Here's the drug component of the Barr Rosenberg "Neutral" portfolio as of September 30, 1999.
The longs:
-------------
DRUGS -- 7.1%
15,000 Alpharma, Inc., Class A....... 529,688
23,900 Ariad Pharmaceuticals,
Inc.*....................... 17,178
31,200 Bausch & Lomb Inc............. 2,057,249
5,300 Biosite Diagnostics Inc.*..... 48,197
19,100 Cambrex Corp.................. 504,956
10,200 ChiRex, Inc.*................. 263,288
100 Genzyme Corp.*................ 4,506
5,300 Hi-Tech Pharmacal Co.,
Inc.*....................... 24,844
8,900 Hycor Biomedical Inc.*........ 10,569
32,200 ImmuLogic Pharmaceutical
Corp........................ 7,044
1,000 IVC Industries, Inc.*......... 4,750
50,500 Mallinckrodt Inc.............. 1,524,469
1,000 Medicis Pharmaceutical
Corp.*...................... 28,500
23,100 MedImmune, Inc.*.............. 2,302,058
2,299 New Brunswick Scientific Co.,
Inc.*....................... 13,938
5,600 PDK Labs Inc.*................ 24,850
7,900 Quidel Corp.*................. 34,563
21,600 Roberts Pharmaceutical
Corp.*...................... 653,400
2,500 Weider Nutrition
International, Inc.......... 7,969
-------------
8,062,016
and the shorts:
DRUGS -- 7.6%
11,200 Advanced Magnetics, Inc.*...... 35,000
8,200 Algos Pharmaceuticals Corp.*... 69,700
14,700 Alkermes, Inc.*................ 423,544
18,500 Amylin Pharmaceuticals,
Inc.*........................ 87,875
1,800 Anika Therapeutics, Inc.*...... 10,125
11,900 Aphton Corp.*.................. 157,675
8,300 ArQule, Inc.*.................. 51,356
9,000 Aviron*........................ 218,250
10,000 BioCryst Pharmaceuticals,
Inc.*........................ 242,500
13,200 Celgene Corp.*................. 357,225
10,600 Cephalon, Inc.*................ 190,469
3,700 COR Therapeutics, Inc.*........ 70,300
9,200 Coulter Pharmaceutical,
Inc.*........................ 128,225
15,100 Creative BioMolecules, Inc.*... 56,625
7,300 Cygnus, Inc.*.................. 81,897
1,900 Emisphere Technologies,
Inc.*........................ 27,788
17,200 Human Genome Sciences, Inc.*... 1,268,499
17,200 ICOS Corporation*.............. 507,400
17,400 ImClone Systems Inc.*.......... 578,549
7,200 Inhale Therapeutic Systems,
Inc.*........................ 218,700
20,100 Isis Pharmaceuticals, Inc.*.... 224,869
16,000 Martek Biosciences Corp.* 92,000
16,900 Molecular Biosystems, Inc.*.... 29,575
6,900 NEO RX Corporation*............ 11,644
8,800 Neose Technologies, Inc.*...... 132,000
1,800 Neurogen Corp.*................ 29,925
6,000 Northfield Laboratories
Inc.*........................ 85,125
13,800 Noven Pharmaceuticals, Inc.*... 117,300
1,500 NPS Pharmaceuticals, Inc.*..... 8,625
5,300 Orphan Medical, Inc.*.......... 35,775
8,100 Pharmacyclics, Inc.*........... 331,088
1,200 Protein Design Labs, Inc.*..... 43,350
7,100 Research Frontiers*............ 71,000
9,800 SangStat Medical Corp.*........ 209,475
16,700 Sepracor Inc.*................. 1,260,849
13,000 Transkaryotic Therapies,
Inc.*........................ 667,874
14,800 Triangle Pharmaceuticals,
Inc.*........................ 284,900
13,900 Vical, Inc.*................... 191,994
11,700 XOMA Ltd.*..................... 34,369
11,500 Zila, Inc.*.................... 38,094
------------
8,681,533
------------
Not surprisingly, given the above selection:
During the six months ended September 30,1999,
the Fund underperformed its benchmark, 90-day T-bills,
by more than 8.5%
<g>
Peter
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