1.  Republic of Austria

        5.25% Euro Medium Term Notes, Due 01/04/11

2.  Kingdom of Sweden

        5% Eurobonds, Due 01/28/09

3.  Elf Aquitaine

        4.50% Senior Unsubordinated Notes, Due 03/23/09

4.  Nederlandse Waterschapsbank

        4.00% Notes, Due 02/11/09

5.  Societe Nationale des Chemins de Fer Francais

        4.625% Euro Medium Term Notes, Due 10/25/09

 6.   ING Bank N.V.

        5.50% Euro Medium Term Notes, Due 01/04/12

7.  Tesco PLC

         4.75% Euro Medium Term Notes, Due 04/13/10

 8.  Rabobank Nederland

        3.125% Senior Notes, due 07/18/10

 9.  Government of Quebec

        6% Senior Unsubordinated Notes, due 2/18/09

10.  Province of Ontario

        5.5% Euro Medium Term Notes, due 07/13/12

Top ten holdings comprise approximately 43% of total assets.