FAO Long Term

ANNEX C-1

EQUITIES - US DOLLAR

(As of 31 December 2000)

Unrealized

Shares

Securities Description

Market Value

Cost

Gain/Loss

1

ADR TELE NORTE LESTE PARTICIPACOES S A SPONSORED ADR REPSTG PFD

22.81

13.84

8.97

15,000

NORTEL NETWORKS CP COM NPV

480,937.50

1,205,587.50

-724650

153,347

FIDUCIARY EMERGING SHS

1,519,668.77

1,489,230.60

30438.17

16,000

ADR GRUPO TELEVISA SA DE CV REP ORD PARTN CTF

719,000.00

738,272.00

-19272

33,062

ADR TAIWAN SEMICONDUCTOR MFG CO LTD ISINUS8740391003

570,319.50

663,265.08

-92945.58

1

AGILENT TECHNOLOGIES INC COM

54.75

22.74

32.01

31,905

AMER INTL GROUP INC COM

3,144,636.56

2,224,727.67

919908.89

20,500

AMGEN INC COM

1,310,718.75

1,255,764.20

54954.55

59,600

AT&T CORP COM LIBERTY MEDIA GROUP SER A

808,325.00

1,042,101.60

-233776.6

27

BERKSHIRE HATHAWAY INC CL B COM

63,585.00

34,253.42

29331.58

18

BERKSHIRE HATHAWAY INC.,COMMON

1,274,400.00

663,103.07

611296.93

31,000

BROADWING INC COM ISIN US1116201005

707,187.50

1,043,076.68

-335889.18

14,250

CARDINAL HLTH INC

1,419,656.25

735,000.00

684656.25

41,850

CENTURYTEL INC COM ISIN US1567001060

1,496,137.50

669,363.50

826774

43,900

CISCO SYSTEMS COM USD0.001

1,679,175.00

282,997.19

1396177.81

15,604

CLEAR CHANNEL COMMUNICATIONS INC COM

755,818.75

914,100.00

-158281.25

9,000

COMVERSE TECH INC COM PAR $0.10 NEW

977,625.00

490,073.01

487551.99

19,500

ELECTR DATA SYS CORP (NEW) COM STK

1,126,125.00

912,457.65

213667.35

46,000

EMC CORP MASS COM

3,059,000.00

1,071,008.22

1987991.78

23,800

ENRON CORP COM

1,978,375.00

1,662,919.00

315456

16,400

F.N.M.A. COM D/B/A FANNIE MAE

1,422,700.00

896,346.99

526353.01

39,200

FLEXTRONICS INTL LTD COM STK

1,117,200.00

1,171,812.60

-54612.6

54,800

GEN ELEC CO COM USD0.16 (US QUOTE)

2,626,975.00

476,343.84

2150631.16

35,400

GEN MTRS CORP CL H NEW

814,200.00

1,122,706.25

-308506.25

30,000

HALLIBURTON CO COM

1,087,500.00

1,228,981.25

-141481.25

25,800

HEWLETT-PACKARD CO COM

814,312.50

458,415.54

355896.96

13,325

HONEYWELL INTL INC COM STK

630,439.06

805,724.13

-175285.07

27,500

INFINITY BROADCASTING CORP NEW CL A COM STK

768,281.25

771,080.75

-2799.5

42,000

INTEL CORP CAP

1,262,625.00

58,406.41

1204218.59

9,250

JDS UNIPHASE CORP COM USD0.001

385,609.38

975,140.63

-589531.25

37,000

JP MORGAN CHASE COM USD1

1,681,187.50

1,926,564.60

-245377.1

21,000

LILLY(ELI)& CO COM NPV (USD QUOTE)

1,954,312.50

1,837,533.75

116778.75

11,000

MARSH & MC LENNAN CO'S INC

1,287,000.00

1,282,822.20

4177.8

24,000

MERCK & CO INC COM USD0.01

2,247,000.00

499,836.45

1747163.55

10,800

MERCURY INTERACTIVE CORP

974,700.00

1,193,402.16

-218702.16

14,800

MICROSOFT CORP COM USD0.0000125

641,950.00

44,607.34

597342.66

19,500

MORGAN ST DEAN W. DISCOVER GRP INC NEW COM STK

1,545,375.00

1,769,021.55

-223646.55

32,000

ORACLE CORPORATION COM USD0.01

930,000.00

1,042,403.08

-112403.08

94,075

PFIZER INC COM

4,327,450.00

1,447,937.43

2879512.57

23,000

SCHLUMBERGER LTD COM

1,838,562.50

1,470,162.80

368399.7

4,000

SIEBEL SYS INC COM

270,500.00

408,500.00

-138000

38,800

SOLECTRON CORP COM

1,315,320.00

914,017.47

401302.53

37,000

ST PAUL COMPANIES INC COM

2,009,562.50

1,855,705.40

153857.1

32,250

STAPLES INC COM

380,953.13

707,436.00

-326482.87

15,900

TEL & DATA SYS INC COM

1,431,000.00

760,172.50

670827.5

15,228

TRANSOCEAN SEDCO FOREX INC

700,488.00

654,503.48

45984.52

39,400

TYCO INTL LTD NEW COM STK

2,186,700.00

944,432.95

1242267.05

36,500

WELLS FARGO & CO NEW COM STK

2,032,593.75

1,503,630.20

528963.55

299

PVTPL CENTAUR FDG CORP PREF SHS SER B 9.08 144A

310,212.50

299,000.00

11212.5

Subtotal

61,515,158.71

45,623,984.72

Accrued Income

38,130.08

38,130.08

Total

61,553,288.79

45,662,114.80

16,461,493.49