The University Record, September 17, 1996

INVESTMENT FUNDS UPDATE

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, 1-800-368-2745.

Information on fund transfers is available from the Benefits Office, 763-1214 (central campus) or 764-6584 (medical campus), or the three companies.

University of Michigan Investment Funds Update

Average Annual Total Returns as of June 30, 1996

Equity Funds

1 Year

3 Years

5 Years

10 Years

Standard & Poorís 500 Stock Index

26.0%

17.2%

15.7%

13.8%

Fidelity Low-Priced Stock

23.1

18.2

21.4

N.A

Fidelity OTC Portfolio

21.4

17. 1

17.6

14.1

Lipper Capital Appreciation Funds Average

24.4

14.8

15.4

11.3

Calvert Social Investment Equity Portfolio*

19.0

8.4

7.1

N.A

C.R.E.F. Equity Index Account

25.4

N.A

N.AN.A

C.R.E.F Growth Account

26.3

N.A

N.A

N.A

C.R.E.F. Social Choice

16.9

11.6

13.3

N.A

C.R.E.F. Stock Account

23.4

15.3

14.6

12.8

Fidelity Blue Chip Growth

14.5

17.7

20.2

N.A

Fidelity Capital Appreciation

13.4

12.8

14.2

N.A

Fidelity Contrafund

23.1

16.1

20.5

18.6

Fidelity Disciplined Equity

17.6

15.1

16.4

N.A

Fidelity Fund

27.0

17.4

15.7

13.0

Fide lity Growth Company

24.0

17.4

18.2

15.4

Fidelity Growth & Income

27.8

17.4

18.0

15.9

Fidelity Magellan Fund

12.1

14.2

16.7

14.7

Fidelity Retirement Growth Fund

17.0

13.8

17.8

13.5

Fidelity Trend Fund

19.0

10.3

15.0

11.5

Fidelity U.S. Equity Index

25.8

17.0

15.4

N.A

Lipper Growth Funds Average

14.7

14.4

11.3

30.5

Fidelity Convertible Securities

16.7

11.0

16.4

N.A

Fidelity Equity-Income

24.0

16.0

17.6

12.4

Fidelity Equity Income II Fund

21.1

14.8

18.6

N.A

Fidelity Value Fund

25.0

18.1

19.3

12.9

Lipper Growth & Income Funds Avera ge

22.3

14.3

14.0

11.4

C.R.E.F. Global Equities

18.3

15.5

N.A

N.A

Fidelity Canada Fund

13.3

4.4

5.6

N.A

Fidelity Emerging Markets Funds

14.1

12.3

12.9

N.A

Fidelity Europe Fund

20.8

18.6

14.4

N.A

Fidelity Intíl. Growth & Income Fund

13.9

9.2

9.7

N.A

Fidelity Japan Fund

14.4

2.9

N.A

N.A

Fidelity Overseas

12.8

11.5

10.3

9.8

Fidelity Pacific Basin

8.2

8.1

8.0

N.A

Fidelity World-Wide Fund

11.9

12.6

14.1

N.A

MSCI EAFE (International) Index

13.3

10.4

10.0

10.2

MSCI Emerging Markets Free Index

8.5

14.2

17.4

NA

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

Bond Funds

1 Year

3 Years

5 Years

10 Years

Lehman Govít./Corp. Bond Index

4.7%

5.2%

8.5%

8.4%

Salomon Brothers High- Grade Index

4.4

5.8

10.0

9.6

Calvert Income Fund*

4.1

4.2

8.4

7.9

Calvert Social Investment Bond*

4.2

4.3

7.8

N.A

C.R.E.F. Bond Market

4.5

4.7

8.3

N.A

Fidelity Investment Grade Bond Fund

4.2

4.4

8.7

8.1

Fidelity Ginnie Mae

5.5

5.0

7.2

8.0

Fidelity Global Bond

0.3

-0.7

4.2

N.A

Fidelity Capital & Income Fund

9.8

7.6

15.5

10.4

Fidelity Intermediate Bo nd

4.5

4.6

7.6

7.5

Fidelity Mortgage Securities

6.6

6.9

8.0

8.4

Fidelity Short-Term Bond

4.9

3.4

6.1

N.A

Fidelity U.S. Bond Index

4.8

5.2

8.5

NA

TIAA Premium Growth Rate

7.0

N.A

7.8

8.3

Money Market Funds

1 Year

3 Years

5 Years

10 Years

91-Day Treasury Bills

5.4

4.8

4.4

5.8

Calvert First Govt. Money Market*

4.8

4.1

3.9

5.3

Calvert Social Inv. Money Market*

5.0

4.2

3.9

5.5

C.R.E.F. Money Market

5.5

4.7

4.5

N.A

Fidelity Cash Reserves

5.4

4.5

4.3

N.A

Fidelity Retirement Govt. Money Market

5.4

4.6

4.3

N.A

Fidel ity U.S. Government Reserves

5.3

5.4

4.7

5.9

Retirement Money Market

5.5

4.7

4.4

N.A

Balanced Funds

1 Year

3 Years

5 Years

10 Years

Calvert Social Inv. Managed Growth*

10.6

8.4

8.8

8.0

Fidelity Asset Manager

13.7

8.8

11.7

N.A

Fidelity Asset Manager: Growth

17.8

10.6

N.A

N.A

Fidelity Asset Manager: Income

9.3

7.2

N.A

N.A

Fidelity Balanced

6.2

4.5

9. 2

N.A

Fidelity Puritan

16.0

11.8

14.9

12.1

* 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

Fide lity Real Estate Investment Portfolio

15.6%

6.6%

12.9%

N.A

Fidelity Strategic Opportunities

16.4

12.8

14.0

12.2

Fidelity Select Funds:

Air Transportation

19.1

16.9

16.0

11.5

A merican Gold

23.4

9.1

13.4

10.4

Automotive

19.6

7.8

18.4

N.A

Biotechnology

26.5

11.6

10.2

12.9

Brokerage & Investment Mgt.

21.1

12.8

21.1

8.1

Chemicals

23.0

20.5

17.1

15.1

Computers

10.0

32.1

27.6

15.2

Construction and Housing

21.4

12.6

15.1

N.A

Consumer Products

36.3

16.3

17.8

N.A

Defense & Aerospace

32.2

24.7

19.6

7.9

Developing Communications

8.3

19.8

24.9

N.A

Electronics

13.4

34.8

32.5

14.7

Energy

28.6

11.0

11.0

11.0

Energy Service

43.7

15.5

12.5

8.2

Environ mental Services

22.6

10.9

6.0

N.A

Financial Services

29.8

17.3

26.5

12.0

Food & Agriculture

24.7

19.0

16.2

16.4

Health Care

28.7

28.3

16.7

17.0

Home Finance

32. 1

26.5

33.7

17.6

Industrial Equipment

17.3

19.5

20.2

N.A

Industrial Materials

10.2

14.6

15.3

N.A

Insurance

21.5

12.1

16.4

10.9

Leisure

26.3

18.4

21.2

12.9

Medical Delivery

32.0

28.7

15.2

N.A

Money Market

5.3

4.2

4.0

5.5

Multimedia

18.2

21.1

25.0

N.A

Paper & Forest Products

-1.2

14.9

13.4

N.A

Precious Meta ls & Minerals

14.9

10.1

11.3

10.2

Regional Banks

30.2

17.2

27.5

N.A

Retailing

29.7

13.1

16.4

14.8

Software & Computer Services

21.3

19.5

27.7

17.9

Technology

11 .2

20.6

24.7

13.7

Telecommunications

20.4

16.3

21.0

18.1

Transportation

21.8

13.6

20.8

N.A

Utilities

23.7

8.4

13.4

11.2