Micropal's composite index for emerging market funds rose an average...

Micropal's composite index for emerging market funds rose an average of 10.73% for the first four months of 1996. Its index of equity funds, which climbed 11.29%, fared far better than its index of debt funds, which advanced 6.46%. The best performing funds in Micropal's universe for the first four months of the year were the Korea Small Companies Trust, which surged 143.18%; Mercury ST Eastern European fund, 60.67%; Vontobel Eastern European Equity, 49.86%; Fleming FF Eastern European Fund, 48.15%; and Schroder Eastern Europe Fund, 44.92%.