The University Record, The University Record, March 18, 1997

University of Michigan Investment Funds Update Average Annual Total Returns as of December 31, 1996

Equity Funds	                       1 Year  3 Years 5 Years 10 Years
				
Standard & Poor’s 500 Stock Index	23.0%	19.7%	15.2%	15.3%
				
Fidelity Low-Priced Stock	        26.9	18.4	20.8	 N.A
Fidelity OTC Portfolio	                23.7	18.5	15.7	17.0
				
Lipper Capital Appreciation Funds Avg	16.3	13.8	13.5	13.3
				
Calvert Social Investment
 Equity Portfolio*	                21.7	 8.9	 7.4	 N.A
C.R.E.F. Equity Index Account	        21.6	 N.A	 N.A	 N.A
C.R.E.F. Social Choice Account        	15.5	13.9	12.4	 N.A
C.R.E.F. Stock Account	                19.4	16.0	13.6	13.9
Fidelity Blue Chip Growth	        15.4	17.6	16.6	 N.A
Fidelity Capital Appreciation	        15.1	11.9	16.8	15.4
Fidelity Contrafund	                21.9	18.0	18.2	20.3
Fidelity Disciplined Equity	        15.1	15.2	14.6	 N.A
Fidelity	                        19.8	17.7	15.9	14.5
Fidelity Growth Company	                16.8	16.8	14.9	17.4
Fidelity Growth & Income	        20.0	18.4	17.2	17.3
Fidelity Magellan	                11.7	14.5	14.9	16.2
Fidelity Retirement Growth	         8.3	10.4	12.7	14.6
Fidelity Trend                   	17.0	10.1	13.1	13.2
Fidelity U.S. Equity Index	        22.7	19.4	14.9	 N.A
				
Lipper Growth Funds Average	        19.2	15.4	13.3	13.9
				
Fidelity Convertible Securities	        15.0	10.5 	14.2	 N.A
Fidelity Equity-Income	                21.0	16.9	17.3	13.5
Fidelity Equity Income II	        18.7	15.7	17.0	 N.A
Fidelity Value	                        16.9	16.9	19.0	14.3
				
Lipper Growth & Income Funds Average	20.8	16.2	14.0	13.2
				
C.R.E.F. Global Equities	        18.0	12.1	 N.A	 N.A
Fidelity Canada	                        15.9	 6.8	 8.2	 N.A
Fidelity Emerging Markets	        10.0    -4.3	11.0	 N.A
Fidelity Europe                  	25.6	16.6	14.5	12.1
Fidelity International Growth & Income	12.7	 7.1	 9.9	 9.2
Fidelity Japan	                       -11.2	 0.4	 N.A	 N.A
Fidelity Overseas	                13.1	 7.7	 9.1	 8.9
Fidelity Pacific Basin	                -2.8	-3.9	 6.1	 5.4
Fidelity World-Wide	                18.7	 9.4	13.7	 N.A
				 
MSCI EAFE (International) Index  	6.0	 8.3	 8.2	 8.4
MSCI Emerging Markets Free Index	6.0     -2.3	12.7	 N.A
				
Bond Funds	                       1 Year	3 Years	5 Years	10 Years
				
Lehman Bros. Gov’t/Corporate Bond Index	2.9%	 5.8%	 7.2%	 8.4%
Salomon Brothers High-Grade Index	1.4	 6.7	 8.5	 9.5
				
Calvert Income*	                        3.6	 4.8	 6.8	 8.3
Calvert Social Investment Bond*	        2.9	 4.6	 6.4	 N.A
C.R.E.F. Bond Market	                3.1	 5.3	 6.8	 N.A
Fidelity Investment Grade Bond	        3.0	 4.0	 7.2	 8.1
Fidelity Ginnie Mae	                4.9	 6.2	 6.3	 7.7
Fidelity Global Bond	                3.5	-2.6	 3.3	 N.A
Fidelity Capital & Income	       11.4	 7.5	14.7	 10.6
Fidelity Intermediate Bond	        3.6	 4.6	 6.4	 7.4
Fidelity Mortgage Securities	        5.4	 7.9	 7.2	 8.3
Fidelity Short-Term Bond	        4.8	 3.3	 5.3	 6.6
Fidelity U.S. Bond Index	        3.4	 5.9	 7.2	 N.A
TIAA Premium Growth Rate	        6.7	 N.A	 7.4	 8.2
				
Money Market Funds	               1 Year	3 Years	5 Years	10 Years
				
91-Day Treasury Bills	                5.3%	5.2%	 4.4%	 5.8%
				
Calvert First Government Money Market*	4.7	4.5	 3.9	 5.4
Calvert Social Investment Money Market*	4.8	4.5	 3.9	 5.4
C.R.E.F. Money Market	                5.3	5.1	 4.4	 N.A
Fidelity Cash Reserves	                5.2	4.9	 4.3	 5.8
Fidelity Retirement Gov't Money Market	5.3	5.0	 4.3	 N.A
Fidelity U.S. Government Reserves	5.1	5.8	 4.7	 5.8
Retirement Money Market         	5.3	5.1	 4.4	 N.A
				
Balanced Funds                  	1 Year	3 Years	5 Years	10 Years
				
Calvert Social Investment Managed Grth*	9.0	9.3	 8.3	 9.4
Fidelity Asset Manager	               12.7	7.6	11.6	 N.A
Fidelity Asset Manager:  Growth	       17.6	9.3	14.5	 N.A
Fidelity Asset Manager:  Income	        7.8	7.4	 N.A	 N.A
Fidelity Balanced	                9.3	6.0	 8.9	10.6
Fidelity Puritan	               15.2    12.5	14.8	12.5

*	Calvert funds are only available to those who were in Calvert
prior to 1/1/95.

Specialty Funds	                        1 Year	3 Years	5 Years	10 Years
				
Fidelity Real Estate Inv't Portfolio	36.2%	15.5%	15.7%	 11.8%
Fidelity Strategic Opportunities	 2.0	 9.8	12.7	 12.4
				
Fidelity Select Funds:				
	Air Transportation      	 1.3	 8.1	12.0	 9.9
	American Gold             	19.9	 4.1	14.3	 8.6
	Automotive              	16.1	 4.7	17.1	14.1
	Biotechnology                  	 5.6	 8.8	 3.1	17.1
	Brokerage & Investment Man't	39.7	12.6	17.5	11.3
	Chemicals	                21.5	19.2	15.8    16.2
	Computers	                31.5	33.9	30.4	18.7
	Construction and Housing	13.2	 7.0	14.2	12.6
	Consumer Products        	13.2	10.5	12.8	 N.A
	Defense & Aerospace     	24.9	23.3	19.3	 9.8
	Developing Communications	14.6	15.7	19.0	 N.A
	Electronics             	41.7	41.2	36.5	20.0
	Energy                  	32.4	17.3	13.4	11.3
	Energy Service              	49.1	28.3	21.5	11.2
	Environmental Services       	15.6	 9.7	 5.3	 N.A
	Financial Services           	32.1	23.3	25.8	15.7
	Food & Agriculture          	13.3	18.0	13.6	18.1
	Health Care             	15.5	26.9	11.6	19.8
	Home Finance             	36.8	29.2	34.1	21.9
	Industrial Equipment    	26.7	18.6	21.7	12.4
	Industrial Materials      	14.0	12.5	14.1	11.3
	Insurance                      	23.7	18.5	17.1	14.5
	Leisure                 	13.4	10.3	16.8	14.7
	Medical Delivery            	11.0	20.7	10.0	18.3
	Money Market             	 5.1	 4.6	 4.0	 5.4
	Multimedia              	 1.1	12.0	18.7	17.0
	Paper & Forest Products 	 7.0	14.2	14.6	10.1
	Precious Metals & Minerals	 5.4	 0.2	10.7	 6.3
	Regional Banks                 	35.9	26.0	27.0	21.0
	Retailing                	20.9	 8.7	12.1	16.7
	Software & Computer Services	21.8	21.3	26.2	20.2
	Technology              	15.8	22.7	20.9	16.4
	Telecommunications          	 5.3	12.5	16.3	17.9
	Transportation                	 9.5	 9.4	16.0	14.0
	Utilities                     	11.4	11.5	11.5	11.9

To assist faculty and staff in making choices among the many retirement investment options, the Record publishes this table several times a year. Faculty and staff should contact the companies directly for fund information and prospectuses: TIAA-CREF, 1-800-842-2776; Fidelity, 1-800-343-0860; Calvert, 1-800-368-2745.

Information on fund transfers is available from the Benefits Office, 763-1214 (Central Campus) or 764-6584 (Medical Campus), or the three companies.