In a surprising turnabout, Asia funds, led by three from Taiwan, posted the best returns last quarter

FUND ASSETS CURRENCY RETURNS* (millions) 1ST QTR. 12 MOS. 5 YRS.**

JF TAIWAN TRUST 84 USD 29.35% -43.05% 7.66% SCHRODER TAIWAN 108 USD 28.55 -46.16 8.31 FIDELITY FUNDS TAIWAN 81 USD 21.49 -46.93 -- ACTIVEST LUX GREATER CHINA 69 EUR 10.65 -24.88 -4.12 UBS (LUX) EF - ASIAN TECH 77 USD 10.58 -56.31 -- HSBC GIF CHINESE EQ 107 USD 9.91 -9.53 2.38 ABN AMRO CHINA EQ 117 USD 5.39 -12.24 -0.04 JB MS ASIA MEGATREND SF A 133 USD 5.06 -36.62 -- UNIEM FERNOST 121 EUR 2.93 -44.07 -3.65 JF KOREA 90 USD 2.41 -47.29 -8.91 JF THAILAND 124 USD 2.01 -41.59 -20.88 JF PACIFIC TECH TRUST 111 USD 1.02 -55.72 -- FIDELITY FUNDS THAILAND 255 USD 1.00 -42.43 -32.21 INVESCO GT LEISURE A 183 USD 0.87 -4.57 17.49 SCONTINVEST N AMERICAN EQ 149 USD -0.01 20.64 17.49 MERCURY ST ASIAN EMERG MKTS A 51 USD -1.42 -46.12 -13.29 MSDW SICAV EUR PROPERTY I 133 EUR -1.60 11.68 -- CICM CB SPAIN BASKET 129 EUR -1.75 -18.63 13.08 ABN AMRO LATIN AMERICAN EQ 154 USD -2.06 -27.33 2.53 GAM MULTI-U.S.A. USD 223 USD -2.12 -19.33 12.24 TEMPLETON GS ASIAN GROWTH 127 USD -2.40 -38.82 -13.15 FIDELITY FUNDS KOREA 121 USD -2.41 -50.18 -12.79 MERRILL LYNCH BASIC VALUE PORT O 619 USD -2.53 7.39 12.93 TEMPLETON GS EUR 145 USD -3.37 7.88 8.36 MSDW SICAV LATIN AMERICAN 316 USD -3.76 -23.89 --

* In U.S. dollars. Includes dividends and capital gains ** Average annual return

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