EX-99.16 11 c27832_ex99-16.txt Exhibit 99.16 SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE STOCK ACCOUNT
January 1, 2002 January 1, 1998 January 1, 1993 to to to December 31, 2002 December 31, 2002 December 31, 2002 ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $162.5130 $138.0174 $61.4080 At end of period (B) $128.8164 $128.8164 $128.8164 Ending value of hypothetical investment (EV) = P x (B/A) $792.65 $933.33 $2,097.71 Cumulative rate of total return = ((EV/P)-1) x 100 -20.73% -6.67% 109.77% Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 0.79265 0.93333 2.09771 Average annual compound rate of total return (T) -20.73% -1.37% 7.69%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF GROWTH ACCOUNT
January 1, 2002 January 1, 1998 104 months (April 29, 1994 to to commencement of operations to December 31, 2002 December 31, 2002 December 31, 2002) ----------------- ----------------- ----------------------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $61.3724 $56.9039 $24.9508 At end of period (B) $42.9254 $42.9254 $42.9254 Ending value of hypothetical investment (EV) = P x (B/A) $699.43 $754.35 $1,720.40 Cumulative rate of total return = ((EV/P)-1) x 100 -30.06% -24.57% 72.04% Number of years in period (n) 1 5 8.67 n Net change factor (1+T) = EV/P 0.69943 0.75435 1.7204 Average annual compound rate of total return (T) -30.06% -5.48% 6.45%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF EQUITY INDEX ACCOUNT
January 1, 2002 January 1, 1998 104 months (April 29, 1994 to to commencement of operations to December 31, 2002 December 31, 2002 December 31, 2002) ----------------- ----------------- ----------------------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $68.7352 $56.1911 $25.0380 At end of period (B) $53.7766 $53.7766 $53.7766 Ending value of hypothetical investment (EV) = P x (B/A) $782.37 $957.03 $2,147.80 Cumulative rate of total return = ((EV/P)-1) x 100 -21.76% -4.30% 114.78% Number of years in period (n) 1 5 8.67 n Net change factor (1+T) = EV/P 0.78237 0.95703 2.1478 Average annual compound rate of total return (T) -21.76% -0.87% 9.20%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF INFLATION-LINKED BOND ACCOUNT
January 1, 2002 January 1, 1998 68 months (May 1, 1997 to to commencement of operations to December 31, 2002 December 31, 2002 December 31, 2002) ----------------- ----------------- ----------------------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $33.5038 $26.1184 $25.4607 At end of period (B) $38.9706 $38.9706 $38.9706 Ending value of hypothetical investment (EV) = P x (B/A) $1,163.17 $1,492.07 $1,530.62 Cumulative rate of total return = ((EV/P)-1) x 100 16.32% 49.21% 53.06% Number of years in period (n) 1 5 5.67 n Net change factor (1+T) = EV/P 1.16317 1.49207 1.53062 Average annual compound rate of total return (T) 16.32% 8.33% 7.79%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE BOND MARKET ACCOUNT
January 1, 2002 January 1, 1998 January 1, 1993 to to to December 31, 2002 December 31, 2002 December 31, 2002 ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $62.4451 $48.2146 $33.8794 At end of period (B) $68.7370 $68.7370 $68.7370 Ending value of hypothetical investment (EV) = P x (B/A) $1,100.76 $1,425.65 $2,028.87 Cumulative rate of total return = ((EV/P)-1) x 100 10.08% 42.56% 102.89% Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 1.10076 1.42565 2.02887 Average annual compound rate of total return (T) 10.08% 7.35% 7.33%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE SOCIAL CHOICE ACCOUNT
January 1, 2002 January 1, 1998 January 1, 1993 to to to December 31, 2002 December 31, 2002 December 31, 2002 ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $91.6972 $73.0161 $36.2634 At end of period (B) $83.2905 $83.2905 $83.2905 Ending value of hypothetical investment (EV) = P x (B/A) $908.32 $1,140.71 $2,296.82 Cumulative rate of total return = ((EV/P)-1) x 100 -9.17% 14.07% 129.68% Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 0.90832 1.14071 2.29682 Average annual compound rate of total return (T) -9.17% 2.67% 8.67%
SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE GLOBAL EQUITIES ACCOUNT
January 1, 2002 January 1, 1998 January 1, 1993 to to to December 31, 2002 December 31, 2002 December 31, 2002) ----------------- ----------------- ----------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $65.2615 $59.9731 $26.5313 At end of period (B) $51.0848 $51.0848 $51.0848 Ending value of hypothetical investment (EV) = P x (B/A) $782.77 $851.80 $1,925.45 Cumulative rate of total return = ((EV/P)-1) x 100 -21.72% -14.82% 92.55% Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 0.78277 0.8518 1.92545 Average annual compound rate of total return (T) -21.72% -3.16% 6.77%
SCHEDULE OF COMPUTATION OF SEVEN-DAY YIELDS FOR THE MONEY MARKET ACCOUNT
Seven-Day Period Ended December 31, 2002 ---------------------- Initial value of a hypothetical pre-existing account with a balance of one Accumulation Unit at the beginning of base period (A) $21.6334567841 Value of same account (excluding capital gains and losses) at end of the seven-day period (B) $21.6381149216 -------------- Net change in account value (C) = B - A $0.0046581375 ============= Base period Return: Net change in account value divided by the beginning account value = C/A 0.0002153210 ============ Net Annualized Current Yield = C/A x (365/7) x 100 1.12% ===== 365/7 Net Annualized Effective Yield = (1 + C/A) - 1 1.13% =====
SCHEDULE OF COMPUTATION OF THIRTY-DAY YIELD FOR THE BOND MARKET ACCOUNT Thirty-Day Period Ended December 31, 2002 ----------------------- Total interest income earned during the period (a) $16,727,166.74 Total expenses incurred during the period (b) $1,950,708.51 Average daily number of units outstanding during 83,706,493.72 units the period (c) Unit value at end of period (d) 68.737 6 Thirty-day Yield = 2[(a-b +1) -1] --- cd 3.10%