Though the blind trusts precluded Romney from knowing or controlling the assets of his wealth, Malt, the trustee, said he was aware of the political sensitivity of the investments.

"As I become aware that ownership of some stock was inconsistent with public positions, I might sell them," Malt said in a teleconference with reporters Monday.

He specifically singled out blind trust investments with the Italian-based Eni SpA and the French Total, oil companies that have done business in Iran. Each was sold for between $15,000 and $50,000.

The report offers the most detailed public look yet at the finances of the former Massachusetts governor, who has refused to release his income tax returns, and who previously filed only state financial disclosure forms that described his holdings in the most general terms.

The 47-page federal report was something of a revelation for Romney, as well.

Forced to open his blind trust, the Romneys — and the world — discovered precisely which stocks, bonds and mutual funds they own.

Among them: $2.5 million to $8 million in AB Svensk Exportkredit, a Swedish export credit corporation; and $1 million to $5 million in Eksportfinans ASA, a Norwegian financing corporation; and $100,000 to $250,000 in Russian energy giant Gazprom.

Ann Romney's trust reported various Goldman Sachs investments of more than $1 million (spousal assets can be reported in less precise figures). Romney's trust has $3.5 million to $16 million in Goldman Sachs investments.

Malt said none of Romney's overseas investments are tax shelters or help reduce his federal tax obligations in any way. "They don't reduce income taxes, they don't defer income taxes," he said.

Malt is a Boston-based lawyer with the national law firm of Ropes & Gray and has been trustee for the Romney blind trusts since Romney became governor of Massachusetts in January 2003. He said the funds will now continue operating as blind trusts, and Romney will not be privy to any further transactions.

Asked while campaigning in Fresno, Calif., whether his enormous financial wealth kept him from appealing to average voters, Romney said his track record in establishing a scholarship program for top-achieving high school students and broadening access to health insurance in Massachusetts showed he "understood the hearts of people."

Romney has said he would give his annual presidential salary of $400,000 to charity. A note in the disclosure says that Romney waived his salary when he was governor of Massachusetts.

Malt approved sales of millions of dollars of holdings during the past 18 months, most transactions that would be expected with a portfolio as large as that of the Romneys. Other sales, besides the Iran-related stocks, also helped avoid potential political embarrassment for Romney.