FAO Long Term

ANNEX C-5

FIXED INCOME - NON-US DOLLAR

(As of 31 December 2000)

Unrealized

Units

Security Description

Market Value

Cost

Gain/Loss

11,500,000

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

1,552,013.23

1,902,240.25

-350227.02

4,630,000

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

4,353,407.57

4,169,493.65

183913.92

2,180,020

FRANCE(GOVT OF) 8.5% OAT 25/10/08 EUR1

2,519,509.00

3,445,038.02

-925529.02

3,891,779

GERMANY(FED REP) 5.625% BDS 4/1/28 EUR0.01

3,757,940.06

3,897,509.11

-139569.05

3,809,124

GERMANY(FED REP) 6.5% BDS 14/10/05 EUR0.01

3,859,798.83

4,699,018.56

-839219.73

2,608,102

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

2,732,663.46

3,286,949.80

-554286.34

3,260,000

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

1,524,340.57

1,696,586.06

-172245.49

2,614,402

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

2,704,164.45

3,282,282.12

-578117.67

15,900,000

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

1,999,738.22

2,432,647.58

-432909.36

1,000,000

JAPAN FINANCE CORP 9.125% GTD BDS 16/2/05 GBP

1,660,293.09

1,935,672.22

-275379.13

170,000,000

INTL BANK RECON&DV 4.5% BDS 20/3/03 JPY

1,619,844.15

1,721,162.45

-101318.3

3,000,000

BIRKA ENERGI AB 6.375% MTN 03/11/2006 EUR

2,883,310.02

2,752,923.44

130386.58

3,600,000

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

2,985,269.40

3,598,579.26

-613309.86

280,000,000

GEN MTRS ACCEP CORP NT CPN RT=3MO YLIBOR+10BP DUE 07-26-2002 BEO

2,441,541.16

2,458,098.79

-16557.63

666,000,000

KFW INTERNATIONAL 1.75% BK GUAR 23.03.2010

5,937,822.81

6,152,448.85

-214626.04

Subtotal

42,531,656.02

47,430,650.16

Accrued Income

1,071,884.74

1,071,884.74

Total

43,603,540.76

48,502,534.90

(4,898,994.14)