FAO Long Term

ANNEX C-13

FIXED INCOME - Non-US DOLLAR

(As of 30 June 2001)

Unrealized

Shares

Securities Description

Cost

Market Value

Gain/Loss

3,700,000

AUSTRALIA (CMNWTH) 5.75% BDS'611' 15/06/2011

2,147,237.60

1,837,479.42

- 309,758.18

1,000,000

JAPAN FIN CORP ME 9.125% GTD BDS 16/02/05 GBP

1,935,672.22

1,535,946.33

- 399,725.89

11,500,000

DENMARK(KINGDOM) 7% BDS 15/12/04 DKK0.01

1,902,240.25

1,391,795.54

- 510,444.71

2,300,000

FRANCE(GOVT OF) 3% OATI 25/7/2009 EUR1

2,027,770.13

2,013,023.27

- 14,746.86

3,200,000

FRANCE(GOVT OF) 5.5% OAT 25/4/2029 EUR1

2,881,723.47

2,605,737.89

-275985.58

2,608,102

ITALY(REP OF) 8.5% BTP 1/8/2004 EUR0.01

3,286,949.80

2,442,577.26

- 844,372.54

2,614,402

SPAIN(KINGDOM OF) 8% BDS 30/5/04 EUR

3,282,282.12

2,414,393.95

- 867,888.17

3,000,000

FHLMC 5.25% EURO BD 15.01.2006

2,748,762.06

2,579,511.88

- 169,250.18

2,600,000

PHILIPS ELEC(KON) 5.75% BDS 16/5/2008 EUR1000

2,304,157.75

2,168,005.62

- 136,152.13

4,500,000

UNILEVER UNILEVER 5.125% 07/06/2006

3,973,333.98

3,811,364.04

- 161,969.94

3,600,000

BAT INTL FINANCE 4.875% GTD MTN 25/02/09 EUR

3,598,579.26

2,800,866.86

- 797,712.40

3,500,000

TRANSCO 5.25% EURO MTN 23/5/06 EUR

3,080,272.35

2,948,542.67

- 131,729.68

1,500,000

WPP GROUP PLC UNSORDINAT 6.0% 18/06/2008

1,266,716.91

1,261,819.91

- 4,897.00

280,000,000

GEN MOTORS ACCEPT FRN 26/07/2002

2,458,098.79

2,235,711.99

- 222,386.80

666,000,000

KFW INTERNATIONAL 1.75% BK GUAR 23.03.2010

6,152,448.85

5,771,920.65

- 380,528.20

3,260,000

NEW ZEALAND(GOVT) 8% LN 15/4/2004 NZD100

1,696,586.06

1,363,388.96

- 333,197.10

15,900,000

SWEDEN(KINGDOM OF) 8% BDS 15/8/2007 SEK '1037'

2,432,647.58

1,664,881.70

- 767,765.88

TOTALS

47,175,479.18

40,846,967.94

- 6,328,511.24