THE MALLARD FUND, INC.
Arthur Andersen LLP
2100 One PPG Place
Pittsburgh, PA 15222
FINANCIAL STATEMENTS
September 30, 1999
Directors
William S. Dietrich II
Jennings R. Lambeth
Evans Rose, Jr.
Thomas Marshall
Officers
William S. Dietrich II
President and Chief Investment Officer
Richard F. Berdik
Secretary and Treasurer
Legal Counsel
Kirkpatrick & Lockhart LLP
Independent Auditors
Deloitte & Touche LLP
THE MALLARD FUND, INC.
Investments / September 30, 1999 (Unaudited)
(Showing Percentage of Total Value of Net Assets)
____________________________________________________________________________
Shares Value
MUTUAL FUNDS - 56.6%
American Funds - EuroPacfic Growth Fund 225,165 $7,711,903
DFA US Small Cap Value 478,731 9,091,104
CI Emerging Markets Growth Fund, Inc. 332,466 17,903,280
Morgan Stanley Emerging Markets Portfolio 216,537 2,734,857
Templeton Institutional Emerging Markets Fund 1,929,080 19,541,576
Tweedy Browne American Value Fund 379,592 8,848,300
Tweedy Browne Global Value Fund 360,968 7,396,241
Vanguard Index 500 24,750 2,934,157
TOTAL MUTUAL FUNDS (COST $83,874,679) $76,161,418
LIMITED PARTNERSHIPS - 54.2% (a)
Accel Internet Fund III, L.P. 225,000
Adams Capital Management II, L.P. 50,000
Alloy Ventures 98, L.P. 805,709
Bain Capital Fund VI, L.P. 557,350
Bain Capital VI Coinvestment Fund L.P. 423,642
BC European Capital VI 787,728
Berkshire Fund V, L..P. 117,418
Blackstone Capital Partners III Merchant Banking Fund, L.P. 2,514,182
Brookside Capital Partners Fund, L.P. 2,367,272
Code Hennessy & Simmons 177,000
Delphi Ventures IV, L.P. 2,686,478
Doughty Hanson & Co. III, L.P. Number 6 551,957
Everest Capital Frontier, L.P. 3,909,986
Feirstein Partners, L.P. 4,980,053
Hicks, Muse, Tate & Furst Equity Fund IV, L.P. 3,619,154
Highfields Capital Ltd. 6,571,400
Hummer Winblad Venture Partners IV 240,000
J.H. Whitney III, L.P. 2,890,559
J.H. Whitney Mezzanine Fund, L.P. 847,180
J.W. Childs Equity Partners II, L.P. 494,624
Lone Redwood, L.P. 4,312,568
Maverick Fund USA, Ltd. 7,651,762
MeriTech Capital Partners 1,489,759
Millgate Partners, L.P. 2,295,708
ML - Silver Lake Special Trust 90,000
Morgenthaler Venture Partners V 817,298
Mt. Everest QP Fund, L.P. 2,946,807
Oak Investment Partners IX 70,000
Oppenheimer Emerging Markets, L.P. 66,779
Peak Investments Limited Partnership 106,390
Pequot Technology
