FAO Long Term

ANNEX C-14

VENTURE CAPITAL

(As of 30 June 2001)

Unrealized

Shares

Securities Description

Cost

Market Value

Gain/Loss

618,366

FIDUCIARY INTL EMERG MKTS BD

6,154,515.96

6,480,475.89

325,959.93

309,733

FIDUCIARY TST GBL US HIGH GWTH EQ FD

3,430,368.00

9,716,318.88

6,285,950.88

32,500

ASIA EX JAPAN EQT FD UNT 10 PLAC

325,000.00

251,550.00

- 73,450.00

9,909,883.96

16,448,344.77

6,538,460.81