Average Annual Rate of Return

Year Ended Dec. 31, 1996

 ISSUER  FUND NAME  1 Yr.  5 Yrs.  10 Yrs.

Money Market Funds

CREF

FIDELITY

VANGUARD

91 DAY TREASURY BILL

 

Money Market

Retirement Government

Prime Portfolio

Index-Money Market

 

5.28

5.25

5.29

5.26

 

4.40

4.28

4.38

4.44

 

n/a

n/a

5.98

5.75

Bond Funds-U.S. and Global

CREF

FIDELITY

FIDELITY

FIDELITY

FIDELITY

VANGUARD

VANGUARD

VANGUARD

VANGUARD

VANGUARD

Lehman Brothers U.S. Aggregate Index-U.S. Bonds

Salomon World Government Bond Index-Global Bonds

 

Bond Market

Intermediate Bond

Investment Grd. Bond

GNMA-(Mortgages)

Global Bond

GNMA-(Mortgages)

Short-term Corp. Bond

Long-term Corp. Bond

Long-term U.S. Treas. Bond

Total Bond Market Portfolio

 

 

3.08

3.65

3.02

4.86

3.45

5.24

4.79

1.20

(1.25)

3.58

3.63

3.62

 

6.83

6.35

7.23

6.29

3.28

6.66

6.26

8.77

8.42

6.97

7.04

8.58

 

n/a

7.44

8.12

7.71

7.09

8.54

7.62

9.49

8.81

8.02

8.47

9.70

Stock Funds-U.S.

CREF

CREF

CREF

FIDELITY

FIDELITY

FIDELITY

FIDELITY

FIDELITY

FIDELITY

FIDELITY

FIDELITY

VANGUARD

VANGUARD

VANGUARD

VANGUARD

VANGUARD

Dow Jones Industrial Avg. Index-U.S.

S&P 500 Index-U.S.

NASDAQ Composite Index-U.S. (Small Companies)

 

Stock

Growth

Equity Index

Blue Chip

Growth Company

Value

Magellan

Contrafund

Disciplined Equity

Growth & Income

OTC- (Small Companies)

U.S. Growth

Primecap

Windsor II

Total Stock Market

Index S&P 500

 

19.42

25.50

21.58

15.38

16.81

16.85

11.69

21.94

15.11

20.02

23.74

26.05

18.31

24.18

20.96

22.88

22.87

22.96

22.71

 

13.58

n/a

n/a

16.55

14.87

18.95

14.89

18.25

14.56

17.24

15.69

12.92

18.10

16.74

n/a

15.07

18.39

15.22

17.10

 

13.89

n/a

n/a

n/a

17.38

14.28

16.23

20.26

n/a

17.31

16.96

14.77

15.02

14.63

n/a

15.04

16.64

15.27

13.98

Stock Funds-Global & Int'l

CREF

FIDELITY

FIDELITY

FIDELITY

FIDELITY

VANGUARD

VANGUARD

VANGUARD

MSCI World Index-Global Stocks

MSCI Europe, Australia & Far East (EAFE) Index-Int'l Stocks

 

Global Equities

Worldwide

Overseas

Pacific Basin

Int'l Index-Emerging Markets

International Growth

International Index Pacific

International Index European

 

17.98

18.72

13.10

(2.76)

12.38

14.65

(8.74)

20.04

13.48

6.05

 

n/a

13.70

9.15

6.08

n/a

12.60

3.28

13.30

10.82

8.15

 

n/a

n/a

8.94

5.41

n/a

10.07

n/a

n/a

10.60

8.42

Balanced Funds-U.S.

Stocks & Bonds

CREF

FIDELITY

FIDELITY

VANGUARD

VANGUARD

VANGUARD

VANGUARD

VANGUARD

 

 

Social Choice

Puritan

Equity-Income

Life Strat.-Growth Portfolio

Life Strat.-Income Portfolio

Life Strat.-Conserv.Portfolio

LifeStrat.-Mod.Grwth.Portfolio

Wellington

 

 

15.53

15.15

21.02

15.41

7.65

10.36

12.71

16.19

 

 

12.41

14.82

17.34

n/a

n/a

n/a

n/a

13.49

 

 

n/a

12.50

13.47

n/a

n/a

n/a

n/a

12.57

Asset Allocation Funds

FIDELITY

FIDELITY

 

Asset Manager

Asset Manager: Growth

 

12.73

17.59

 

11.58

14.46

 

n/a

n/a

Other Funds

TIAA

FIDELITY

VANGUARD

VANGUARD

 

Real Estate

Real Estate

REIT Index

Energy

 

8.33

36.23

n/a

34.00

 

n/a

15.70

n/a

17.27

 

n/a

11.81

n/a

15.02

Annuity Funds

TIAA Annuity

 

 

6.67

 

7.36

 

8.16

The above 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 June 30, 1996. 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 parentheses () are negative results.


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