The underwriting was a firm commitment
underwriting?
Yes
COMPARABLE SECURITIES
Name of Underwriters
Daiwa Securities, SB Capital Markets
Name of Issuer
AVEX, Inc.
Title of Security
Common Stock
Date of Secondary Offering
11/30/99
Amount of Total Offering
800,000 shares
Unit Price
JPY 29,106
Underwriting Spread or Commission
JPY 1,309.77 per share
Name of Underwriters
Nomura Securities Co., Ltd.
Name of Issuer
RYOHIN KEIKAKU Co., Ltd.
Title of Security
Common Stock
Date of Secondary Offering
11/25/99
Amount of Total Offering
2,800,000 shares
Unit Price
JPY 22,608
Underwriting Spread or Commission
JPY 1,038.15 per share
