FAO Long Term

ANNEX C-10

EQUITIES - NON-US DOLLAR

(As of 30 June 2001)

Unrealized

Shares

Securities Description

Cost

Market Value

Gain/Loss

190,500

WOOLWORTHS LTD NPV

760,068.38

1,064,721.66

304,653.28

228,340

KINGSPAN GROUP ORD EUR0.13

1,262,090.64

789,970.47

- 472,120.17

222,500

AEGIS GROUP PLC ORD 5P

621,060.41

328,558.77

- 292,501.64

99,885

AGGREKO ORD GBP0.20

629,529.47

660,224.88

30,695.41

125,000

AMEY ORD GBP0.01

692,211.90

597,699.21

- 94,512.69

1,490

BP ORD USD0.25

11,416.70

12,247.98

831.28

93,300

COLT TELECOM GROUP ORD GBP0.025

1,439,018.74

645,565.78

- 793,452.96

220,000

COMPASS GROUP ORD GBP0.10

1,032,348.59

1,760,470.28

728,121.69

660

MISYS ORD GBP0.01

5,441.83

4,613.11

- 828.72

67,800

RECKITT BENCKISER ORD GBP0.105263

926,442.87

977,343.68

50,900.81

36,300

SHIRE PHARMA GROUP ORD GBP0.05

632,006.88

660,594.04

28,587.16

200,000

TAYLOR NELSON SOFR ORD GBP0.05

947,342.67

575,197.59

- 372,145.08

2,838

VODAFONE GROUP PLC ORD USD0.10

9,669.26

6,286.18

- 3,383.08

8,915

COLOPLAST 'B'DKK10(REGD)

454,324.63

418,348.08

- 35,976.55

5,970

GROUP 4 FALCK DKK20

479,317.99

685,782.87

206,464.88

14,000

TK DEVELOPMENT DKK20

465,269.01

472,488.06

7,219.05

14,150

VESTAS WIND SYSTEM DKK1

57,844.69

651,295.83

593,451.14

13,370

OMEGA PHARMACY NPV

495,599.14

514,983.87

19,384.73

20,000

INSTRUMENTARIUM NPV

610,418.17

565,154.45

- 45,263.72

30,360

UPONOR OYJ EUR2

505,771.12

442,059.82

- 63,711.30

20,205

VAISALA SER'A'NPV

587,348.71

513,134.17

- 74,214.54

35,650

APRIL GROUP EUR0.4

528,414.01

633,767.05

105,353.04

6,890

CIE GEN GEOPHYSIQU EUR 2

435,528.61

375,334.60

- 60,194.01

29,760

INFOGRAMES ENTERMT NPV

550,298.94

473,632.62

- 76,666.32

5,530

LOUVRE FRF15(REGD)

482,838.51

458,777.42

- 24,061.09

5,870

LVL MEDICAL GROUPE FRF2

252,342.53

193,899.28

- 58,443.25

6,450

MARIONNAUD PARFUME EUR3.50

746,318.98

570,047.49

- 176,271.49

6,550

PENAUILLE POLYSERV EUR2

364,276.27

371,506.94

7,230.67

44,100

PINGUELY-HAULOTTE FRF0.80

957,254.65

718,654.50

- 238,600.15

21,200

PUBLICIS GROUPE SA EUR0.40

175,138.30

513,278.08

338,139.78

7,100

ROYAL CANIN EUR 3.00

329,213.50

660,551.78

331,338.28

17,860

TRIGANO EUR4

710,722.80

604,772.83

- 105,949.97

17,680

AIXTRON ORD NPV

118,762.71

507,379.35

388,616.64

7,410

FJA AG NPV

434,178.91

423,421.40

- 10,757.51

6,700

INTERSHOP COMMUNIC NPV

254,001.20

19,794.80

- 234,206.40

10,143

LAMBDA PHYSIK AG NPV

568,747.11

438,771.24

- 129,975.87

30,300

QIAGEN NV EUR0.01

195,766.60

666,909.34

471,142.74

15,940

SUESS MICRO TEC AG NPV

555,272.31

465,541.32

- 89,730.99

24,630

TECHEM AG NPV

704,411.10

621,343.13

- 83,067.97

4,570

TECHNOTRANS AG NPV

555,620.79

425,558.93

- 130,061.86

23,775

WEDECO AG WATER TE COM STK NPV

843,061.02

795,002.41

- 48,058.61

246,200

IFG GROUP ORD IEP0.10

597,735.06

635,680.24

37,945.18

158,330

IRISH CONTL GROUP ORD EUR0.65(DUBLIN LISTING)

1,133,195.83

750,588.77

- 382,607.06

- 36,080

KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING)

- 129,816.61

- 123,089.89

6,726.72

71,840

BAYER VITA ITL1000

534,147.16

717,627.64

183,480.48

138,600

FERRETTI S.P.A. ITL100

542,294.02

450,552.37

- 91,741.65

54,530

RECORDATI EUR0.5

544,319.69

733,517.06

189,197.37

27,881

AALBERTS INDS NLG0.10

652,395.67

539,318.57

- 113,077.10

20,720

MOOLEN (VAN DER) EUR0.08

590,378.00

541,999.71

- 48,378.29

73,240

AZKOYEN SA EUR0.6

590,078.31

468,108.05

- 121,970.26

26,200

BARON DE LEY ESP100

573,122.53

505,693.03

- 67,429.50

22,130

GRUPO AUX METAL EUR0.50

446,186.14

470,225.27

24,039.13

28,950

NH HOTELES EUR2

367,895.32

342,370.08

- 25,525.24

ANNEX C-11

12,700

BRIME TECHNOLOGIES FRF4

539,692.15

511,216.74

- 28,475.41

6,450

MARIONNAUD PARFUME EUR3.50 (S/R 03/07/2001)

-

5,241.82

5,241.82

34,406

AALBERTS INDS NLG0.10(STK DIV 17/7/2001)

-

12,815.56

12,815.56

176,767

FIDUCIARY INTL EURO HIGH YLD BD A EUR NAV

1,502,888.39

1,423,090.55

- 79,797.84

69,000

CHEUNG KONG(HLDGS) HKD0.50

576,154.38

751,932.72

175,778.34

116,000

CHINA MOBILE (HK) HKD0.10

785,148.00

612,725.80

- 172,422.20

67,213

HSBC HLDGS USD0.50(HONGKONG REG)

583,011.39

794,933.17

211,921.78

48,000

CANON INC JPY50

971,291.28

1,939,704.94

968,413.66

7,200

FANUC JPY50

347,062.93

358,499.04

11,436.11

26,000

KAO CORP JPY50

689,945.01

646,247.59

- 43,697.42

19,500

NITTO DENKO CORP Y50

652,782.49

562,860.81

- 89,921.68

85,000

NOMURA SECURITIES Y50

1,550,681.95

1,628,848.62

78,166.67

95

NTT DOCOMO INC NPV

673,600.65

1,652,902.50

979,301.85

24,000

PIONEER CORP JPY50

873,529.27

729,313.66

- 144,215.61

8,300

ROHM CO JPY50

782,156.41

1,289,720.97

507,564.56

16,000

SHIN-ETSU CHEM CO Y50

615,067.85

587,556.13

- 27,511.72

5,200

SMC CORP JPY50

612,795.47

556,606.80

- 56,188.67

65,000

TOKIO MARINE &FIRE JPY50

606,670.34

607,160.04

489.70

28,000

YAMATO TRANSPORT Y50

609,828.32

587,075.05

- 22,753.27

36,100

EDB BUSINESS PART NOK1.75

448,644.96

309,345.16

- 139,299.80

53,840

TANDBERG ASA NOK1

493,905.34

683,391.44

189,486.10

42,630

TANDBERG TELEVISJO NOK2

370,488.88

367,584.63

- 2,904.25

44,280

TGS NOPEC GEOPH.CO NOK1

561,498.21

659,277.94

97,779.73

42,425

TOMRA SYSTEMS ASA NOK1

490,175.90

668,013.62

177,837.72

22,035

HIQ INTERNATIONAL SEK0.10

107,088.27

52,833.72

- 54,254.55

22,615

MODERN TIMES GROUP SEK5'B'

459,817.73

509,002.93

49,185.20

61,170

OBSERVER AB SER'B'SEK1.50

793,990.53

382,124.60

- 411,865.93

36,130

Q-MED AB SEK1

773,387.95

569,232.50

- 204,155.45

6,650

KUDELSKI SA CHF10(BR)

169,901.04

558,652.54

388,751.50

2,325

LEICA GEOSYSTEMS H CHF50(REGD)

750,910.07

666,152.05

- 84,758.02

830

LOGITECH INTL CHF10 (REGD)

249,987.22

265,976.80

15,989.58

7,350

TECAN GROUP AG CHF1(REGD)

225,591.25

609,279.81

383,688.56

TOTALS

47,696,335.40

49,876,596.44

2,180,261.04