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 ten year periods ending on December 31, 1994. 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 methodology to determine rates of return. The table is intended to give and 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 December 31, 1994

Issuer Fund Name One Year Five Years Ten Years

MONEY MARKET FUNDS

CREF Money Market 4.07 5.05 n/a

FIDELITY Retirement Government 3.94 4.85 n/a

VANGUARD Prime Portfolio 4.08 5.03 6.34

91 Day Treasury Bill Index - Money Market 4.45 4.96 5.90

BOND FUNDS - U.S.

CREF Bond Market (3.98) n/a n/a

FIDELITY Intermediate Bond (2.01) 7.46 9.12

FIDELITY Investment Grade Bond (5.35) 8.49 9.70

FIDELITY GNMA-(Mortgages) (2.00) 6.85 n/a

VANGUARD GNMA-(Mortgages) (0.95) 7.62 9.52

VANGUARD Short-Term Corporate Bond (0.08) 4.67 8.48

VANGUARD Long-Term Corporate Bond (5.30) 8.85 10.44

VANGUARD Long-Term U.S. Treasury Bond (7.03) 7.69 n/a

VANGUARD Total Bond Market Portfolio (2.66) 7.45 n/a

Lehman Brothers U.S. Aggregate Bond Index - U.S. Bonds (2.92) 7.66 9.96

Lehman Brothers Mortgage Index - U.S. Mortgages (1.61) 7.58 10.35

BOND FUNDS - GLOBAL

FIDELITY Global Bond (16.31) 6.16 n/a

Salomon World Government Bond Index - Global Bonds 2.33 9.68 12.35

STOCK FUNDS - U.S.

CREF Stock (0.12) 8.24 14.27

CREF Growth n/a n/a n/a

CREF Equity Index n/a n/a n/a

FIDELITY Growth Company (2.22) 13.51 17.02

FIDELITY Magellan (1.81) 12.02 17.95

FIDELITY Contrafund (1.12) 17.51 18.55

FIDELITY Disciplined Equity 3.01 12.39 n/a

FIDELITY Growth and Income 2.27 12.51 n/a

FIDELITY OTC - (Small Company) (2.70) 11.47 18.07

VANGUARD U.S. Growth 3.88 10.06 12.83

VANGUARD Windsor II (1.16) 7.81 n/a

VANGUARD Total Stock Market (0.17) n/a n/a

VANGUARD Index S&P 500 1.18 8.50 14.05

Dow Jones Industrial Average Index - U.S. Stocks 5.02 10.26 16.18

S&P 500 Index - U.S. Stocks 1.32 8.70 14.34

NASDAQ Market Composite Index-U.S. Stocks (Small Co.) (3.20) 10.58 11.76

STOCK FUNDS - GLOBAL & INTERNATIONAL

CREF Global Equities (0.46) n/a n/a

FIDELITY Overseas 1.27 4.96 19.16

FIDELITY Pacific Basin (2.81) 3.81 n/a

VANGUARD International Growth 0.76 4.83 17.17

VANGUARD International Index Pacific 12.94 n/a n/a

VANGUARD International Index European 1.88 n/a n/a

MSCI World Index - Global Stocks 5.08 3.67 14.84

MSCI Europe, Australia & Far East (EAFE) Index-Int'l Stocks 7.78 1.50 17.55

BALANCED FUNDS - U.S. STOCKS & BONDS

CREF Social Choice (1.31) n/a n/a

FIDELITY Puritan 1.78 10.71 13.70

FIDELITY Equity -Income 0.24 9.18 12.50

VANGUARD Wellington (.049) 7.94 12.40

ASSET ALLOCATION FUNDS

FIDELITY Asset Manager (6.60) 11.09 n/a

FIDELITY Asset Manager: Growth (7.39) n/a n/a

ANNUITY FUNDS

TIAA Annuity 6.46 8.27 9.63

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

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