<TABLE>
MICROPAL
www.mircopal.com
<S> <C> <C> <C> <C> <C> <C>
3/31/97 12/31/97 3/31/97 9/30/97 6/30/97 3/31/97
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3/20/98 3/20/98 12/31/97 12/31/97 9/30/97 6/30/97
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Equity Global Emerging Markets
% Chg Rank % Chg Rank % Chg Rank % Chg Rank % Chg Rank % Chg Rank
------------ ----------- ----------- ----------- ----------- -----------
US GLOBAL ACCOLADE: REGENT EASTERN EUROPEAN
17.90 1 4.92 74 12.37 1 (9.96) 17 11.53 1 11.90 57
Sector Average/Count
(6.56) 141 4.76 156 (10.62) 141 (16.85) 149 (2.56) 144 10.53 71
UAMFdsTr:Jacobs Intl
14.44 2 9.62 9 4.40 6 (9.78) 13 4.08 8 11.19 67
Evergreen Emerg Mkt Gr/Y
12.60 3 3.65 101 8.64 2 (8.22) 7 3.18 19 14.72 23
Evergreen Emerg Mkt Gr/A
12.34 4 3.67 100 8.37 3 (8.33) 8 3.11 20 14.66 24
Evergreen Emerg Mkt Gr/C
11.62 5 3.52 104 7.82 4 (8.62) 10 2.95 22 14.60 25
Evergreen Emerg Mkt Gr/B
11.61 6 3.52 105 7.81 5 (8.61) 9 2.95 23 14.59 26
Pioneer Emerging Mrkts/A
9.98 7 7.66 25 2.15 9 (13.43) 36 0.85 31 17.01 2
Pioneer Emerging Mrkts/C
9.29 8 7.56 27 1.61 16 (13.57) 38 0.68 33 16.77 10
Pioneer Emerging Mrkts/B
9.21 9 7.48 28 1.62 15 (13.55) 37 0.68 34 16.76 11
Oppenheimer Devel Mkts/A
7.44 10 8.17 16 (0.68) 24 (13.12) 32 0.53 35 13.72 33
Nicholas-App:Emg Cntry/I
7.44 11 6.15 46 1.21 17 (15.27) 43 3.74 14 15.15 15
Nicholas-App:Emg Cntry/Q
7.19 12 6.05 50 1.07 18 (15.29) 44 3.64 15 15.13 16
Nicholas-App:Emg Cntry/A
6.76 13 5.99 51 0.72 20 (15.38) 45 3.49 16 15.02 19
Oppenheimer Devel Mkts/C
6.60 14 8.03 19 (1.32) 26 (13.32) 33 0.38 38 13.41 39
Oppenheimer Devel Mkts/B
6.60 15 8.02 20 (1.31) 25 (13.32) 34 0.30 40 13.51 37
Nicholas-App:Emg Cntry/B
6.19 16 5.90 54 0.28 22 (15.56) 48 3.43 17 14.82 21
Nicholas-App:Emg Cntry/C
6.14 17 5.81 60 0.31 21 (15.53) 47 3.42 18 14.82 22
Merrill Middle East Afr/A
4.75 18 6.30 41 (1.46) 27 (7.19) 3 2.99 21 3.09 134
Merrill Middle East Afr/D
4.52 19 6.41 38 (1.77) 28 (7.25) 4 2.91 24 2.90 135
MFS/Forgn & Col Emg Mkt/A
4.21 20 1.84 127 2.33 7 (12.67) 26 4.04 9 12.63 43
Merrill Middle East Afr/C
4.15 21 6.20 45 (1.92) 29 (7.48) 6 2.73 25 3.18 133
MFS/Forgn & Col Emg Mkt/C
3.83 22 1.80 128 2.00 12 (12.83) 29 3.88 12 12.64 42
MFS/Forgn & Col Emg Mkt/B
3.79 23 1.78 129 1.97 13 (12.76) 27 3.85 13 12.56 45
Merrill Middle East Afr/B
3.70 24 6.11 47 (2.27) 30 (7.40) 5 2.65 26 2.82 136
Fremont:Emerging Mkts
3.40 25 4.02 93 (0.59) 23 (12.38) 24 0.74 32 12.63 44
Munder Fram:Emerg Mkts/Y
3.08 26 0.82 133 2.24 8 (16.19) 54 4.26 5 17.01 3
Munder Fram:Emerg Mkts/K
2.89 27 0.73 135 2.14 10 (16.19) 55 4.11 7 17.07 1
Munder Fram:Emerg Mkts/A
2.78 28 0.73 136 2.04 11 (16.26) 59 4.18 6 16.95 5
Munder Fram:Emerg Mkts/B
2.31 29 0.55 139 1.75 14 (16.38) 62 4.03 10 16.96 4
Calvert:New Africa/A
2.00 30 13.33 4 (10.00) 51 (9.43) 12 (2.18) 52 1.58 139
Munder Fram:Emerg Mkts/C
1.42 31 0.55 140 0.86 19 (16.38) 63 3.95 11 16.04 14
Seligman Hend Em Mkt Gr/A
0.26 32 3.71 99 (3.33) 31 (14.22) 40 (3.62) 77 16.92 6
Seligman Hend Em Mkt Gr/D
(0.52) 33 3.62 102 (3.99) 34 (14.47) 41 (3.76) 80 16.62 12
Seligman Hend Em Mkt Gr/B
(0.52) 34 3.62 103 (3.99) 35 (14.47) 42 (3.76) 81 16.62 13
T Rowe Price Intl:EmMkStk
(1.68) 35 4.20 88 (5.63) 37 (11.56) 20 (2.05) 51 8.93 94
IDS Emerging Markets/Y
(2.03) 36 1.51 130 (3.49) 32 (12.63) 25 (4.01) 91 15.07 17
IDS Emerging Markets/A
(2.03) 37 1.51 131 (3.49) 33 (12.77) 28 (3.85) 85 15.07 18
Delaware Emerging Mkts/I
(2.88) 38 7.03 33 (9.26) 45 (18.27) 100 (2.27) 55 13.60 35
IDS Emerging Markets/B
(2.93) 39 1.33 132 (4.21) 36 (13.01) 30 (4.17) 92 14.92 20
M Stanley Inst:Em Mrkts/A
(2.96) 40 8.10 18 (10.23) 54 (20.42) 119 (1.20) 48 14.18 28
Delaware Emerging Mkts/A
(3.14) 41 6.93 34 (9.41) 46 (18.22) 96 (2.35) 56 13.45 38
M Stanley Inst:Em Mrkts/B
(3.18) 42 8.01 21 (10.36) 56 (20.41) 118 (1.31) 49 14.13 30
Delaware Emerging Mkts/C
(3.89) 43 6.77 36 (9.99) 49 (18.44) 101 (2.45) 58 13.14 41
Delaware Emerging Mkts/B
(3.89) 44 6.77 37 (9.99) 50 (18.44) 102 (2.53) 59 13.23 40
</TABLE>
Must be accompanied or preceded by a prospectus. Past performance is no
guarantee of future results. Please read the prospectus carefully before
investing. Investment returns and principal value may vary and you may have a
gain or loss when you sell shares. Investing in emerging markets carries special
risks which are described in the Regent Eastern European prospectus.
Call 1-800-873-3639 for an Institutional Marketing Representative or for more
information.
