Table 15
From Ref 4b TIAA-CREF
Choosing Income Options 2001
Chart 5
Year	Stock Account		Stock Account
	Annuity Unit Values		Accumulation Unit Values
	Unit Value	% Change	Derived % Change	Derived Unit Values
	1	2	3	4
Inception	$10.00			$10.00
1953	$9.46	-5.4%	-1.6%	$9.84
1954	$10.74	13.5%	18.1%	$11.62
1955	$14.11	31.4%	36.6%	$15.87
1956	$18.51	31.2%	36.4%	$21.65
1957	$16.88	-8.8%	-5.2%	$20.54
1958	$16.71	-1.0%	3.0%	$21.14
1959	$22.03	31.8%	37.1%	$28.99
1960	$22.18	0.7%	4.7%	$30.35
1961	$26.25	18.3%	23.1%	$37.36
1962	$26.13	-0.5%	3.5%	$38.68
1963	$22.68	-13.2%	-9.7%	$34.91
1964	$26.48	16.8%	21.4%	$42.40
1965	$28.21	6.5%	10.8%	$46.97
1966	$30.43	7.9%	12.2%	$52.69
1967	$31.92	4.9%	9.1%	$57.49
1968	$29.90	-6.3%	-2.6%	$56.00
1969	$32.50	8.7%	13.0%	$63.31
1970	$28.91	-11.0%	-7.5%	$58.57
1971	$30.64	6.0%	10.2%	$64.55
1972	$35.74	16.6%	21.3%	$78.31
1973	$31.58	-11.6%	-8.1%	$71.96
1974	$26.21	-17.0%	-13.7%	$62.12
1975	$21.84	-16.7%	-13.3%	$53.83
1976	$26.24	20.1%	25.0%	$67.26
1977	$24.80	-5.5%	-1.7%	$66.11
1978	$23.28	-6.1%	-2.4%	$64.54
1979	$27.28	17.2%	21.9%	$78.66
1980	$26.27	-3.7%	4.0%	$81.77
1981	$35.68	35.8%	41.3%	$115.51
1982	$30.56	-14.3%	-10.9%	$102.89
1983	$42.52	39.1%	44.7%	$148.88
1984	$46.14	8.5%	12.9%	$168.02
1985	$49.72	7.8%	12.1%	$188.30
1986	$67.35	35.5%	40.9%	$265.27
1987	$82.86	23.0%	28.0%	$339.42
1988	$73.58	-11.2%	-7.6%	$313.46
1989	$82.46	12.1%	16.6%	$365.34
1990	$92.16	11.8%	16.2%	$424.65
1991	$99.44	7.9%	12.2%	$476.52
1992	$105.49	6.1%	10.3%	$525.74
1993	$115.50	9.5%	13.9%	$598.65
1994	$117.27	1.5%	5.6%	$632.14
1995	$123.94	5.7%	9.9%	$694.81
1996	$154.51	24.7%	29.7%	$900.84
1997	$169.56	9.7%	14.1%	$1028.13
1998	$234.86	38.5%	44.1%	$1481.04
1999	$251.01	6.9%	11.2%	$1,646.20
2000	$301.08	19.9%	24.7%	$2,053.55
2001	$220.42	-26.8%	-23.9%	$1,563.54