<PAGE> PAGE 1
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001 A000000 THE DIVERSIFIED PORTFOLIO
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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SIGNATURE GEORGE A RIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
roported dated December 31, 1999 for the Diversified Portfolio and is qualified
in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 927135
<INVESTMENTS-AT-VALUE> 1083808
<RECEIVABLES> 25144
<ASSETS-OTHER> 6726
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1115678
<PAYABLE-FOR-SECURITIES> 107374
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 618
<TOTAL-LIABILITIES> 107992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1007686
<DIVIDEND-INCOME> 3802
<INTEREST-INCOME> 10529
<OTHER-INCOME> 0
<EXPENSES-NET> 3000
<NET-INVESTMENT-INCOME> 11331
<REALIZED-GAINS-CURRENT> 21937
<APPREC-INCREASE-CURRENT> 33166
<NET-CHANGE-FROM-OPS> 66434
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 133805
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2560
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3045
<AVERAGE-NET-ASSETS> 925855
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .65
</TABLE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: Diversified Portfolio - Small Capital Security Description: Common
Stock - 8,150,000 Shares
Issuer: Finisar Corp.
Offering Type: U.S. Registered
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C>
1. Offering Date Nov. 11, 1999 None N/A
------------- ---
2. Trade Date Nov. 11, 1999 Must be the same as #1 YES
-------------- ---
3. Unit Price of Offering $19.00 None N/A
------ ---
4. Price Paid per Share $19.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 12 Must be at least three years * YES
-- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.33 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $30,400 None N/A
------- ---
9. Total Size of Offering $154,850,000 None N/A
------------ ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $609,425 ---
investment companies --------
11. Underwriter(s) from whom the Portfolio Merrill Lynch
purchased (attach a prospectus or Must not include Investment Adviser
offering circular for a list of all affiliates *** YES
syndicate members)
12. N/A
If the affiliate was lead or co-lead
manager, was the instruction listed below Must be "Yes" or "N/A" N/A
given to the broker(s) named in #11? ****
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause to believe that the underwriting
commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source
has been in operation for less than three years, the issue must have
one of the three highest ratings. Circle (i) or (ii), whichever is met.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the
amount of the offering of the same class in any concurrent public
offering
*** For munis purchased from syndicate manager, check box to confirm that the
purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to the
Investment Adviser's affiliate.
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: Diversified Portfolio- Small Cap. Security Description: Common
Stock - 5,000,000 Shares
Issuer: Foundry Networks , Inc.
Offering Type: U.S. Registered
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C>
1. Offering Date Sept. 27, 1999 None N/A
-------------- ---
2. Trade Date Sept. 27, 1999 Must be the same as #1 YES
--------------- ---
3. Unit Price of Offering $25.00 None N/A
------ ---
4. Price Paid per Share $25.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 3 Must be at least three years * YES
- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.75 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $32,500 None N/A
------- ---
9. Total Size of Offering $125,000,000 None N/A
------------ ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $615,000 ---
investment companies --------
11. Underwriter(s) from whom the Portfolio Deutsche
purchased (attach a prospectus or Morgan Grenfell Must not include Investment Adviser
offering circular for a list of all affiliates *** YES
syndicate members)
12.
If the affiliate was lead or co-lead N/A
manager, was the instruction listed below Must be "Yes" or "N/A" N/A
given to the broker(s) named in #11? ****
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause to believe that the underwriting
commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source
has been in operation for less than three years, the issue must have
one of the three highest ratings. Circle (i) or (ii), whichever is met.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the
amount of the offering of the same class in any concurrent public
offering
*** For munis purchased from syndicate manager, check box to confirm that the
purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to the
Investment Adviser's affiliate.
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: Diversified Portfolio - Small Capital Security Description: Common
Stock - 6,500,000 Shares
Issuer: Inter Trust Technologies Corp.
Offering Type: U.S. Registered
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C>
1. Offering Date Oct. 26, 1999 None N/A
------------- ---
2. Trade Date Oct. 26, 1999 Must be the same as #1 YES
-------------- ---
3. Unit Price of Offering $18.00 None N/A
------ ---
4. Price Paid per Share $18.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 5 Must be at least three years * YES
- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.26 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $72,000 None N/A
------- ---
9. Total Size of Offering $117,000,000 None N/A
------------ ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $1,368,000 ---
investment companies ----------
11. Underwriter(s) from whom the Portfolio First Boston
purchased (attach a prospectus or Corp. Must not include Investment Adviser
offering circular for a list of all affiliates *** YES
syndicate members)
12.
If the affiliate was lead or co-lead
manager, was the instruction listed below N/A Must be "Yes" or "N/A" N/A
--- ---
given to the broker(s) named in #11? ****
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause to believe that the underwriting
commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source
has been in operation for less than three years, the issue must have
one of the three highest ratings. Circle (i) or (ii), whichever is met.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the
amount of the offering of the same class in any concurrent public
offering
*** For munis purchased from syndicate manager, check box to confirm that the
purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to the
Investment Adviser's affiliate.
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: Diversified - Small Capital Fund Security Description: Common
---------------------------------- Stock - 30,000,000 Shares
------------------------
Issuer: American National Can Group, Inc. Offering Type: U.S. Registered
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C>
1. Offering Date July 28, 1999 None N/A
------------- ---
2. Trade Date July 28, 1999 Must be the same as #1 YES
-------------- ---
3. Unit Price of Offering $17.00 None N/A
------ ---
4. Price Paid per Share $17.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 11 Must be at least three years * YES
-- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $0.85 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $151,300 None N/A
-------- ---
9. Total Size of Offering $510,000,000 None N/A
------------ ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $2,956,300 ---
investment companies ----------
11. Underwriter(s) from whom the Portfolio First Boston
purchased (attach a prospectus or Corp. Must not include Investment Adviser
offering circular for a list of all affiliates *** YES
syndicate members)
12. N/A
If the affiliate was lead or co-lead
manager, was the instruction listed below Must be "Yes" or "N/A" N/A
given to the broker(s) named in #11? ****
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause to believe that the underwriting
commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source
has been in operation for less than three years, the issue must have
one of the three highest ratings. Circle (i) or (ii), whichever is met.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the
amount of the offering of the same class in any concurrent public
offering
*** For munis purchased from syndicate manager, check box to confirm that the
purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to the
Investment Adviser's affiliate.
