The Fed does not seem to be adding money aggressively, but funds over the first four days of the statement week are averaging about 8.14 percent.

The fund holds 65 companies, and its turnover is relatively low, averaging 25 to 35 percent a year.

Investors say the fund has averaged a return of about 25 percent annually over the last nine years.

As a group, the funds rose 13 percent in 2004, and averaged an annual gain of 16.7 percent for the last five years.

Over the 12 previous years, the fund averaged 24 percent a year after fees, compared with a 17 percent return for the S.& P. 500.

Members who have personal annuities within the system are receiving only 5 percent interest while the fund is averaging 12 percent.

Gold-oriented mutual funds averaged a gain of 49.4 percent for the quarter.

Between 1977 and 1990 the fund averaged a 29% annual return.

Since 1991, the fund has averaged a return of 26 percent a year, putting it in the top 14 percent of all small-company stock funds.

Over the last five years, precious-metals funds have averaged gains of 5.5 percent a year, barely beating money-market funds.