EQUITY EXPOSURE

Weight %

Total Equity Exposure

92.2

Cash

7.8

Industry Sub-Group

     Web Portals/ISP

5.0

     Internet Media & Services

     Data Systems & Security

12.7

     E-Commerce / Products

11.9

     Cellular Telecoms

     Internet Application Software

3.3

     Medical Products

3.2

     Entertprise Software Services

1.8

     Applications Software

9.7

     Commercial Services- Financial

8.9

     Semiconductor Industry

12.3

     Web Portals / Internet Service Providers

5.0

Total

92.2

GEOGRAPHIC EXPOSURE

Equities %

Cash %

Total %

North America

63.2

7.8

71

Asia

12.1

0.0

12.9

Europe

7.7

0.0

7.7

Australia

5.9

0

8.4

Totals

80.8

19.2

100.0