Economic worries cast a shadow over Italian, Belgian, and Swiss funds


FUND                             ASSETS  CURRENCY        TOTAL RETURN*
                                MILLIONS          2ND QTR.   12 MOS.  5 YRS.

PARVEST BELGIUM C                $58.39    EUR     -9.53   -16.68
APOAESCULAP                      102.48    EUR     -9.19     3.48     17.53
DEXIA EQUITY L ITALIE C           49.98    ITL     -9.09     2.37
EMIF ITALY INDEX PLUS B           91.62    EUR     -8.63    -1.65     14.79
PARVEST ITALY C                  165.15    EUR     -7.76     2.74
CS EF (LUX.) ITALY               260.06    EUR     -7.47     0.79     12.66
EMIF BELGIUM INDEX PLUS B         57.33    EUR     -7.43   -12.47     16.17
FIDELITY FDS ITALY               118.37    EUR     -7.38     0.34     16.30
BBL (L) INVEST. HEALTHCARE C     162.51    USD     -7.28     2.99
EMIF SWITZERLAND INDEX PLUS B     69.60    CHF     -7.27   -16.68     14.72
S-E-BANKEN FUND LAKEMEDEL        113.66    USD     -6.82     6.72     21.68%
HERMES EGYPT                      51.02    USD     -6.58   -11.83
DEXIA EQUITY L SUISSE C           61.98    CHF     -6.53   -16.97%
INTERSELEX EQUITY PHARMA B      $221.20    EUR     -6.41     8.45
UBS (LUX.) EF - HEALTH CARE      196.71    USD     -6.37     1.60
INTERSELEX EQUITY ITALY B         42.90    EUR     -6.35     3.16     14.12
BBL (L) INV. EUR. HEALTHCARE C   208.62    EUR     -6.33    -5.87
SOGELUX EQUITIES ITALY            48.07    EUR     -6.30     5.83
PARVEST SWITZERLAND C            218.04    CHF     -6.29   -13.88
BNP EQUITY SWITZERLAND AC1        47.56    CHF     -5.77   -16.41
W.P. STEWART HOLDINGS NV         508.00    USD     -5.08    11.59     24.81
CICM CB SWITZERLAND BASKET       156.75    CHF     -4.73   -11.06     17.42
SHARE EUROPEAN SELECTION         171.55    EUR     -4.66    -4.78     22.12
LLOYDS TSB IP SWISS EQUITY        69.51    CHF     -4.65   -9.63
BAER MULTISTOCK SWISS STOCK A    358.29    CHF     -4.57   -11.31%    13.87%


DATA: STANDARD & POOR'S MICROPAL