Pension plan return

Below are statistics compiled by the CWRU Treasurer's Department on returns for each investment option in Retirement Plan A.

Company and fund name	1st quarter 1997	12 months ending 3/31/97	5-yr avg. annual return ending 3/31/97
CREF
Equities (82% U.S., 3% Int'l)	0.5	14.0	14.3
Social Choice (Balanced-since 3/90)	1.6	14.4	13.4
Global Equities (since 5/92)	(4.1)	12.6	N/A
Bond Market (since 3/90)	(5.7)	4.6	7.1
Money Market	1.3	5.3	4.5
Equity Index (since 4/94)	0.7	16.3	N/A
Growth (since 4/94)	0.8	18.8	N/A
TIAA
Retirement Annuity	7.2	6.7	7.3
Supplemental Retirement Annuity	6.7	6.3	6.8
DREYFUS
Third Century (Social Choice Stock)	(0.1)	16.0	12.1
Appreciation Fund (Growth Stock)	3.5	22.9	15.3
New Leaders (Small Company Stock)	(6.8)	4.1	12.1
Dreyfus Fund (Balanced)	(2.0)	6.1	12.6
S&P 500 Index Fund	2.5	19.1	15.9
Dreyfus Growth & Income **	(0.8)	6.1	12.6
A Bonds Plus (Corporate Bonds)	(0.9)	3.9	7.7
Dreyfus Short-Intermed. Govt.	(0.1)	4.1	6.2
Liquid Assets	1.2	4.9	4.0
VANGUARD
Windsor Fund (Value Stock)	3.5	23.2	17.8
U.S. Growth Port. (Growth Stock)	0.6	18.6	14.2
Index 500	2.6	19.7	16.3
Explorer (Small Company Stock)	(7.5)	(0.6)	11.4
Trustees Equity (Int'l Stock)	1.1	7.3	10.1
Star (Balanced Fund of Funds)	0.7	12.9	12.9
Wellington Fund (Balanced Fund)	0.5	13.0	14.0
Long-Term Corporate Fund	(2.2)	3.8	8.6
Intermediate U.S. Treasury Bonds	(1.2)	3.6	7.4
Money-Market Prime	1.3	5.3	4.4
INDICES
S&P 500	2.7	19.8	16.4
Russell 2000 (Small Company Stock)	(5.2)	5.1	12.8
EAFE (International Stock)	(1.6)	1.5	10.6
SEI Balanced Fund Median Return	0.5	11.0	12.1
Salomon Bros. Investment-Grade Bond	(0.5)	4.9	7.3
Lehman Bros. Govt./Corp. Bond Index	(0.1)	4.8	6.7
U.S. Treasury Bills - 91 Days	1.3	5.3	4.5

* The sum of income (dividends and interest) and changes in market value.

** The Convertible Securities Fund was combined with the Dreyfus Growth & Income Fund.