Investment Funds Update

The University Record, June 10, 1998

To help faculty and staff make 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, (800) 842-2776; Fidelity, (800) 343-0860.

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 March 31, 1998

Equity Funds

1 Yr

3 Yrs

5 Yrs

10 Yrs

Standard & Poor's 500 Stock Index

48.0%

32.8%

22.4%

18.9%

Fidelity Low-Priced Stock

38.1

28.5

21.5

N/A

Fidelity OTC Portfolio

42.6

27.1

18.6

18.5

Lipper Capital Appreciation Funds Average

38.9

24.3

17.1

15.7

Calvert Social Invest. Equity Portfolio*

34.2

24.1

11.6

11.4

C.R.E.F. Equity Index Account

47.1

31.1

N/A

N/A

C.R.E.F. Growth Account

46.0

31.6

N/A

N/A

C.R.E.F. Stock Account

42.5

27.9

19.5

16.6

Fidelity Blue Chip Growth

44.8

26.9

23.0

21.7

Fidelity Capital Appreciation

40.9

22.1

18.7

15.4

Fidelity Contrafund

40.2

29.4

20.4

23.1

Fidelity Disciplined Equity

49.7

28.6

20.4

N/A

Fidelity

49.3

30.5

22.0

18.0

Fidelity Growth Company

37.9

26.9

19.2

20.2

Fidelity Growth & Income

45.1

30.4

22.0

20.1

Fidelity Magellan

45.4

26.8

20.0

192.3

Fidelity Retirement Growth

43.3

21.7

17.8

16.4

Fidelity Trend

39.0

20.4

13.7

14.8

Fidelity Spartan U.S. Equity Index

47.6

32.5

22.1

18.6

Lipper Growth Funds Average

42.9

27.3

18.9

16.9

Fidelity Convertible Securities

35.4

20.1

14.6

16.6

Fidelity Equity-Income

41.6

29.2

20.9

16.8

Fidelity Equity Income II

42.8

26.1

19.4

N/A

Fidelity Value

32.3

24.2

19.6

17.4

Lipper Growth & Income Funds Average

40.2

28.0

19.2

16.4

C.R.E.F. Global Equities

35.5

22.8

18.7

N/A

Fidelity Canada

16.5

15.4

9.4

9.8

Fidelity Emerging Markets

-40.1

-7.8

-1.8

N/A

Fidelity Europe

41.1

28.9

22.6

14.9

Fidelity International Growth & Income

19.6

13.9

12.3

9.8

Fidelity Japan

-6.3

-6.9

-2.1

N/A

Fidelity Overseas

22.5

16.5

14.5

9.1

Fidelity Pacific Basin

-8.9

-5.6

1.6

0.5

Fidelity World-Wide

26.2

17.7

15.7

N/A

MSCI EAFE (International) Index

18.6

10.6

11.9

6.2

MSCI Emerging Markets Free Index

-13.4

2.5

7.7

16.5

Bond Funds

1 Yr

3 Yrs

5 Yrs

10 Yrs

Lehman Bros. Govt/Corp Bond Index

12.4%

9.2%

7.0%

8.9%

Salomon Brothers High-Grade Index

17.4

11.6

8.4

10.5

Calvert Income*

14.0

10.0

6.9

9.0

Calvert Social Investment Bond*

12.0

8.6

6.2

8.4

C.R.E.F. Bond Market

11.9

9.0

6.6

N/A

Fidelity Investment Grade Bond

11.6

8.5

6.5

8.8

Fidelity Ginnie Mae

10.4

8.6

6.4

8.2

Fidelity Global Bond

5.2

3.6

1.5

5.2

Fidelity Capital & Income

22.6

14.7

11.8

12.2

Fidelity Intermediate Bond

9.5

7.4

6.0

7.8

Fidelity Mortgage Securities

10.8

9.3

7.7

8.7

Fidelity Short-Term Bond

7.3

6.6

4.7

6.7

Fidelity U.S. Bond Index

16.5

10.5

7.7

N/A

TIAA Premium Growth Rate

7.2

N/A

6.8

8.2

Money Market Funds

1 Yr

3 Yrs

5 Yrs

10 Yrs

91-Day Treasury Bills

5.3

5.4

4.9

5.7

Calvert First Govt Money Market*

5.1

4.9

4.4

5.3

Calvert Social Invest Money Market*

6.2

5.4

4.6

5.4

C.R.E.F. Money Market

5.6

5.5

4.9

5.8

Fidelity Cash Reserves

5.4

5.4

4.7

5.6

Fidelity Retirement Govt Money Market

5.4

5.4

4.7

N/A

Fidelity U.S. Government Reserves

7.4

6.0

5.6

5.9

Retirement Money Market

5.5

5.5

4.8

N/A

Balanced Funds

1 Yr

3 Yrs

5 Yrs

10 Yrs

Calvert Social Invest Managed Growth*

32.3

18.7

12.0

11.0

C.R.E.F. Social Choice Account

32.8

23.4

15.7

N/A

Fidelity Asset Manager

31.5

19.6

13.7

N/A

Fidelity Asset Manager: Growth

38.3

24.5

16.5

N/A

Fidelity Asset Manager: Income

16.5

12.3

9.4

N/A

Fidelity Balanced

32.9

17.6

12.0

12.9

Fidelity Puritan

30.3

20.8

16.0

15.1

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

Specialty Funds

1 Yr

3 Yrs

5 Yrs

10 Yrs

Fidelity Real Estate Investment Portfolio

18.4%

23.1%

12.6%

13.8%

Fidelity Strategic Opportunities

36.1

22.5

15.7

15.9

Fidelity Select Funds:

Air Transportation

58.6

27.7

17.4

15.6

American Gold

-28.0

-6.4

2.0

1.0

Automotive

32.8

20.2

13.4

14.8

Biotechnology

34.9

22.2

15.4

19.4

Brokerage & Investment Management

85.1

45.6

27.9

22.9

Chemicals

28.0

20.8

19.2

15.9

Computers

27.7

27.3

29.1

21.1

Construction and Housing

51.3

27.8

18.3

17.2

Consumer Products

52.7

29.5

20.9

N/A

Defense & Aerospace

47.6

33.9

26.7

15.7

Developing Communications

44.5

17.4

18.4

N/A

Electronics

30.1

36.8

34.9

24.3

Energy

23.0

20.3

13.9

11.6

Energy Service

49.1

40.7

25.5

15.2

Environmental Services

26.5

19.3

10.5

N/A

Financial Services

60.8

40.2

25.3

22.5

Food & Agriculture

31.7

25.3

19.2

19.9

Health Care

49.5

32.3

29.6

24.0

Home Finance

55.9

44.1

31.1

28.0

Industrial Equipment

40.3

26.3

24.1

16.2

Industrial Materials

20.0

11.8

13.6

10.4

Insurance

59.4

35.1

20.9

21.0

Leisure

63.7

29.2

23.4

18.2

Medical Delivery

35.9

21.1

25.4

22.6

Money Market

5.3

5.3

4.4

5.3

Multimedia

60.2

21.8

22.2

18.2

Paper & Forest Products

24.1

12.2

14.8

11.4

Precious Metals & Minerals

-34.3

-13.1

0.2

-0.8

Regional Banks

54.6

26.2

25.8

54.6

Retailing

61.1

31.0

18.6

21.7

Software & Computer Services

54.6

31.1

26.0

22.7

Technology

34.3

26.0

24.3

20.6

Telecommunications

74.2

28.8

22.3

21.0

Transportation

41.8

19.5

17.0

18.9

Utilities

53.7

29.2

16.7

17.3

Equity Funds	1 Yr	3 Yrs	5 Yrs	10 Yrs
Standard & Poor's 500 Stock Index	48.0%	32.8%	22.4%	18.9%
Fidelity Low-Priced Stock	38.1	28.5	21.5	N/A
Fidelity OTC Portfolio	42.6	27.1	18.6	18.5
Lipper Capital Appreciation Funds Average	38.9	24.3	17.1	15.7
Calvert Social Invest. Equity Portfolio*	34.2	24.1	11.6	11.4
C.R.E.F. Equity Index Account	47.1	31.1	N/A	N/A
C.R.E.F. Growth Account	46.0	31.6	N/A	N/A
C.R.E.F. Stock Account	42.5	27.9	19.5	16.6
Fidelity Blue Chip Growth	44.8	26.9	23.0	21.7
Fidelity Capital Appreciation	40.9	22.1	18.7	15.4
Fidelity Contrafund	40.2	29.4	20.4	23.1
Fidelity Disciplined Equity	49.7	28.6	20.4	N/A
Fidelity	49.3	30.5	22.0	18.0
Fidelity Growth Company	37.9	26.9	19.2	20.2
Fidelity Growth & Income	45.1	30.4	22.0	20.1
Fidelity Magellan	45.4	26.8	20.0	192.3
Fidelity Retirement Growth	43.3	21.7	17.8	16.4
Fidelity Trend	39.0	20.4	13.7	14.8
Fidelity Spartan U.S. Equity Index	47.6	32.5	22.1	18.6
Lipper Growth Funds Average	42.9	27.3	18.9	16.9
Fidelity Convertible Securities	35.4	20.1	14.6	16.6
Fidelity Equity-Income	41.6	29.2	20.9	16.8
Fidelity Equity Income II	42.8	26.1	19.4	N/A
Fidelity Value	32.3	24.2	19.6	17.4
Lipper Growth & Income Funds Average	40.2	28.0	19.2	16.4
C.R.E.F. Global Equities	35.5	22.8	18.7	N/A
Fidelity Canada	16.5	15.4	9.4	9.8
Fidelity Emerging Markets	-40.1	-7.8	-1.8	N/A
Fidelity Europe	41.1	28.9	22.6	14.9
Fidelity International Growth & Income	19.6	13.9	12.3	9.8
Fidelity Japan	-6.3	-6.9	-2.1	N/A
Fidelity Overseas	22.5	16.5	14.5	9.1
Fidelity Pacific Basin	-8.9	-5.6	1.6	0.5
Fidelity World-Wide	26.2	17.7	15.7	N/A
MSCI EAFE (International) Index	18.6	10.6	11.9	6.2
MSCI Emerging Markets Free Index	-13.4	2.5	7.7	16.5
Bond Funds	1 Yr	3 Yrs	5 Yrs	10 Yrs
Lehman Bros. Govt/Corp Bond Index	12.4%	9.2%	7.0%	8.9%
Salomon Brothers High-Grade Index	17.4	11.6	8.4	10.5
Calvert Income*	14.0	10.0	6.9	9.0
Calvert Social Investment Bond*	12.0	8.6	6.2	8.4
C.R.E.F. Bond Market	11.9	9.0	6.6	N/A
Fidelity Investment Grade Bond	11.6	8.5	6.5	8.8
Fidelity Ginnie Mae	10.4	8.6	6.4	8.2
Fidelity Global Bond	5.2	3.6	1.5	5.2
Fidelity Capital & Income	22.6	14.7	11.8	12.2
Fidelity Intermediate Bond	9.5	7.4	6.0	7.8
Fidelity Mortgage Securities	10.8	9.3	7.7	8.7
Fidelity Short-Term Bond	7.3	6.6	4.7	6.7
Fidelity U.S. Bond Index	16.5	10.5	7.7	N/A
TIAA Premium Growth Rate	7.2	N/A	6.8	8.2
Money Market Funds	1 Yr	3 Yrs	5 Yrs	10 Yrs
91-Day Treasury Bills	5.3	5.4	4.9	5.7
Calvert First Govt Money Market*	5.1	4.9	4.4	5.3
Calvert Social Invest Money Market*	6.2	5.4	4.6	5.4
C.R.E.F. Money Market	5.6	5.5	4.9	5.8
Fidelity Cash Reserves	5.4	5.4	4.7	5.6
Fidelity Retirement Govt Money Market	5.4	5.4	4.7	N/A
Fidelity U.S. Government Reserves	7.4	6.0	5.6	5.9
Retirement Money Market	5.5	5.5	4.8	N/A
Balanced Funds	1 Yr	3 Yrs	5 Yrs	10 Yrs
Calvert Social Invest Managed Growth*	32.3	18.7	12.0	11.0
C.R.E.F. Social Choice Account	32.8	23.4	15.7	N/A
Fidelity Asset Manager	31.5	19.6	13.7	N/A
Fidelity Asset Manager: Growth	38.3	24.5	16.5	N/A
Fidelity Asset Manager: Income	16.5	12.3	9.4	N/A
Fidelity Balanced	32.9	17.6	12.0	12.9
Fidelity Puritan	30.3	20.8	16.0	15.1
*Calvert funds are only available to those who were in Calvert prior to 1/1/95.
Specialty Funds	1 Yr	3 Yrs	5 Yrs	10 Yrs
Fidelity Real Estate Investment Portfolio	18.4%	23.1%	12.6%	13.8%
Fidelity Strategic Opportunities	36.1	22.5	15.7	15.9
Fidelity Select Funds:
Air Transportation		58.6	27.7	17.4	15.6
American Gold	-28.0	-6.4	2.0	1.0
Automotive	32.8	20.2	13.4	14.8
Biotechnology	34.9	22.2	15.4	19.4
Brokerage & Investment Management	85.1	45.6	27.9	22.9
Chemicals	28.0	20.8	19.2	15.9
Computers	27.7	27.3	29.1	21.1
Construction and Housing	51.3	27.8	18.3	17.2
Consumer Products	52.7	29.5	20.9	N/A
Defense & Aerospace	47.6	33.9	26.7	15.7
Developing Communications	44.5	17.4	18.4	N/A
Electronics	30.1	36.8	34.9	24.3
Energy	23.0	20.3	13.9	11.6
Energy Service	49.1	40.7	25.5	15.2
Environmental Services	26.5	19.3	10.5	N/A
Financial Services	60.8	40.2	25.3	22.5
Food & Agriculture	31.7	25.3	19.2	19.9
Health Care	49.5	32.3	29.6	24.0
Home Finance	55.9	44.1	31.1	28.0
Industrial Equipment	40.3	26.3	24.1	16.2
Industrial Materials	20.0	11.8	13.6	10.4
Insurance	59.4	35.1	20.9	21.0
Leisure	63.7	29.2	23.4	18.2
Medical Delivery	35.9	21.1	25.4	22.6
Money Market	5.3	5.3	4.4	5.3
Multimedia	60.2	21.8	22.2	18.2
Paper & Forest Products	24.1	12.2	14.8	11.4
Precious Metals & Minerals	-34.3	-13.1	0.2	-0.8
Regional Banks	54.6	26.2	25.8	54.6
Retailing	61.1	31.0	18.6	21.7
Software & Computer Services	54.6	31.1	26.0	22.7
Technology	34.3	26.0	24.3	20.6
Telecommunications	74.2	28.8	22.3	21.0
Transportation	41.8	19.5	17.0	18.9
Utilities	53.7	29.2	16.7	17.3