Emory Report

August 25, 1997

Volume 50, No. 1

ISSUER	FUND NAME	1 Yr	5 Yrs	10 Yrs
Money Market Funds CREF FIDELITY Retirement Government 5.28 4.40 n/a VANGUARD Prime Portfolio 5.33 4.50 5.96 91 Day Treasury Bill Index-Money Market 5.32 4.58 5.73   Bond Funds-U.S. and Global CREF Bond Market 8.01 6.99 n/a FIDELITY Intermediate Bond 6.85 6.46 7.76 FIDELITY Investment Grd. Bond 7.58 7.20 8.63 FIDELITY GNMA-(Mortgages) 8.59 6.35 8.17 FIDELITY Global Bond 2.66 2.14 6.28 VANGUARD GNMA-(Mortgages) 9.34 6.91 9.00 VANGUARD Short-term Corp. Bond 6.77 6.09 7.78 VANGUARD Long-term Corp. Bond 9.24 8.73 9.93 VANGUARD Long-term U.S. Treasury Bond 8.33 n/a n/a VANGUARD Total Bond Market Portfolio 8.03 7.04 8.45 Lehman Brothers U.S. Aggregate Index-U.S. Bonds 8.15 7.12 8.82 Salomon World Government Bond Index-Global Bonds 3.88 7.64 8.89   Stock Funds-U.S. CREF Stock 27.40 17.50 12.91 CREF Growth 32.03 n/a n/a CREF Equity Index 30.38 n/a n/a FIDELITY Blue Chip 28.58 21.44 n/a FIDELITY Growth Company 19.14 19.76 16.76 FIDELITY Value 24.45 20.23 14.22 FIDELITY Magellan 25.91 18.34 15.25 FIDELITY Contrafund 24.31 20.09 18.45 FIDELITY Disciplined Equity 25.92 17.30 n/a FIDELITY Growth and Income 29.83 20.46 16.68 FIDELITY OTC - (Small Companies) 19.65 17.75 14.98 VANGUARD U.S. Growth 29.24 18.05 14.71 VANGUARD Primecap 31.90 23.64 14.75 VANGUARD Windsor II 31.53 19.40 14.40 VANGUARD Index Stock Market 29.29 18.66 n/a VANGUARD Index Trust Growth 38.24 n/a n/a VANGUARD Index S&P 500 34.56 19.62 14.41 Dow Jones Industrial Avg. Index-U.S. Stocks 38.56 21.32 15.76 S&P 500 Index-U.S. Stocks 34.70 19.78 14.64 NASDAQ Composite Index-U.S. Stocks (Small Companies) 21.69 20.67 13.00   Stock Funds-Global & International CREF Global Equities 24.52 n/a n/a FIDELITY Worldwide 22.33 15.24 n/a FIDELITY Overseas 22.40 11.40 7.55 FIDELITY Pacific Basin 2.11 9.53 3.36 VANGUARD Int'l Index-Emerging Markets 13.06 n/a n/a VANGUARD Int'l Growth 22.19 15.68 10.13 VANGUARD Int'l Index Pacific (3.98) 10.60 n/a VANGUARD Int'l Index-European 30.25 15.08 n/a MSCI World Index-Global Stocks 22.27 15.58 9.32 MSCI Europe, Australia & Far East (EAFE) Index-Int'l Stocks 12.84 12.83 6.58   Balanced Funds-U.S. Stocks & Bonds CREF Social Choice 24.31 15.18 n/a FIDELITY Puritan 24.31 16.24 12.70 FIDELITY Equity-Income 30.37 19.77 13.61 VANGUARD Life Strategy-Growth Portfolio 23.07 n/a n/a VANGUARD Life Strategy-Income Portfolio 12.93 n/a n/a VANGUARD Life Strategy-Conserv. Portfolio 16.25 n/a n/a VANGUARD Life Strategy-Moderate Growth 19.73 n/a n/a VANGUARD Wellington 24.97 15.75 12.21   Asset Allocation Funds FIDELITY Asset Manager 20.35 12.69 n/a FIDELITY Asset Manager: Growth 25.47 16.21 n/a   Other Funds TIAA Real Estate 8.30 n/a n/a FIDELITY Real Estate 37.16 16.39 11.86 VANGUARD REIT Index 33.44 n/a n/a VANGUARD Energy 24.24 18.50 12.29   Annuity Funds TIAA Annuity 7.24 7.30 8.07	5.39 4.53 n/a FIDELITY Retirement Government 5.28 4.40 n/a VANGUARD Prime Portfolio 5.33 4.50 5.96 91 Day Treasury Bill Index-Money Market 5.32 4.58 5.73   Bond Funds-U.S. and Global CREF Bond Market 8.01 6.99 n/a FIDELITY Intermediate Bond 6.85 6.46 7.76 FIDELITY Investment Grd. Bond 7.58 7.20 8.63 FIDELITY GNMA-(Mortgages) 8.59 6.35 8.17 FIDELITY Global Bond 2.66 2.14 6.28 VANGUARD GNMA-(Mortgages) 9.34 6.91 9.00 VANGUARD Short-term Corp. Bond 6.77 6.09 7.78 VANGUARD Long-term Corp. Bond 9.24 8.73 9.93 VANGUARD Long-term U.S. Treasury Bond 8.33 n/a n/a VANGUARD Total Bond Market Portfolio 8.03 7.04 8.45 Lehman Brothers U.S. Aggregate Index-U.S. Bonds 8.15 7.12 8.82 Salomon World Government Bond Index-Global Bonds 3.88 7.64 8.89   Stock Funds-U.S. CREF Stock 27.40 17.50 12.91 CREF Growth 32.03 n/a n/a CREF Equity Index 30.38 n/a n/a FIDELITY Blue Chip 28.58 21.44 n/a FIDELITY Growth Company 19.14 19.76 16.76 FIDELITY Value 24.45 20.23 14.22 FIDELITY Magellan 25.91 18.34 15.25 FIDELITY Contrafund 24.31 20.09 18.45 FIDELITY Disciplined Equity 25.92 17.30 n/a FIDELITY Growth and Income 29.83 20.46 16.68 FIDELITY OTC - (Small Companies) 19.65 17.75 14.98 VANGUARD U.S. Growth 29.24 18.05 14.71 VANGUARD Primecap 31.90 23.64 14.75 VANGUARD Windsor II 31.53 19.40 14.40 VANGUARD Index Stock Market 29.29 18.66 n/a VANGUARD Index Trust Growth 38.24 n/a n/a VANGUARD Index S&P 500 34.56 19.62 14.41 Dow Jones Industrial Avg. Index-U.S. Stocks 38.56 21.32 15.76 S&P 500 Index-U.S. Stocks 34.70 19.78 14.64 NASDAQ Composite Index-U.S. Stocks (Small Companies) 21.69 20.67 13.00   Stock Funds-Global & International CREF Global Equities 24.52 n/a n/a FIDELITY Worldwide 22.33 15.24 n/a FIDELITY Overseas 22.40 11.40 7.55 FIDELITY Pacific Basin 2.11 9.53 3.36 VANGUARD Int'l Index-Emerging Markets 13.06 n/a n/a VANGUARD Int'l Growth 22.19 15.68 10.13 VANGUARD Int'l Index Pacific (3.98) 10.60 n/a VANGUARD Int'l Index-European 30.25 15.08 n/a MSCI World Index-Global Stocks 22.27 15.58 9.32 MSCI Europe, Australia & Far East (EAFE) Index-Int'l Stocks 12.84 12.83 6.58   Balanced Funds-U.S. Stocks & Bonds CREF Social Choice 24.31 15.18 n/a FIDELITY Puritan 24.31 16.24 12.70 FIDELITY Equity-Income 30.37 19.77 13.61 VANGUARD Life Strategy-Growth Portfolio 23.07 n/a n/a VANGUARD Life Strategy-Income Portfolio 12.93 n/a n/a VANGUARD Life Strategy-Conserv. Portfolio 16.25 n/a n/a VANGUARD Life Strategy-Moderate Growth 19.73 n/a n/a VANGUARD Wellington 24.97 15.75 12.21   Asset Allocation Funds FIDELITY Asset Manager 20.35 12.69 n/a FIDELITY Asset Manager: Growth 25.47 16.21 n/a   Other Funds TIAA Real Estate 8.30 n/a n/a FIDELITY Real Estate 37.16 16.39 11.86 VANGUARD REIT Index 33.44 n/a n/a VANGUARD Energy 24.24 18.50 12.29   Annuity Funds TIAA Annuity 7.24 7.30 8.07	Money Market Funds CREF Money Market 5.39 4.53 n/a FIDELITY Retirement Government 5.28 4.40 n/a VANGUARD Prime Portfolio 5.33 4.50 5.96 91 Day Treasury Bill Index-Money Market 5.32 4.58 5.73   Bond Funds-U.S. and Global CREF Bond Market 8.01 6.99 n/a FIDELITY Intermediate Bond 6.85 6.46 7.76 FIDELITY Investment Grd. Bond 7.58 7.20 8.63 FIDELITY GNMA-(Mortgages) 8.59 6.35 8.17 FIDELITY Global Bond 2.66 2.14 6.28 VANGUARD GNMA-(Mortgages) 9.34 6.91 9.00 VANGUARD Short-term Corp. Bond 6.77 6.09 7.78 VANGUARD Long-term Corp. Bond 9.24 8.73 9.93 VANGUARD Long-term U.S. Treasury Bond 8.33 n/a n/a VANGUARD Total Bond Market Portfolio 8.03 7.04 8.45 Lehman Brothers U.S. Aggregate Index-U.S. Bonds 8.15 7.12 8.82 Salomon World Government Bond Index-Global Bonds 3.88 7.64 8.89   Stock Funds-U.S. CREF Stock 27.40 17.50 12.91 CREF Growth 32.03 n/a n/a CREF Equity Index 30.38 n/a n/a FIDELITY Blue Chip 28.58 21.44 n/a FIDELITY Growth Company 19.14 19.76 16.76 FIDELITY Value 24.45 20.23 14.22 FIDELITY Magellan 25.91 18.34 15.25 FIDELITY Contrafund 24.31 20.09 18.45 FIDELITY Disciplined Equity 25.92 17.30 n/a FIDELITY Growth and Income 29.83 20.46 16.68 FIDELITY OTC - (Small Companies) 19.65 17.75 14.98 VANGUARD U.S. Growth 29.24 18.05 14.71 VANGUARD Primecap 31.90 23.64 14.75 VANGUARD Windsor II 31.53 19.40 14.40 VANGUARD Index Stock Market 29.29 18.66 n/a VANGUARD Index Trust Growth 38.24 n/a n/a VANGUARD Index S&P 500 34.56 19.62 14.41 Dow Jones Industrial Avg. Index-U.S. Stocks 38.56 21.32 15.76 S&P 500 Index-U.S. Stocks 34.70 19.78 14.64 NASDAQ Composite Index-U.S. Stocks (Small Companies) 21.69 20.67 13.00   Stock Funds-Global & International CREF Global Equities 24.52 n/a n/a FIDELITY Worldwide 22.33 15.24 n/a FIDELITY Overseas 22.40 11.40 7.55 FIDELITY Pacific Basin 2.11 9.53 3.36 VANGUARD Int'l Index-Emerging Markets 13.06 n/a n/a VANGUARD Int'l Growth 22.19 15.68 10.13 VANGUARD Int'l Index Pacific (3.98) 10.60 n/a VANGUARD Int'l Index-European 30.25 15.08 n/a MSCI World Index-Global Stocks 22.27 15.58 9.32 MSCI Europe, Australia & Far East (EAFE) Index-Int'l Stocks 12.84 12.83 6.58   Balanced Funds-U.S. Stocks & Bonds CREF Social Choice 24.31 15.18 n/a FIDELITY Puritan 24.31 16.24 12.70 FIDELITY Equity-Income 30.37 19.77 13.61 VANGUARD Life Strategy-Growth Portfolio 23.07 n/a n/a VANGUARD Life Strategy-Income Portfolio 12.93 n/a n/a VANGUARD Life Strategy-Conserv. Portfolio 16.25 n/a n/a VANGUARD Life Strategy-Moderate Growth 19.73 n/a n/a VANGUARD Wellington 24.97 15.75 12.21   Asset Allocation Funds FIDELITY Asset Manager 20.35 12.69 n/a FIDELITY Asset Manager: Growth 25.47 16.21 n/a   Other Funds TIAA Real Estate 8.30 n/a n/a FIDELITY Real Estate 37.16 16.39 11.86 VANGUARD REIT Index 33.44 n/a n/a VANGUARD Energy 24.24 18.50 12.29   Annuity Funds TIAA Annuity 7.24 7.30 8.07	Money Market Funds CREF Money Market 5.39 4.53 n/a FIDELITY Retirement Government 5.28 4.40 n/a VANGUARD Prime Portfolio 5.33 4.50 5.96 91 Day Treasury Bill Index-Money Market 5.32 4.58 5.73   Bond Funds-U.S. and Global CREF Bond Market 8.01 6.99 n/a FIDELITY Intermediate Bond 6.85 6.46 7.76 FIDELITY Investment Grd. Bond 7.58 7.20 8.63 FIDELITY GNMA-(Mortgages) 8.59 6.35 8.17 FIDELITY Global Bond 2.66 2.14 6.28 VANGUARD GNMA-(Mortgages) 9.34 6.91 9.00 VANGUARD Short-term Corp. Bond 6.77 6.09 7.78 VANGUARD Long-term Corp. Bond 9.24 8.73 9.93 VANGUARD Long-term U.S. Treasury Bond 8.33 n/a n/a VANGUARD Total Bond Market Portfolio 8.03 7.04 8.45 Lehman Brothers U.S. Aggregate Index-U.S. Bonds 8.15 7.12 8.82 Salomon World Government Bond Index-Global Bonds 3.88 7.64 8.89   Stock Funds-U.S. CREF Stock 27.40 17.50 12.91 CREF Growth 32.03 n/a n/a CREF Equity Index 30.38 n/a n/a FIDELITY Blue Chip 28.58 21.44 n/a FIDELITY Growth Company 19.14 19.76 16.76 FIDELITY Value 24.45 20.23 14.22 FIDELITY Magellan 25.91 18.34 15.25 FIDELITY Contrafund 24.31 20.09 18.45 FIDELITY Disciplined Equity 25.92 17.30 n/a FIDELITY Growth and Income 29.83 20.46 16.68 FIDELITY OTC - (Small Companies) 19.65 17.75 14.98 VANGUARD U.S. Growth 29.24 18.05 14.71 VANGUARD Primecap 31.90 23.64 14.75 VANGUARD Windsor II 31.53 19.40 14.40 VANGUARD Index Stock Market 29.29 18.66 n/a VANGUARD Index Trust Growth 38.24 n/a n/a VANGUARD Index S&P 500 34.56 19.62 14.41 Dow Jones Industrial Avg. Index-U.S. Stocks 38.56 21.32 15.76 S&P 500 Index-U.S. Stocks 34.70 19.78 14.64 NASDAQ Composite Index-U.S. Stocks (Small Companies) 21.69 20.67 13.00   Stock Funds-Global & International CREF Global Equities 24.52 n/a n/a FIDELITY Worldwide 22.33 15.24 n/a FIDELITY Overseas 22.40 11.40 7.55 FIDELITY Pacific Basin 2.11 9.53 3.36 VANGUARD Int'l Index-Emerging Markets 13.06 n/a n/a VANGUARD Int'l Growth 22.19 15.68 10.13 VANGUARD Int'l Index Pacific (3.98) 10.60 n/a VANGUARD Int'l Index-European 30.25 15.08 n/a MSCI World Index-Global Stocks 22.27 15.58 9.32 MSCI Europe, Australia & Far East (EAFE) Index-Int'l Stocks 12.84 12.83 6.58   Balanced Funds-U.S. Stocks & Bonds CREF Social Choice 24.31 15.18 n/a FIDELITY Puritan 24.31 16.24 12.70 FIDELITY Equity-Income 30.37 19.77 13.61 VANGUARD Life Strategy-Growth Portfolio 23.07 n/a n/a VANGUARD Life Strategy-Income Portfolio 12.93 n/a n/a VANGUARD Life Strategy-Conserv. Portfolio 16.25 n/a n/a VANGUARD Life Strategy-Moderate Growth 19.73 n/a n/a VANGUARD Wellington 24.97 15.75 12.21   Asset Allocation Funds FIDELITY Asset Manager 20.35 12.69 n/a FIDELITY Asset Manager: Growth 25.47 16.21 n/a   Other Funds TIAA Real Estate 8.30 n/a n/a FIDELITY Real Estate 37.16 16.39 11.86 VANGUARD REIT Index 33.44 n/a n/a VANGUARD Energy 24.24 18.50 12.29   Annuity Funds TIAA Annuity 7.24 7.30 8.07	Money Market Funds CREF Money Market 5.39 4.53 n/a FIDELITY Retirement Government 5.28 4.40 n/a VANGUARD Prime Portfolio 5.33 4.50 5.96 91 Day Treasury Bill Index-Money Market 5.32 4.58 5.73   Bond Funds-U.S. and Global CREF Bond Market 8.01 6.99 n/a FIDELITY Intermediate Bond 6.85 6.46 7.76 FIDELITY Investment Grd. Bond 7.58 7.20 8.63 FIDELITY GNMA-(Mortgages) 8.59 6.35 8.17 FIDELITY Global Bond 2.66 2.14 6.28 VANGUARD GNMA-(Mortgages) 9.34 6.91 9.00 VANGUARD Short-term Corp. Bond 6.77 6.09 7.78 VANGUARD Long-term Corp. Bond 9.24 8.73 9.93 VANGUARD Long-term U.S. Treasury Bond 8.33 n/a n/a VANGUARD Total Bond Market Portfolio 8.03 7.04 8.45 Lehman Brothers U.S. Aggregate Index-U.S. Bonds 8.15 7.12 8.82 Salomon World Government Bond Index-Global Bonds 3.88 7.64 8.89   Stock Funds-U.S. CREF Stock 27.40 17.50 12.91 CREF Growth 32.03 n/a n/a CREF Equity Index 30.38 n/a n/a FIDELITY Blue Chip 28.58 21.44 n/a FIDELITY Growth Company 19.14 19.76 16.76 FIDELITY Value 24.45 20.23 14.22 FIDELITY Magellan 25.91 18.34 15.25 FIDELITY Contrafund 24.31 20.09 18.45 FIDELITY Disciplined Equity 25.92 17.30 n/a FIDELITY Growth and Income 29.83 20.46 16.68 FIDELITY OTC - (Small Companies) 19.65 17.75 14.98 VANGUARD U.S. Growth 29.24 18.05 14.71 VANGUARD Primecap 31.90 23.64 14.75 VANGUARD Windsor II 31.53 19.40 14.40 VANGUARD Index Stock Market 29.29 18.66 n/a VANGUARD Index Trust Growth 38.24 n/a n/a VANGUARD Index S&P 500 34.56 19.62 14.41 Dow Jones Industrial Avg. Index-U.S. Stocks 38.56 21.32 15.76 S&P 500 Index-U.S. Stocks 34.70 19.78 14.64 NASDAQ Composite Index-U.S. Stocks (Small Companies) 21.69 20.67 13.00   Stock Funds-Global & International CREF Global Equities 24.52 n/a n/a FIDELITY Worldwide 22.33 15.24 n/a FIDELITY Overseas 22.40 11.40 7.55 FIDELITY Pacific Basin 2.11 9.53 3.36 VANGUARD Int'l Index-Emerging Markets 13.06 n/a n/a VANGUARD Int'l Growth 22.19 15.68 10.13 VANGUARD Int'l Index Pacific (3.98) 10.60 n/a VANGUARD Int'l Index-European 30.25 15.08 n/a MSCI World Index-Global Stocks 22.27 15.58 9.32 MSCI Europe, Australia & Far East (EAFE) Index-Int'l Stocks 12.84 12.83 6.58   Balanced Funds-U.S. Stocks & Bonds CREF Social Choice 24.31 15.18 n/a FIDELITY Puritan 24.31 16.24 12.70 FIDELITY Equity-Income 30.37 19.77 13.61 VANGUARD Life Strategy-Growth Portfolio 23.07 n/a n/a VANGUARD Life Strategy-Income Portfolio 12.93 n/a n/a VANGUARD Life Strategy-Conserv. Portfolio 16.25 n/a n/a VANGUARD Life Strategy-Moderate Growth 19.73 n/a n/a VANGUARD Wellington 24.97 15.75 12.21   Asset Allocation Funds FIDELITY Asset Manager 20.35 12.69 n/a FIDELITY Asset Manager: Growth 25.47 16.21 n/a   Other Funds TIAA Real Estate 8.30 n/a n/a FIDELITY Real Estate 37.16 16.39 11.86 VANGUARD REIT Index 33.44 n/a n/a VANGUARD Energy 24.24 18.50 12.29   Annuity Funds TIAA Annuity 7.24 7.30 8.07

The above table shows the rates of return for the funds currently available under the Emory University retirement plan for the one-, five- and ten-year periods ending on June 30, 1997. 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 prospectus for each fund before making any decisions concerning the investment of their annuity contracts and custodial accounts under the plan.

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.