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 June 30, 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 methdology 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.

Average Annual Rate of Return
Years Ended June 30, 1995

ISSUER FUND NAME One Year Five Years 10 Years

MONEY MARKET FUNDS

CREF Money Market 5.35 4.83 n/a

FIDELITY Retirement Government 5.19 4.62 n/a

VANGUARD Prime Portfolio 5.37 4.80 6.21

91 Day Treasury Bill Index - Money Market 5.56 4.74 5.81

BOND FUNDS -- U.S.

CREF Bond Market 11.86 9.25 n/a

FIDELITY Intermediate Bond 8.68 8.55 8.76

FIDELITY Investment Grade Bond 9.50 9.89 9.61

FIDELITY GNMA (Mortgages) 12.16 8.35 n/a

VANGUARD GNMA (Mortgages) 12.47 9.08 9.56

VANGUARD Short-Term Corporate Bond 8.60 8.04 8.43

VANGUARD Long-Term Corporate Bond 16.57 11.57 10.86

VANGUARD Long-Term U.S. Treasury Bond 18.61 11.32 n/a

VANGUARD Total Bond Market Portfolio 12.30 9.21 n/a

Lehman Brothers U.S. Aggregate Bond Index -- U.S. Bonds 12.55 9.41 10.01

BOND FUNDS -- GLOBAL

FIDELITY Global Bond 5.21 6.58 n/a

Salomon World Government Bond Index -- Global Bonds 18.79 12.94 13.08

STOCK FUNDS -- U.S.

CREF Stock 19.01 10.90 14.23

CREF Growth 27.42 n/a n/a

CREF Equity Index 24.34 n/a n/a

FIDELITY Growth Company 30.66 15.89 17.24

FIDELITY Value 14.43 15.34 13.42

FIDELITY Magellan 31.16 16.24 18.28

FIDELITY Contrafund 25.42 20.08 19.36

FIDELITY Disciplined Equity 23.03 14.56 n/a

FIDELITY Growth and Income 20.86 15.38 n/a

FIDELITY OTC (Small Companies) 34.21 16.00 16.37

VANGUARD U.S. Growth 28.44 11.45 12.77

VANGUARD Primecap 38.93 16.45 16.35

VANGUARD Windsor II 19.73 12.28 13.63

VANGUARD Total Stock Market 24.74 n/a n/a

VANGUARD Index S&P 500 25.89 11.90 14.35

Dow Jones Industrial Average Index -- U.S. Stocks 29.06 12.97 16.94

S&P 500 Index -- U.S. Stocks 26.07 12.09 14.64

NASDAQ Composite Index -- U.S. Stocks (Small Companies) 32.22 15.09 12.16

STOCK FUNDS -- GLOBAL & INTERNATIONAL

CREF Global Equities 12.45 n/a n/a

FIDELITY Worldwide 6.36 8.14 n/a

FIDELITY Overseas 2.15 4.26 16.75

FIDELITY Pacific Basin (11.84) 3.41 n/a

VANGUARD International Growth 7.12 5.94 16.75

VANGUARD International Index Pacific (10.65) 2.46 n/a

VANGUARD International Index European 19.20 7.92 n/a

MSCI World Index -- Global Stocks 10.67 7.14 14.08

MSCI Europe, Australia & Far East (EAFE) Index -

International Stocks 1.66 4.69 16.04

BALANCED FUNDS -- U.S. Stocks & Bonds

CREF Social Choice 19.39 11.59 n/a

FIDELITY Puritan 12.12 13.12 13.03

FIDELITY Equity -- Income 17.52 13.36 12.64

VANGUARD Wellington 20.10 11.63 12.61

ASSET ALLOCATION FUNDS

FIDELITY Asset Manager 7.95 12.26 n/a

FIDELITY Asset Manager: Growth 7.88 n/a n/a

ANNUITY FUNDS

TIAA Annuity 6.76 8.11 9.40

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

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