Investment performance for funds available under the Emory University retirement plan

The following table shows the rates of return for the funds that are currently available under the Emory University retirement plan for the one-, five- and 10-year periods ending on Dec. 31, 1995. These rates of return were computed by persons managing these funds. Emory has neither independently verified the accuracy of these computations, nor confirmed that each such person used the same methodology to determine rates of return. The table is intended to give an overview of the relative performance of these funds. Employees should carefully review the most recent prospects for each fund before making any decisions concerning the investment of their annuity contracts and custodial accounts under the plan.

AVERAGE ANNUAL RATE OF RETURN

Years Ended Dec. 31, 1995

ISSUER FUND NAME One year Five Years 10 Years

MONEY MARKET FUNDS

CREF Money market 5.88 4.59 n/a

FIDELITY Retirement Government 5.71 4.40 n/a

VANGUARD Prime Portfolio 5.37 4.11 5.64

91 Day Treasury Bill Index-Money Market 5.79 4.52 5.73

BOND FUNDS-U.S.

CREF Bond Market 17.84 9.43 n/a

FIDELITY Intermediate Bond 12.81 8.49 8.40

FIDELITY Investment Grade Bond 15.51 10.36 9.19

FIDELITY GNMA-(Mortgages) 16.60 8.00 8.51

VANGUARD GNMA-(Mortgages) 17.04 8.90 9.18

VANGUARD Short-Term Corporate Bond 12.74 7.89 8.28

VANGUARD Long-Term Corporate Bond 26.40 12.71 10.83

VANGUARD Long-Term U.S. Treasury Bond 30.11 12.24 n/a

VANGUARD Total Bond Market Portfolio 18.18 9.27 n/a

Lehman Brothers U.S. Aggregate Bond Index-U.S. Bonds 18.47 9.48 9.63

BONDS FUNDS-GLOBAL

FIDELITY Global Bond 6.66 5.08 n/a

Salomon World Government Bond Index-Global Bonds 19.04 11.02 11.60

STOCK FUNDS-U.S.

CREF Stock 30.92 15.54 14.12

CREF Growth 35.20 n/a n/a

CREF Equity Index 36.17 n/a n/a

FIDELITY Growth Company 39.61 20.49 17.00

FIDELITY Value 27.13 20.79 14.07

FIDELITY Magellan 36.82 20.38 17.42

FIDELITY Contrafund 36.28 24.05 19.38

FIDELITY Disciplined Equity 29.01 18.45 n/a

FIDELITY Growth and Income 35.38 21.23 18.69

FIDELITY OTC-(Small Companies) 38.23 20.09 15.74

VANGUARD U.S. Growth 38.44 16.41 12.99

VANGUARD Primecap 35.48 20.92 15.51

VANGUARD Windsor II 38.83 17.57 14.37

VANGUARD Total Stock Market 35.79 n/a n/a

VANGUARD Index S&P 500 37.45 16.41 14.58

Dow Jones Industrial Average Index-U.S. Stocks 36.75 17.52 16.45

S&P 500 Index-U.S. Stocks 37.58 16.59 14.86

NASDAQ Composite Index-U.S. Stocks (Small Companies) 39.92 22.99 12.47

STOCKS FUNDS-GLOBAL & INTERNATIONAL

CREF Global Equities 20.09 n/a n/a

FIDELITY Worldwide 7.19 11.54 n/a

FIDELITY Overseas 9.06 8.27 13.42

FIDELITY Pacific Basin -6.11 9.23 n/a

VANGUARD International Growth 14.89 10.58 13.57

VANGUARD International Index Pacific 2.75 7.33 n/a

VANGUARD International Index European 22.28 11.82 n/a

MSCI World Index-Global Stocks 20.72 11.74 13.10

MSCI Europe, Australia & Far East (EAFE) 11.21 9.37 13.62

Index-International Stocks

BALANCED FUNDS-U.S. STOCKS & BONDS

CREF Social Choice 29.49 14.23 n/a

FIDELITY Puritan 21.46 16.62 13.04

FIDELITY Equity-Income 31.81 18.92 13.10

VANGUARD Wellington 32.92 14.91 12.78

ASSET ALLOCATION FUNDS

FIDELITY Asset Manager 18.16 13.66 n/a

FIDELITY Asset Manager: Growth 19.95 n/a n/a

ANNUITY FUNDS

TIAA Annuity 7.50 7.92 8.50

1.The "n/a" indicates that the fund has not been in existence for that particular period of time.

2. Any returns in brackets ( ) are negative results.


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