Monthly Portfolio Holdings


Portfolio holdings sorted alphabetically
as of April 30, 2008

Security Description

Symbol

AFLAC, Inc.
AFL
Ambac Financial Group, Inc.
ABK
America Movil S.A. de C.V. ADR
AMX
American International Group, Inc.
AIG
Asciano Group
AIO AU
BHP Billiton Plc
BLT LN
Blount International, Inc.
BLT
Brixton Plc
BXTN LN
China CITIC Bank
998 HK
China Merchants Bank Co. Ltd.
3968 HK
China Merchants Holding Int'l Co. Ltd.
144 HK
China Resources Power Holdings Co.
836 HK
China Shipping Development Co. Ltd.
1138 HK
Chunghwa Telecom Co. Ltd. ADR
CHT
Clark Holdings, Inc.
GLA
Comcast Corp. - Special Class A
CMCSK
Companhia Vale Do Rio Doce
RIO P
Cosco Pacific Limited
1199 HK
Daimler AG
DAI GR
Derwent London Plc
DLN LN
Diageo Plc
DGE LN
Digital Realty Trust, Inc.
DLR
E*TRADE Financial Corp.
ETFC
Erste Bank
EBS AV
Essilor International S.A.
EF FP
Forest City Enterprises - A
FCE A
Google Inc., Class A
GOOG
Groupe Bruxelles Lambert S.A.
GBL BB
Grupo Televisa S.A. GDR
TV
Guangdong Investment Ltd.
270 HK
Hang Lung Group Ltd.
10 HK
Harbin Power Equipment Co., Ltd.
1133 HK
Heineken Holding NV
HEIO NA
Hunter Douglas NV
HDG NA
IDEXX Laboratories, Inc.
IDXX
Iron Mountain, Inc.
IRM
Japan Tobacco, Inc.
2914 JP
Johnson & Johnson
JNJ
Koninklijke (Royal) Philips Electronics NV ADR
PHG
Kuehne & Nagel International AG
KNIN VX
Lagardere S.C.A.
MMB FP
Liberty Global, Inc.
LBTYK
Lindt & Spruengli AG
LISP SW
Merrill Lynch & Co., Inc.
MER
Millea Holdings, Inc.
8766 JP
Mitsubishi Estate Co., Ltd.
8802 JP
Mitsui Fudosan Co., Ltd.
8801 JP
Mohawk Industries, Inc.
MHK
News Corp. Class A
NWS A
NIPPONKOA Insurance Co., Ltd.
8754 JP

Nokia Oyj Corp - Sponsored ADR

NOK

Oaktree Capital Group
OAKTRZ
Pargesa Holding S.A.
PARG SW
Porsche Automobil Holding SE
POR3 GR
Power Corp. of Canada
POW CN
Rentokil Initial Plc
RTO LN
RHJ International
RHJI BB
Rio Tinto Plc
RIO LN
Ryanair Holdings Plc ADR
RYAAY
Shanghai Electric Group Co., Ltd.
2727 HK
Shinsei Bank, Ltd.
8303 JP
Siemens AG
SIE GR
Sino-Forest Corp.
TRE CN
SK Telecom Co. Ltd. ADR
SKM
Tenaris S.A. ADR
TS
Toll Holdings Ltd.
TOL AU
Turkiye Garanti Bankasi AS
GARAN TI
UBS AG
UBSN VX
UBS AG - Rights
UBSN1 VX
Unilever NV
UN
Virgin Media, Inc.
VMED
WPP Group ORD
WPP LN


Portfolio holdings are subject to change. The holdings above may not represent the entire portfolio. For a complete listing of portfolio holdings review the most recent Annual Report, Semi-Annual report, or Form N-Q.