DEAR SHAREHOLDER.

* ERICSSON

The phones at Ericss n are ringing off the hook. A whopping jump in Latin American sales got the phone-maker off to a 2000 Analysts expect the switchboard to light up as wireless Internet penetration kicks in.

* YPF REPSOL

Its as if this energy powerhouse won the lottery - twice. First, Spain's Repsol reaped the full benefits of its YPF takeover during first quarter 2000. Then oil prices reached record levels during the first three months of the year.

* BESTFOODS

Even though volumes and prices were both up currency problems--mostly in Brazil -- offset any first quarter gains. But that didn't scare off ever hungry Unilever. After pursuing Bestfoods for a month, the Anglo-Dutch glutton succeeded in its bid to add Bestfoods to its ongoing Latin American smorgasbord.