Board of Investments, Department of Commerce, Financial Audit for the Fiscal Year Ended June 30 .. 2003

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Upon transition, Nomura Asset Management USA, Inc. will begin equity trading in the Pacific Basin on December 1, 2003.
7. YEAR END PORTFOLIO The combined investment portfolios for the five funds, as of June 30, 2003 are listed below by country. The percent is based on the total fair value of each security/country to the combined total portfolio fair value.
Carrying Fair •/.of Country Security Name Shares Value Value Total AUSTRALIA AMCOR LIMITED 243,663 964,423 1,326,910 0.28% AUSTRALIA AMP LIM
...ITED 148,000 522,449 493,303 0.10% AUSTRALIA AUSTRALIA/ NEW ZEALAND BANK GRP 109,380 1,166,272 1,365,149 0.29% AUSTRALIA BHP BILLITON LTD 846,745 4,401,144 4,906,392 1.04% AUSTRALIA BHP STEEL 200,816 373,182 500,999 0.11% AUSTRALIA BRAMBI FS INDUSTRIES LTD 328,870 1,692,330 1,007,944 0.21% AUSTRALIA COCA COLA AMATIL 407,300 1,190,056 1,559,719 0.33% AUSTRALIA COMMONWEALTH BK OF AUSTRALIA 247,170 3,879,373 4,898,342 1.04% AUSTRALIA CSL LIMITED 75,700 985,510 606,680 0.13% AUSTRALIA FOSTERS GROUP 237,500 594,001 670,566 0.14% AUSTRALIA LEIGHTON HOLDINGS 50,000 291,591 335,325 0.07% AUSTRALIA LEND LEASE CORP 58,100 335,008 325,356 0.07% AUSTRALIA MACQUARIE INFRASTRUCTURE GRP 283,700 630,113 683,046 0.15% AUSTRALIA NATIONAL AUSTRALIA BANK 158,195 3,045,646 3,554,131 0.76% AUSTRALIA NEWS CORPORATION 463,300 3,701,493 3,479,975 0.74% AUSTRALIA PUBLISHING + BROADCASTING LTD 135,600 666,145 898,488 0.19% AUSTRALIA QANTAS AIRWAYS 499,700 1,054,461 1,095,855 0.23% AUSTRALIA RIO TINTO LIMITED 67,540 1,291,224 1,323,087 0.28% AUSTRALIA TABCORP HOLDINGS LTD 163,000 987,774 1,177,333 0.25% AUSTRALIA TELSTRA CORP 643.690 1,914,606 1,899,439 0.40% AUSTRALIA WESFARMERS 20,690 326,226 351,056 0.07% AUSTRALIA WESTFIELD HOLDINGS 81,090 642,793 793,992 0.17% AUSTRALIA WESTFIELD TRUST 94,780 192,381 219,296 0.05% AUSTRALIA WESTPAC BANKING CORP 287,200 2,192,748 3,129,923 0.66% AUSTRALIA WOODSIDE PETROLEUM 177,400 1,276,251 1,472,889 0.31% AUSTRALIA WOOL WORTHS LTD 99,311 706,768 833,868 0.18% AUSTRALU 26 ISSUE(S) 6,128,440 35,023,970 38,909,064 8.27% BELGIUM DEXIA 90,000 1,211,385 1,137,900 0.24% BELGIUM DEXIA 267,140 3,278,716 3,362,200 0.71% BELGIUM DEXIA STRIPS 129,140 1,483 0.00% BELGIUM FORTIS 30,000 554,936 520,891 0.11% BELGIUM INTERBREW 45,000 815,026 999,925 0.21% B-42 Country BELGIUM 5 ISSUE(S) CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINAyOiONG KONG CHINA/HONG KONG CHINAmONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA/HONG KONG CHINA>«ONG KONG CHINA/HONG KONG 25 FINLAND FINLAND FINLAND 2 ISSUE(S) FRANCE FRANCE FRANCE FRANCE FRANCE FRANCE FRANCE FRANCE 7 ISSUE(S) GERMANY GERMANY GERMANY GERMANY GERMANY GERMANY GERMANY GERMANY GERMANY GERMANY GERMANY 10 ISSUE(S) INDONESIA INDONESIA INDONESIA INDONESIA EVDONESU 4 ISSUE(S) Carrying Fair •/.of Security Name Shares Value Value ToUl 56U80 5,860.063 6.022,399 1.28% ASIA SATELLITE TEL 131,437 176,931 216,585 0.05% ASM PACIFIC TECH 216,000 524,876 631,534 0.13% CHEUNG KONG HOLDINGS 100,000 644.248 601,425 0.13% CHINA MOBILE 248,500 1.059,067 586,344 0.12% CHINA OILFIELD SER 3,422,000 818,700 767,939 0.16% CHINA PHARMACEUTICAL 1,300,000 322,778 437.604 0.09% CLP HOLDINGS 345,300 1,381,297 1,509,939 0.32% CNOOCLTD 664,000 880,888 979,207 0.21% COSCO PACIFIC LTD 354,000 342,693 372,242 0.08% DAH SING FINANCIAL 116,800 531,612 581,143 0.12% DENWAY MOTORS LTD 2,290,000 640,911 1,035,149 0.22% FONGSINDUSTRIFS 296,000 165,308 165,116 0.04% FOUNTAIN SET HLDGS 640,000 478,347 570,392 0.12% HONG KONG EXCHANGE 374,000 490,239 537,153 0.11% HUTCHISON WHAMPOA 267,400 2,216,349 1,628,784 0.35% JOHNSON ELECIRIC HOLDINGS 899,500 992,778 1,113,107 0.24% U + FUNG 306,000 396,039 394,363 0.08% SINGAMAS CONTAINER 1,200,000 364,165 511,660 0.11% SUN HUNG KAI PROPS 332,000 2,383,753 1,677,423 0.36% SWIRE PACIFIC 136400 623,489 596,892 0.13% TECHTRONIC INDS 324.000 304,143 544,283 0.12% TEXWINCA HOLDINGS 834,000 627,251 663,080 0.14% VEDAN INTL 1,600,000 209,268 201,073 0.04% WHARF HOLDINGS 857,000 1,753,432 1,648,468 0.35% ZHEJIANG EXPRESSWAY 2,604,000 932,692 1,076,909 0.23% ISSUE(S) 19,858,437 19.261.254 19,047,814 4.05% NOIGA CORP 162,000 2.169.260 2,661,660 0.57% SAMPOOYJ 330,000 3,352.173 2,421,525 0.51% 492.000 5.521,433 5,083,185 1.08% AIR UQUIDE(L ) 3,312 413,349 491,010 0.10% AVENTIS SA 50,700 2,612,980 2,789,384 0.59% CNP ASSURANCES 44,800 1,687,040 1,893,215 0.40% SODEXHO AI 1 lANCE 96,266 3,087,456 2,597,855 0.55% TOTAL SA 25.100 3,462,234 3,793,182 0.81% VALEO 85,600 3,331.591 2,968,621 0.63% VEOUA ENVKONNEMENT 6,100 124,820 125,388 0.03% 311.878 14,719,470 14,658,656 3.11% ALTANA AG 13.000 620,005 820,174 0.17% BASF AG 67.000 2,637,136 2,862,146 0.61% BAYERISCHE MOTOREN WERKE AG 85.000 2,752,905 3,269,925 0.69% DEUTSCHE TELEKOM AG 125,000 1,833,623 1,900,000 0.40% EON AG 32,750 1,637,375 1,683,730 0.36% HENKEL KGAA 8,400 469,628 520,023 0.11% LINDE AG 40,000 1,178,448 1,480,912 0.31% SAP AKTIENGESELLSCHAFT 41,300 1,340,415 1,206,786 0.26% SCHERING AG 84,100 3,793,893 4,112,214 0.87% SIEMENS AG NPV (REGD) 40,000 2,026,301 1,962.300 0.42% 536,550 18.289,728 19,818.211 4.21% BK MANDIRI 448,500 37,198 36,695 0.01% BK PAN ID 9,225,000 225,656 346,636 0.07% H M SAMPOERNA 980,000 317,348 492,970 0.10% TELEKOMUNDCASI IND 2,276,500 1,050,510 1,276.220 0.27% 12,930,000 1,630.712 2.152.521 0.46% B-43 Country Security Name IRELAND ALUED IRISH BANKS IRELAND ANGLO IRISH BANK CP IRELAND CRH IRELAND 3 ISSUE(S) ITALY ENl ITALY TIM SPA ITALY 2 ISSUE(S) JAPAN AJINOMOTO CO INC JAPAN ALPS ELECTRIC CO JAPAN ARISAWA MANUFACTURING CO JAPAN BANDAI CO JAPAN • BRIDGESTONE CORP JAPAN CANON INC JAPAN CHIBA BANK JAPAN CSK CORPORATION JAPAN DAI DAN CO JAPAN DAIICHI PHARMACEUTICAL CO JAPAN DAINIPPON INK+CHEM JAPAN DAINIPPON SCREEN JAPAN DON QUUOTE JAPAN DON QUUOTE JAPAN EAST JAPAN RAILWAY JAPAN EISAI CO JAPAN FUJI PHOTO FILM CO JAPAN FUJI SEAL JAPAN FUJITSU JAPAN GLORY JAPAN GUNZE LIMITED JAPAN HITACHI JAPAN HITACHI TRANSPORT SYSTEM JAPAN HONDA MOTOR CO JAPAN rrocHU CORP JAPAN JAPAN AIRPORT TERM JAPAN JFE HOLDING INC JAPAN JSAT CORP JPY50000 JAPAN KANEKA CORP JAPAN KEIHIN CORP JAPAN KONAMI CORP JAPAN KONICA CORPORATION JAPAN KUBOTA CORP JAPAN KURARAY CO JAPAN MABUCHI MOTOR CO JAPAN MATSUSHITA ELECI RIC IND JAPAN MILLEA HOLDINGS INC JAPAN MITSUBISHI CORP JAPAN MITSUBISHI ELEC CP JAPAN MITSUBISHI ESTATE JAPAN MITSUBISHI RAYON JAPAN MITSUBISHI TOKYO FIN JAPAN MITSUI + CO JAPAN MITSUI CHEMICALS I JAPAN MITSUI MINING + SM JAPAN MITSUI TRUST HOLDINGS JAPAN MURATA MFG CO Carrying Fair •/.of Shares Value Value T9UI 253,968 3,234,359 3,794,289 0.81% 130,000 1,111,805 1,141,243 0.24% 51,000 727,430 802,937 0.17% 434,968 5,073,594 5,738,469 1.22% 30,000 344,423 453,713 0.10% 260,000 1,174,381 1,280,869 0.27% 290,000 1,518,804 1.734,582 0.37% 56,000 574,800 536,331 0.11% 29,000 355,696 371,451 0.08% 14,500 260,042 347,783 0.07% 8,000 246,718 305,143 0.06% 139,000 1,906,587 1,886,904 0.40% 24,000 723,185 1,10UI2 0.23% 87,000 296,137 308,657 0.07% 12,600 337,706 343,136 0.07% 44,000 385,247 172,592 0.04% 52,200 765,091 679,915 0.14% 220,000 437,423 445,222 0.09% 83,000 283,893 406,446 0.09% 3,100 130,485 155,678 0.03% 3,100 128,606 159,034 0.03% 710 3,543,112 3,157,527 0.67% 30,800 824,621 633,571 0.13% 61,000 1,985,261 1,762,815 0.37% 2,800 75,571 85.813 0.02% 151,000 2,065,731 618.713 0.13% 7,000 153,825 155.070 0.03% 65,000 247,088 244.680 0.05% 111,000 934,696 470.531 0.10% 100,000 555,633 592.963 0.13% 36,700 1,334,896 1,390.673 0.30% 158,000 363,669 397.385 0.08% 94,000 725,706 542,511 0.12% 38,400 436,961 575,640 0.12% 148 385,388 457^81 0.10% 92,000 697,652 566.979 0.12% 5,800 55,410 49.511 0.01% 11,700 260,510 209.494 0.04% 49,000 497,260 557.843 0.12% 119,000 316,593 323.081 0.07% 70,000 562,876 459.380 0.10% 6,300 527,767 481,649 0.10% 242,000 3,656,918 2,396,319 0.51% 255 2,317,957 1.949.532 0.41% 90,000 706,104 624.360 0.13% 232,000 743,357 753.529 0.16% 63,000 570,010 426.558 0.09% 122,000 379,365 325.130 0.07% 171 1,963,454 773.292 0.16% ■ 500,000 2,911,096 2.506.767 0.53% 91,000 408,804 420,612 0.09% 164.000 374,164 484,864 0.10% 173,000 384,697 380,362 0.08% 51,000 2,602,546 2,004,747 0.43% B-44 Country JAPAN JAPAN JAPAN JAPAN JAPAN JAPAN JAPAN .

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