The University Record, September 13, 1999

Investment Funds Update

University of Michigan Investment Funds Update
Average Annual Total Returns as of June 30, 1999

Average Annualized Compound Return

Equity Funds1 Year3 Years5 Years10 Years
Standard & Poor’s 500 Stock Index22.8%29.1%27.9%18.8%
Fidelity Low-Priced Stock0.015.817.9N.A

Fidelity OTC Portfolio

39.927.127.319.2

Lipper Capital Appreciation
Funds Average

20.018.321.115.1

C.R.E.F. Equity Index Account

20.126.225.7N.A

C.R.E.F. Growth Account

26.228.828.0N.A

C.R.E.F. Stock Account

17.923.322.516.2

Fidelity Blue Chip Growth

23.026.924.422.2

Fidelity Capital Appreciation

23.423.620.214.1

Fidelity Contrafund

25.226.425.522.7

Fidelity Disciplined Equity

16.324.722.918.4

Fidelity Dividend Growth

25.630.431.3N.A
Fidelity22.027.726.218.0

Fidelity Growth Company

32.624.125.420.4

Fidelity Growth & Income

18.025.224.819.0

Fidelity Magellan

28.727.925.219.3

Fidelity Retirement Growth

25.423.820.717.5
Fidelity Spartan U.S. Equity Index22.528.827.618.5
Fidelity Trend6.112.914.112.3

Lipper Growth Funds Average

18.923.323.116.6

Fidelity Convertible Securities

14.417.216.915.8

Fidelity Equity-Income

14.522.521.815.6
Fidelity Equity-Income II14.422.620.8N.A

Fidelity Value

12.616.918.015.0
Lipper Growth & Income Funds Average14.521.821.915.4

CREF Global Equities

9.917.916.9N.A

Fidelity Canada

-10.52.95.85.8

Fidelity Emerging Markets

21.3-16.6-8.1N.A

Fidelity Europe

-5.817.218.112.8

Fidelity International
Growth & Income

4.311.09.89.6

Fidelity Japan

53.95.41.5N.A

Fidelity Overseas

5.212.610.59.9

Fidelity Pacific Basin

49.63.91.44.6

Fidelity World-Wide

-0.311.710.7N.A

MSCI EAFE (Int’l) Index

7.68.88.26.6

MSCI Emerging Markets
Free Index

28.7-4.0-0.812.3

Average Annualized Compound Return

Fidelity Short-Term Bond

Bond Funds1 Year3 Years5 Years10 Years

Lehman Bros. Government/Corporate Bond Index

2.7%7.2%7.8%8.1%

CREF Bond Market

2.57.07.4N.A

Fidelity Capital & Income

9.613.111.511.9

Fidelity Ginnie Mae

3.16.67.47.5

Fidelity Intermediate Bond

3.66.36.47.3

Fidelity Investment Grade Bond

2.36.66.78.0

Fidelity Mortgage Securities

3.26.87.98.0
4.65.85.56.4

Fidelity U.S. Bond Index

3.38.68.5N.A
TIAA Premium Growth Rate6.8N.A7.07.9
Money Market Funds1 Year3 Years5 Years10 Years

91-Day Treasury Bills

4.8%5.2%5.4%5.4%
CREF Money Market5.05.35.45.4

Fidelity Cash Reserves

5.05.25.25.3

Fidelity Retirement Government
Money Market

9.26.66.15.7

Fidelity Retirement Money Market

9.36.76.25.8

Fidelity U.S. Government Reserves

4.95.85.55.6

Balanced Funds

1 Year3 Years5 Years10 Years

C.R.E.F. Social Choice Account

13.7%19.9%19.2%N.A

Fidelity Asset Manager

13.517.514.813.5
Fidelity Asset Manager: Growth13.720.617.4N.A

Fidelity Asset Manager: Income

6.910.410.0N.A

Fidelity Balanced

19.021.515.413.0

Fidelity Puritan

10.217.716.213.8

Average Annualized Compound Return

Specialty Funds1 Year3 Years5 Years10 Years

Fidelity Real Estate Investment Portfolio

-7.6%10.6%9.6%11.1%

Fidelity Strategic Opportunities

13.315.115.913.5

Fidelity Select Funds:

Air Transportation

13.719.121.714.0
Automotive-1.110.310.413.2
Biotechnology42.721.122.021.1

Brokerage & Investment Mgt

6.736.427.221.8

Chemicals

-0.16.511.412.6
Computers82.844.841.630.2

Construction and Housing

-1.716.515.914.1

Consumer Industries

14.322.423.7N.A

Defense & Aerospace

7.917.423.415.9

Developing Communications92.236.034.4N.A

Electronics

97.444.544.132.5

Energy

12.412.914.210.5

Energy Service

-11.313.018.711.9

Environmental Services

-6.62.49.25.7
Financial Services6.829.326.521.2
Food & Agriculture-1.413.418.715.9

Gold1.8-19.5-7.7-0.3
Health Care12.326.330.024.2

Home Finance

-18.816.619.220.9

Industrial Equipment16.421.123.116.8
Industrial Materials1.44.17.29.4
Insurance8.629.125.419.1

Leisure

36.132.328.918.8
Medical Delivery-30.8-1.110.214.2
Money Market1.33.94.34.6
Multimedia34.927.125.917.7
Paper & Forest Products8.79.812.811.5
Precious Metals & Minerals5.2-22.2-11.1-1.6
Regional Banks2.427.825.221.9
Retailing24.430.425.021.2
Software & Computer Services36.130.935.626.2
Technology93.143.738.829.0
Telecommunications41.130.727.220.1
Transportation23.219.417.316.6

Utilities Growth

48.733.226.418.3