Quarterly Portfolio Holdings


Portfolio holdings sorted by percent of assets
as of March 31, 2008

Security Description

Symbol

Google Inc., Class A
GOOG
Kuehne & Nagel International AG
KNIN VX
Grupo Televisa S.A.
TV
Tenaris S.A. ADR
TS
China Merchants Bank Co. Ltd.
3968 HK
America Movil S.A. de C.V. ADR
AMX
Heineken Holding NV
HEIO NA
News Corp. Class A
NWS A
Power Corp. of Canada
POW CN
Koninklijke (Royal) Philips Electronics NV ADR
PHG
Pargesa Holding S.A.
PARG SW
WPP Group ORD
WPP LN
China Shipping Development Co. Ltd.
1138 HK
China Merchants Holding Int'l Co. Ltd.
144 HK
Lindt & Spruengli AG
LISP SW
Groupe Bruxelles Lambert S.A.
GBLB BB
Hang Lung Group Ltd.
10 HK
Blount International, Inc.
BLT
Shanghai Electric Group Co., Ltd.
2727 HK
Hunter Douglas NV
HDG NA
Unilever NV
UN
Daimler AG
DAI GR
Siemens AG
SIE GR
Sino-Forest Corp.
TRE CN

Essilor International S.A.

EF FP
Harbin Power Equipment Co., Ltd.
1133 HK
Virgin Media, Inc.
VMED
American International Group, Inc.
AIG
Lagardere S.C.A.
MMB FP
Clark Holdings, Inc.
GLA

RHJ International

RHJI BB

Comcast Corp. - Special Class A
CMCSK
Japan Tobacco, Inc.
2914 JP
Turkiye Garanti Bankasi AS
GARAN TI
Nokia Oyj Corp - Sponsored ADR
NOK
Rio Tinto Plc
RIO LN
Brixton Plc
BXTN LN
Derwent London Plc
DLN LN
Erste Bank
EBS AV
Companhia Vale Do Rio Doce
RIO P
Toll Holdings Ltd.
TOL AU
Millea Holdings, Inc.
8766 JP
Merrill Lynch & Co.
MER
Liberty Global, Inc.
LBTYK
IDEXX Laboratories, Inc.
IDXX
Johnson & Johnson
JNJ
Mitsubishi Estate Co, Ltd
8802 JP
Digital Realty Trust, Inc.
DLR
China CITIC Bank
998 HK
Cosco Pacific Limited
1199 HK
BHP Billiton Plc
BLT LN
Diageo Plc
DGE LN
Mitsui Fudosan Co., Ltd
8801 JP
Oaktree Capital Group
OAKTRZ
Forest City Enterprises - A
FCE A
Ryanair Holdings Plc ADR
RYAAY
AFLAC, Inc.
AFL
China Resources Power Holdings Co.
836 HK
Chunghwa Telecom Co. Ltd. ADR
CHT
Porsche Automobil Holding SE
POR3 GR
Shinsei Bank, Ltd.
8303 JP
SK Telecom Co. Ltd. ADR
SKM
NIPPONKOA Insurance Co., Ltd.
8754 JP
UBS AG
UBSN VX
Iron Mountain, Inc.
IRM
Guangdong Investment Ltd.
270 HK
Ambac Financial Group, Inc.
ABK
Asciano Group
AIO AU
Rentokil Initial Plc
RTO LN
Mohawk Industries, Inc.
MHK
E*TRADE Financial Corp.
ETFC

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.