Face
Amount Short-Term Securities Value
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Hungary Foreign Commercial HUF 2,216,000,000 Hungary Government Bond Series 07/G,
- 9.3% Paper ** - 9.3% 9.25% due 10/12/2007 (a) $ 12,593,602
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Total Short-Term Securities in Hungary 12,593,602
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Mexico Foreign Commercial MXN 144,000,000 Mexican Cetes Treasury Bills,
- 9.7% Paper ** - 9.7% 7.183% due 10/11/2007 (a) 13,126,400
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Total Short-Term Securities in Mexico 13,126,400
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South Africa Foreign Commercial ZAR 90,000,000 South Africa Government Bond Series R195,
- 9.7% Paper ** - 9.7% 10% due 2/28/2008 (a) 13,082,026
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Total Short-Term Securities in South Africa 13,082,026
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Turkey Foreign Commercial TRY 16,000,000 Turkey Government Bond, 17.208%
- 9.7% Paper ** - 9.7% due 11/07/2007 (a) 13,040,569
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities in Turkey 13,040,569
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United States U.S. Government Agency USD 30,900,000 Fannie Mae, 5.278% due 10/10/2007 (a) 30,807,794
- 63.0% Obligations ** - 63.0% 12,125,000 Fannie Mae, 5.249% due 10/12/2007 (a) 12,108,219
4,100,000 Fannie Mae, 5.272% due 11/09/2007 (a) 4,080,012
24,675,000 Fannie Mae, 4.906% due 1/04/2008 (a) 24,387,857
13,700,000 Federal Home Loan Bank, 4.966%
due 12/17/2007 (a) 13,568,727
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Total Short-Term Securities
in the United States 84,952,609
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities
(Cost - $135,550,439) - 101.4% 136,795,206
-----------------------------------------------------------------------------------------------------------------------------------
Number of
Contracts Options Purchased
-----------------------------------------------------------------------------------------------------------------------------------
Call Options 14,000 Brazilian Real, expiring October 2007 at USD 2.00,
Purchased - 0.9% Broker Morgan Stanley Capital Services, Inc. 1,247,708
-----------------------------------------------------------------------------------------------------------------------------------
Total Options Purchased (Premiums Paid - $323,400)
- 0.9% 1,247,708
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $135,873,838*) - 102.3% 138,042,914
Liabilities in Excess of Other Assets - (2.3%) (3,044,821)
------------
Net Assets - 100.0% $134,998,093
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