EX-99.16 13 c31671_ex99-16.txt EX-99.16 EX-99.16-Schedules for Computation of Performance Quotations SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE STOCK ACCOUNT January 1, 2003 January 1, 1999 January 1, 1994 to to to December 31, December 31, December 31, 2003 2003 2003 --------------- --------------- --------------- Hypothetical initial $1,000.00 $1,000.00 $1,000.00 payment of $1,000 (P) Accumulation unit value: At start of period (A) $128.8164 $169.6722 $69.9425 At end of period (B) $169.9932 $169.9932 $169.9932 Ending value of hypothetical investment (EV) = P x (B/A) $1,319.65 $1,001.89 $2,430.47 Cumulative rate of total return = ((EV/P)-1) x 100 31.97% 0.19% 143.05% Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 1.31965 1.00189 2.43047 Average annual compound rate 31.97% 0.04% 9.28% of total return (T) SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF GROWTH ACCOUNT 116 months (April 29, 1994 January 1, 2003 January 1, 1999 commencement of to to operations to December 31, December 31, December 31, 2003 2003 2003) --------------- --------------- --------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $42.9254 $75.6171 $24.9508 At end of period (B) $54.8382 $54.8382 $54.8382 Ending value of hypothetical investment (EV) = P x (B/A) $1,277.52 $725.21 $2,197.85 Cumulative rate of total return = ((EV/P)-1) x 100 27.75% -27.48% 119.79% Number of years in period (n) 1 5 9.67 n Net change factor (1+T) = EV/P 1.27752 0.72521 2.19785 Average annual compound 27.75% -6.22% 8.47% rate of total return (T) SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF EQUITY INDEX ACCOUNT 116 months (April 29, 1994 January 1, 2003 January 1, 1999 commencement of to to operations to December 31, December 31, December 31, 2003 2003 2003) --------------- --------------- --------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $53.7766 $69.7430 $25.0380 At end of period (B) $70.0931 $70.0931 $70.0931 Ending value of hypothetical investment (EV) = P x (B/A) $1,303.41 $1,005.02 $2,799.47 Cumulative rate of total return = ((EV/P)-1) x 100 30.34% 0.50% 179.95% Number of years in period (n) 1 5 9.67 n Net change factor (1+T) = EV/P 1.30341 1.00502 2.79947 Average annual compound rate of total return (T) 30.34% 0.10% 11.22% SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE CREF INFLATION-LINKED BOND ACCOUNT 80 months (May 1, 1997 January 1, 2003 January 1, 1999 commencement of to to operations to December 31, December 31, December 31, 2003 2003 2003) --------------- --------------- --------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $38.9706 $27.0278 $25.4607 At end of period (B) $41.9368 $41.9368 $41.9368 Ending value of hypothetical investment (EV) = P x (B/A) $1,076.11 $1,551.62 $1,647.12 Cumulative rate of total return = ((EV/P)-1) x 100 7.61% 55.16% 64.71% Number of years in period (n) 1 5 6.67 n Net change factor (1+T) = EV/P 1.07611 1.55162 1.64712 Average annual compound rate of total return (T) 7.61% 9.18% 7.76% SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE BOND MARKET ACCOUNT January 1, 2003 January 1, 1999 January 1, 1994 to to to December 31, December 31, December 31, 2003 2003 2003) --------------- --------------- --------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $68.7370 $52.3634 $37.7303 At end of period (B) $71.7129 $71.7129 $71.7129 Ending value of hypothetical investment (EV) = P x (B/A) $1,043.29 $1,369.52 $1,900.67 Cumulative rate of total return = ((EV/P)-1) x 100 4.33% 36.95% 90.07% Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 1.04329 1.36952 1.90067 Average annual compound rate of total return (T) 4.33% 6.49% 6.63% SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE SOCIAL CHOICE ACCOUNT January 1, 2003 January 1, 1999 January 1, 1994 to to to December 31, December 31, December 31, 2003 2003 2003) --------------- --------------- --------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $83.2905 $86.6053 $39.6802 At end of period (B) $99.5796 $99.5796 $99.5796 Ending value of hypothetical $1,195.57 $1,149.81 $2,509.55 investment (EV) = P x (B/A) Cumulative rate of total 19.56% 14.98% 150.96% return = ((EV/P)-1) x 100 Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 1.19557 1.14981 2.50955 Average annual compound rate of total return (T) 19.56% 2.83% 9.63% SCHEDULE OF COMPUTATION OF TOTAL RETURN INFORMATION FOR THE GLOBAL EQUITIES ACCOUNT January 1, 2003 January 1, 1999 January 1, 1994 to to to December 31, December 31, December 31, 2003 2003 2003) --------------- --------------- --------------- Hypothetical initial payment of $1,000 (P) $1,000.00 $1,000.00 $1,000.00 Accumulation unit value: At start of period (A) $51.0848 $71.1149 $35.9364 At end of period (B) $68.2350 $68.2350 $68.2350 Ending value of hypothetical investment (EV) = P x (B/A) $1,335.72 $959.50 $1,898.77 Cumulative rate of total return = ((EV/P)-1) x 100 33.57% -4.05% 89.88% Number of years in period (n) 1 5 10 n Net change factor (1+T) = EV/P 1.33572 0.9595 1.89877 Average annual compound rate of total return (T) 33.57% -0.82% 6.62% SCHEDULE OF COMPUTATION OF SEVEN-DAY YIELDS FOR THE MONEY MARKET ACCOUNT Seven-Day Period Ended December 31, 2003 ----------------- Initial value of a hypothetical pre-existing account with a balance of one Accumulation Unit at the beginning of base period (A) $21.7973563390 Value of same account (excluding capital gains and losses) at end of the seven-day period (B) $21.8002926173 Net change in account value (C) = B - A $0.0029362783 ============== Base period Return: Net change in account value divided by the beginning account value = C/A 0.0001347080 ============== Net Annualized Current Yield = C/A x (365/7) x 100 0.70% ==== Net Annualized Effective Yield = (1 + C/A)365/7 - 1 0.70% ==== SCHEDULE OF COMPUTATION OF THIRTY-DAY YIELD FOR THE BOND MARKET ACCOUNT Thirty-Day Period Ended December 31, 2003 ------------------- Total interest income earned during the period (a) $18,206,164.75 Total expenses incurred during the period (b) $2,150,195.36 Average daily number of units outstanding during the period (c) 75,797,167.12 units Unit value at end of period (d) 71.7129 6 Thirty-day Yield = 2[(A-B +1) -1] --- cd 3.57%