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<Picks>
<Date>June 1, 2006</Date>
<Pick>
  <Ticker>IBA</Ticker>
  <Company>Industrias Bachoco SA (ADR)</Company>
  <Price>20.15</Price>
  <CurrentRatio>6.1</CurrentRatio>
  <QuickRatio>3.9</QuickRatio>
  <LTDEquity>0.3</LTDEquity>
  <PriceEarnings>7.5</PriceEarnings>
  <PriceCashflow>3.5</PriceCashflow>
  <PriceBookvalue>0.87</PriceBookvalue>
  <Industry>0512 - Fish/Livestock</Industry>
  <WebAddress>http://www.bachoco.com.mx/</WebAddress>
 </Pick>
<Pick>
  <Ticker>OSG</Ticker>
  <Company>Overseas Shipholding Group Inc</Company>
  <Price>51.35</Price>
  <CurrentRatio>3.3</CurrentRatio>
  <QuickRatio>3.3</QuickRatio>
  <LTDEquity>42.5</LTDEquity>
  <PriceEarnings>4.7</PriceEarnings>
  <PriceCashflow>3.5</PriceCashflow>
  <PriceBookvalue>1.01</PriceBookvalue>
  <Industry>1118 - Water Transportation</Industry>
  <WebAddress>http://www.osg.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>ASH</Ticker>
  <Company>Ashland Inc.</Company>
  <Price>62.5</Price>
  <CurrentRatio>2.6</CurrentRatio>
  <QuickRatio>2.2</QuickRatio>
  <LTDEquity>2.1</LTDEquity>
  <PriceEarnings>2.4</PriceEarnings>
  <PriceCashflow>2.4</PriceCashflow>
  <PriceBookvalue>1.2</PriceBookvalue>
  <Industry>0215 - Construction Services</Industry>
  <WebAddress>http://www.ashland.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>TK</Ticker>
  <Company>Teekay Shipping Corp.</Company>
  <Price>37.25</Price>
  <CurrentRatio>2.2</CurrentRatio>
  <QuickRatio>2.2</QuickRatio>
  <LTDEquity>100.1</LTDEquity>
  <PriceEarnings>7.5</PriceEarnings>
  <PriceCashflow>5</PriceCashflow>
  <PriceBookvalue>1.13</PriceBookvalue>
  <Industry>1118 - Water Transportation</Industry>
  <WebAddress>http://www.teekay.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>PKX</Ticker>
  <Company>POSCO (ADR)</Company>
  <Price>64.3</Price>
  <CurrentRatio>2.1</CurrentRatio>
  <QuickRatio>1.4</QuickRatio>
  <LTDEquity>9.2</LTDEquity>
  <PriceEarnings>4.1</PriceEarnings>
  <PriceCashflow>2.3</PriceCashflow>
  <PriceBookvalue>1.09</PriceBookvalue>
  <Industry>0121 - Iron &amp; Steel</Industry>
  <WebAddress>http://www.posco.co.kr</WebAddress>
 </Pick>
<Pick>
  <Ticker>KND</Ticker>
  <Company>Kindred Healthcare, Inc.</Company>
  <Price>25.36</Price>
  <CurrentRatio>1.6</CurrentRatio>
  <QuickRatio>1.5</QuickRatio>
  <LTDEquity>15.2</LTDEquity>
  <PriceEarnings>9.8</PriceEarnings>
  <PriceCashflow>5</PriceCashflow>
  <PriceBookvalue>1.03</PriceBookvalue>
  <Industry>0806 - Healthcare Facilities</Industry>
  <WebAddress>http://www.kindredhealthcare.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>BAK</Ticker>
  <Company>Braskem S.A. (ADR)</Company>
  <Price>12.02</Price>
  <CurrentRatio>1.3</CurrentRatio>
  <QuickRatio>1</QuickRatio>
  <LTDEquity>104.3</LTDEquity>
  <PriceEarnings>9.2</PriceEarnings>
  <PriceCashflow>4.4</PriceCashflow>
  <PriceBookvalue>0.99</PriceBookvalue>
  <Industry>0103 - Chemical Manufacturing</Industry>
  <WebAddress>http://www.braskem.com.br/</WebAddress>
 </Pick>
<Pick>
  <Ticker>TOT</Ticker>
  <Company>TOTAL S.A. (ADR)</Company>
  <Price>65.21</Price>
  <CurrentRatio>1.3</CurrentRatio>
  <QuickRatio>1</QuickRatio>
  <LTDEquity>31.3</LTDEquity>
  <PriceEarnings>2.3</PriceEarnings>
  <PriceCashflow>1.7</PriceCashflow>
  <PriceBookvalue>0.68</PriceBookvalue>
  <Industry>0606 - Oil &amp; Gas - Integrated</Industry>
  <WebAddress>http://www.total.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>SBS</Ticker>
  <Company>Companhia de Saneamento Basico</Company>
  <Price>22.25</Price>
  <CurrentRatio>1.2</CurrentRatio>
  <QuickRatio>1.2</QuickRatio>
  <LTDEquity>69</LTDEquity>
  <PriceEarnings>5.4</PriceEarnings>
  <PriceCashflow>5.2</PriceCashflow>
  <PriceBookvalue>0.64</PriceBookvalue>
  <Industry>1209 - Water Utilities</Industry>
  <WebAddress>http://www.sabesp.com.br/</WebAddress>
 </Pick>
<Pick>
  <Ticker>TLDAY</Ticker>
  <Company>TDC A/S (ADR)</Company>
  <Price>16.05</Price>
  <CurrentRatio>1.2</CurrentRatio>
  <QuickRatio>1.2</QuickRatio>
  <LTDEquity>44.5</LTDEquity>
  <PriceEarnings>10.3</PriceEarnings>
  <PriceCashflow>3.6</PriceCashflow>
  <PriceBookvalue>0.83</PriceBookvalue>
  <Industry>0915 - Communications Services</Industry>
  <WebAddress>http://www.tdc.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>KTC</Ticker>
  <Company>KT Corporation (ADR)</Company>
  <Price>22.05</Price>
  <CurrentRatio>1</CurrentRatio>
  <QuickRatio>0.9</QuickRatio>
  <LTDEquity>93</LTDEquity>
  <PriceEarnings>7.1</PriceEarnings>
  <PriceCashflow>1.7</PriceCashflow>
  <PriceBookvalue>1.19</PriceBookvalue>
  <Industry>0915 - Communications Services</Industry>
  <WebAddress>http://www.kt.co.kr</WebAddress>
 </Pick>
<Pick>
  <Ticker>MCM</Ticker>
  <Company>Controladora Comercial Mexican</Company>
  <Price>31.42</Price>
  <CurrentRatio>0.9</CurrentRatio>
  <QuickRatio>0.3</QuickRatio>
  <LTDEquity>13.3</LTDEquity>
  <PriceEarnings>11.5</PriceEarnings>
  <PriceCashflow>6.6</PriceCashflow>
  <PriceBookvalue>1.1</PriceBookvalue>
  <Industry>0963 - Retail (Specialty Non-Apparel)</Industry>
  <WebAddress>http://www.comerci.com.mx</WebAddress>
 </Pick>
<Pick>
  <Ticker>FIA</Ticker>
  <Company>Fiat S.p.A. (ADR)</Company>
  <Price>13.42</Price>
  <CurrentRatio>0.9</CurrentRatio>
  <QuickRatio>0.7</QuickRatio>
  <LTDEquity>0</LTDEquity>
  <PriceEarnings>8.8</PriceEarnings>
  <PriceCashflow>8.1</PriceCashflow>
  <PriceBookvalue>1.09</PriceBookvalue>
  <Industry>0412 - Auto &amp; Truck Manufacturers</Industry>
  <WebAddress>http://www.fiatgroup.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>HINKY</Ticker>
  <Company>Heineken N.V. (ADR)</Company>
  <Price>19.95</Price>
  <CurrentRatio>0.9</CurrentRatio>
  <QuickRatio>0.6</QuickRatio>
  <LTDEquity>55.3</LTDEquity>
  <PriceEarnings>5</PriceEarnings>
  <PriceCashflow>1.3</PriceCashflow>
  <PriceBookvalue>1</PriceBookvalue>
  <Industry>0503 - Beverages (Alcoholic)</Industry>
  <WebAddress>http://www.heinekeninternational.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>KEP</Ticker>
  <Company>Korea Electric Power Corporati</Company>
  <Price>20.29</Price>
  <CurrentRatio>0.9</CurrentRatio>
  <QuickRatio>0.6</QuickRatio>
  <LTDEquity>38</LTDEquity>
  <PriceEarnings>7.2</PriceEarnings>
  <PriceCashflow>4.4</PriceCashflow>
  <PriceBookvalue>0.57</PriceBookvalue>
  <Industry>1203 - Electric Utilities</Industry>
  <WebAddress>http://www.kepco.co.kr/</WebAddress>
 </Pick>
<Pick>
  <Ticker>PZE</Ticker>
  <Company>Petrobras Energia Participacio</Company>
  <Price>10.08</Price>
  <CurrentRatio>0.9</CurrentRatio>
  <QuickRatio>0.7</QuickRatio>
  <LTDEquity>91.3</LTDEquity>
  <PriceEarnings>7.8</PriceEarnings>
  <PriceCashflow>5.5</PriceCashflow>
  <PriceBookvalue>1.18</PriceBookvalue>
  <Industry>0606 - Oil &amp; Gas - Integrated</Industry>
  <WebAddress>http://www.petrobrasenergia.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>YRCW</Ticker>
  <Company>YRC Worldwide Inc.</Company>
  <Price>39.44</Price>
  <CurrentRatio>0.9</CurrentRatio>
  <QuickRatio>0.9</QuickRatio>
  <LTDEquity>56.5</LTDEquity>
  <PriceEarnings>8.1</PriceEarnings>
  <PriceCashflow>3.3</PriceCashflow>
  <PriceBookvalue>1.14</PriceBookvalue>
  <Industry>1115 - Trucking</Industry>
  <WebAddress>http://www.yellowroadway.com/</WebAddress>
 </Pick>
<Pick>
  <Ticker>SNGNY</Ticker>
  <Company>Singapore Telecommunications L</Company>
  <Price>16.15</Price>
  <CurrentRatio>0.8</CurrentRatio>
  <QuickRatio>0.8</QuickRatio>
  <LTDEquity>40.9</LTDEquity>
  <PriceEarnings>1.2</PriceEarnings>
  <PriceCashflow>0.8</PriceCashflow>
  <PriceBookvalue>0.23</PriceBookvalue>
  <Industry>0915 - Communications Services</Industry>
  <WebAddress>http://www.singtel.com/</WebAddress>
 </Pick>
<Pick>
  <Ticker>PPP</Ticker>
  <Company>Pogo Producing Company</Company>
  <Price>45.06</Price>
  <CurrentRatio>0.7</CurrentRatio>
  <QuickRatio>0.6</QuickRatio>
  <LTDEquity>72.7</LTDEquity>
  <PriceEarnings>8.5</PriceEarnings>
  <PriceCashflow>4.4</PriceCashflow>
  <PriceBookvalue>1.19</PriceBookvalue>
  <Industry>0609 - Oil &amp; Gas Operations</Industry>
  <WebAddress>http://www.pogoproducing.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>CHA</Ticker>
  <Company>China Telecom Corporation Limi</Company>
  <Price>32.58</Price>
  <CurrentRatio>0.2</CurrentRatio>
  <QuickRatio>0.2</QuickRatio>
  <LTDEquity>30.8</LTDEquity>
  <PriceEarnings>9.4</PriceEarnings>
  <PriceCashflow>1.4</PriceCashflow>
  <PriceBookvalue>1.16</PriceBookvalue>
  <Industry>0915 - Communications Services</Industry>
  <WebAddress>http://www.chinatelecom-h.com/eng/global/home.htm</WebAddress>
 </Pick>
</Picks>
