THE MSCI EAFE outperformed the PIPER median international equity funds...

THE MSCI EAFE outperformed the PIPER median international equity funds for the quarter and year ended Dec. 31. Of the 195 accounts, the median international equity account returned 17.5% for the quarter and 16.6% for the year, compared with the index returns of 20.7% for the quarter and 20.3% for the year. Japanese equity led returns for the quarter, with a median return of 26.2%, while the median European equity account returned only 17.8%. European equity topped returns for the year ended Dec. 31, with the median account returning 27.4%. The Pacific Basin excluding Japan median account fared the worst for the year, falling to negative 7.4%. In 1997, however, the median manager for this category fell to negative 34.6%.