Exhibit 11(aa)

Amended and Restated Investment Management Services Agreement
Between College Retirement Equities Fund and
TIAA-CREF Investment Management, LLC

SCHEDULE B

2016 Reimbursement Rates

Annual Expense Deductions (as a percentage of average net assets)

For the period May 1, 2016 through April 30, 2017

Stock Account—All Classes	0.150%
Global Equities Account—All Classes	0.140%
Growth Account—All Classes	0.080%
Equity Index Account—All Classes	0.025%
Bond Market Account—All Classes	0.115%
Inflation-Linked Bond Account—All Classes	0.045%
Social Choice Account—All Classes	0.085%
Money Market Account—All Classes	0.040%

Date: Effective May 1, 2016 in accordance with prior approval by the CREF Board on March 24, 2016.