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Trending ETFs

Name

As of 03/25/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.89

$5.8 B

3.95%

$0.35

0.63%

Vitals

YTD Return

-0.4%

1 yr return

2.6%

3 Yr Avg Return

-2.8%

5 Yr Avg Return

0.6%

Net Assets

$5.8 B

Holdings in Top 10

18.0%

52 WEEK LOW AND HIGH

$8.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.63%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 255.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$2,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/25/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.89

$5.8 B

3.95%

$0.35

0.63%

TSBRX - Profile

Distributions

  • YTD Total Return -0.4%
  • 3 Yr Annualized Total Return -2.8%
  • 5 Yr Annualized Total Return 0.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.45%
DIVIDENDS
  • Dividend Yield 4.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    TIAA-CREF Core Impact Bond Fund
  • Fund Family Name
    TIAA-CREF FUNDS COMPLEX
  • Inception Date
    Sep 21, 2012
  • Shares Outstanding
    N/A
  • Share Class
    Individual
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Joseph Higgins

Fund Description

Under normal circumstances, the Fund invests at least 80% of its assets in bonds. For these purposes, bonds include fixed-income securities of all types. The Fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. Government securities, corporate bonds, taxable municipal securities and mortgage-backed or other asset-backed securities. The Fund may also invest in other fixed-income securities, including those of non-investment-grade quality (usually called “high-yield” or “junk bonds”). Securities of non-investment-grade quality are speculative in nature. The Fund may invest in fixed-income securities of any duration. As of May 31, 2023, the duration of the Fund’s benchmark index, the Bloomberg U.S. Aggregate Bond Index,was 6.27 years. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund is actively managed and does not rely exclusively on rating agencies when making investment decisions. Instead, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”) performs its own credit analysis, paying particular attention to economic trends and other market events. Subject to the ESG criteria and Teachers Insurance and Annuity Association of America (“TIAA”)’s proprietary Impact framework described below, individual securities or sectors may be overweighted or underweighted relative to the Fund’s benchmark index, when Advisors believes that the Fund can boost returns above that of the index.

When selecting investments for the Fund, Advisors considers certain ESG criteria or Impact framework. The Fund’s Impact framework, described in more detail below, provides direct exposure to issuers or projects that Advisors believes have the potential to have social or environmental benefits. The ESG criteria are generally implemented based on data provided by independent researchvendor(s). In those limited cases where independent ESG criteria are not available for certain types of securities or for certain issuers, these securities may nonetheless be eligible for the Fund should they meet certain internal ESG criteria.

The corporate issuer evaluation process favors companies with leadership in ESG performance relative to their peers. Typically, environmental assessment categories include climate change, natural resource use, waste management and environmental opportunities. Social evaluation categories include human capital, product safety and social opportunities. Governance assessment categories include corporate governance, business ethics and government & public policy. How well companies adhere to international norms and principles and involvement in major ESG controversies (examples of which may relate to the environment, customers, human rights & community, labor rights & supply chain, and governance) are other considerations.

The ESG evaluation process with respect to corporate issuers is conducted on an industry-specific basis and involves the identification of key performance indicators, which are given more or less relative weight compared to the broader

range of potential assessment categories. When ESG concerns exist, the evaluation process gives careful consideration to how companies address the risks and opportunities they face in the context of their sector or industry and relative to their peers. The Fund will not generally invest in companies significantly involved in certain business activities including, but not limited to, the production of alcohol, tobacco, military weapons, firearms, nuclear power, thermal coal, and gambling products and services.

The ESG evaluation process with respect to government issuers favors issuers with leadership in ESG performance relative to all peers. Typically, environmental assessment categories include the issuer’s ability to protect, harness, and supplement its natural resources, and to manage environmental vulnerabilities and externalities. Social assessment categories include the issuer’s ability to develop a healthy, productive, and stable workforce and knowledge capital, and to create a supportive economic environment. Governance assessment categories include the issuer’s institutional capacity to support long-term stability and well-functioning financial, judicial, and political systems, and capacity to address environmental and social risks. The government ESG evaluation process is conducted on a global basis and reflects how an issuer’s exposure to and management of ESG risk factors may affect the long-term sustainability of its economy.

While Advisors may invest in issuers that meet these criteria, it is not required to invest in every issuer that meets these criteria. In addition, concerns with respect to one ESG assessment category may not automatically eliminate an issuer from being considered an eligible Fund investment. The ESG criteria and the Impact framework the Fund takes into consideration are both non-fundamental investment policies and may be changed without the approval of the Fund’s shareholders.

The Fund is not restricted from investing in any securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Advisors considers investments in these securities to be consistent with the Fund’s ESG criteria.

The Fund also invests in certain asset-backed securities, mortgage-backed securities and other securities that represent interests in assets such as pools of mortgage loans, automobile loans or credit card receivables. These securities are typically issued by legal entities established specifically to hold assets and to issue debt obligations backed by those assets. Asset-backed or mortgage-backed securities are normally created or “sponsored” by banks or other institutions or by certain U.S. Government-sponsored enterprises (“GSEs”) such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Advisors does not take into consideration whether the sponsor of an asset-backed security in which the Fund invests meets the ESG criteria or the Fund’s Impact framework. That is because asset-backed securities represent interests in pools of loans, and not of the ongoing business enterprise of the sponsor. It is therefore possible that the Fund could invest in an asset-backed or mortgage-backed security sponsored by a bank or other financial institution in which the Fund could not invest directly.

The Fund’s investments in mortgage-backed securities can include pass-through securities sold by private, governmental and government-related organizations and collateralized mortgage obligations (“CMOs”). Mortgage pass-through securities are created when mortgages are pooled together and interests in the pool are sold to investors. The cash flow from the underlying mortgages is “passed through” to investors in periodic principal and interest payments. CMOs are obligations that are fully collateralized directly or indirectly by a pool of mortgages from which payments of principal and interest are dedicated to the payment of principal and interest on the CMO.

The Board of Trustees of the Trust or a designated committee thereof (“Board of Trustees”) reviews the ESG criteria used to evaluate securities held by the Fund and the ESG vendor(s) that provide the data that help inform this criteria. Subject to Board review, Advisors has the right to change the ESG vendor(s) at any time and to add to the number of vendors providing the ESG data.

Additionally, Advisors invests a portion of the Fund’s assets in fixed-income instruments taking into consideration the Impact framework as implemented by the Fund’s portfolio management team. As of March 31, 2023, these investments were 41.1% of the portfolio. These investments provide direct exposure to issuers and/or individual projects that Advisors, through its proprietary analysis, believes have the potential to have social or environmental benefits. Within this exposure to impact investments, the Fund seeks opportunities to invest in publicly traded fixed-income securities that finance initiatives in areas including affordable housing, community and economic development, renewable energy and climate change, and natural resources. These investments will be selected based on the same financial criteria used by Advisors in selecting the Fund’s other fixed-income investments. The portion of the Fund invested in accordance with the Impact framework is not additionally subject to ESG criteria. Advisors engages with certain issuers of investments deemed by Advisors to represent impact securities to communicate impact reporting preferences and encourage alignment with industry best practices regarding responsible investment.

Investing on the basis of ESG criteria and according to the Fund’s Impact framework is qualitative and subjective by nature. There can be no assurance that every Fund investment will meet ESG criteria or the Impact framework, or will do so at all times, or that the ESG criteria and the Impact framework or any judgment exercised by Advisors will reflect the beliefs or values of any particular investor.

The Fund may also use a trading technique called “mortgage rolls” or “dollar rolls” in which the Fund “rolls over” an investment in a mortgage-backed security before its settlement date in exchange for a similar security with a later settlement date.

The Fund may also engage in relative value trading, a strategy in which the Fund reallocates assets across different sectors and maturities. Relative value trading is designed to enhance the Fund’s returns but increases the Fund’s portfolio turnover rate.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund’s investment strategies. The Fund may also invest in foreign securities, including emerging markets fixed-income securities and non-dollar-denominated instruments. Under most circumstances, the Fund’s investments in fixed-income securities of foreign issuers constitute less than 40% of the Fund’s assets.

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TSBRX - Performance

Return Ranking - Trailing

Period TSBRX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.4% -5.6% 4.3% 27.70%
1 Yr 2.6% -9.7% 17.7% 43.20%
3 Yr -2.8%* -10.5% 26.1% 56.96%
5 Yr 0.6%* -6.6% 191.5% 40.20%
10 Yr 1.9%* -2.3% 73.8% 21.67%

* Annualized

Return Ranking - Calendar

Period TSBRX Return Category Return Low Category Return High Rank in Category (%)
2023 2.2% -16.2% 8.1% 47.08%
2022 -16.3% -34.7% 131.9% 59.92%
2021 -2.7% -11.6% 4.4% 23.02%
2020 2.7% -10.1% 946.1% 72.60%
2019 4.9% -1.7% 156.4% 71.41%

Total Return Ranking - Trailing

Period TSBRX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.4% -5.6% 4.3% 27.70%
1 Yr 2.6% -9.7% 17.7% 43.20%
3 Yr -2.8%* -10.5% 26.1% 56.96%
5 Yr 0.6%* -6.6% 191.5% 40.20%
10 Yr 1.9%* -2.3% 73.8% 21.67%

* Annualized

Total Return Ranking - Calendar

Period TSBRX Return Category Return Low Category Return High Rank in Category (%)
2023 6.1% -11.3% 11.0% 45.00%
2022 -14.1% -32.2% 131.9% 68.32%
2021 1.3% -9.4% 9.2% 7.07%
2020 10.0% -1.9% 1009.0% 18.23%
2019 8.6% 1.1% 21668.0% 58.20%

NAV & Total Return History


TSBRX - Holdings

Concentration Analysis

TSBRX Category Low Category High TSBRX % Rank
Net Assets 5.8 B 2.73 M 292 B 22.56%
Number of Holdings 1003 1 17889 37.57%
Net Assets in Top 10 1.12 B -106 M 36.5 B 23.78%
Weighting of Top 10 18.02% 4.4% 134.5% 70.37%

Top 10 Holdings

  1. United States Treasury Note 3.84%
  2. United States Treasury Note 3.12%
  3. Federal National Mortgage Association (FNMA) 2.32%
  4. United States Treasury Note 1.52%
  5. United States Treasury Note 1.50%
  6. United States Treasury Note 1.46%
  7. United States Treasury Note 1.42%
  8. State Street Navigator Securities Lending Government Money Market Portfolio 1.14%
  9. Federal National Mortgage Association (FNMA) 0.87%
  10. United States Treasury Note 0.83%

Asset Allocation

Weighting Return Low Return High TSBRX % Rank
Bonds
93.05% 0.00% 215.98% 59.86%
Other
5.79% -13.23% 58.65% 38.26%
Convertible Bonds
3.58% 0.00% 7.93% 5.52%
Cash
1.18% -54.51% 88.26% 77.10%
Preferred Stocks
0.47% 0.00% 74.68% 11.64%
Stocks
0.00% 0.00% 99.93% 82.81%

Bond Sector Breakdown

Weighting Return Low Return High TSBRX % Rank
Corporate
38.68% 0.00% 100.00% 23.94%
Securitized
25.53% 0.00% 98.40% 65.62%
Government
20.55% 0.00% 86.23% 59.51%
Municipal
6.30% 0.00% 100.00% 5.91%
Cash & Equivalents
1.18% 0.00% 88.06% 69.86%
Derivative
0.00% -5.38% 58.65% 74.56%

Bond Geographic Breakdown

Weighting Return Low Return High TSBRX % Rank
US
92.94% 0.00% 215.98% 52.54%
Non US
0.11% 0.00% 39.04% 37.18%

TSBRX - Expenses

Operational Fees

TSBRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.63% 0.01% 39.10% 57.30%
Management Fee 0.33% 0.00% 1.76% 41.01%
12b-1 Fee 0.25% 0.00% 1.00% 50.20%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

TSBRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

TSBRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TSBRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 255.00% 2.00% 493.39% 78.92%

TSBRX - Distributions

Dividend Yield Analysis

TSBRX Category Low Category High TSBRX % Rank
Dividend Yield 3.95% 0.00% 9.77% 52.93%

Dividend Distribution Analysis

TSBRX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Annual

Net Income Ratio Analysis

TSBRX Category Low Category High TSBRX % Rank
Net Income Ratio 1.45% -1.28% 4.79% 66.67%

Capital Gain Distribution Analysis

TSBRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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TSBRX - Fund Manager Analysis

Managers

Joseph Higgins


Start Date

Tenure

Tenure Rank

Sep 21, 2012

9.7

9.7%

Joseph is a portfolio manager for Nuveen’s global fixed income team. He is the lead portfolio manager responsible for the TIAA Bond strategy and a member of the Investment Committee, which establishes investment policy for all global fixed income products. Since joining the firm in 1995, he has held a variety of positions. He has managed structured credit investments and was an investment grade portfolio manager. In addition, he has served as director of private placements, international bank analyst, international investment grade portfolio manager and co-head of corporate credit research. Joseph initiated the first securitization and co-developed the first collateralized debt obligation (CDO) for TIAA. Prior to joining the firm, he was a certified public accountant with PricewaterhouseCoopers. Joseph graduated with a B.S., magna cum laude, in Accounting with a minor in Economics from The State University of New York at Albany and an M.B.A. from The Wharton School of the University of Pennsylvania with dual concentrations in Finance and Marketing. He holds the CFA designation and he is a member of the New York State Society of Securities Analysts and the CFA Institute. He was also a founding member of the User Advisory Council of the Financial Accounting Standards Board (FASB).

Stephen Liberatore


Start Date

Tenure

Tenure Rank

Sep 21, 2012

9.7

9.7%

Stephen M. Liberatore, CFA is a managing director and fixed-income portfolio manager for the TIAA-CREF Asset Management. Mr. Liberatore is the lead portfolio manager for the TIAA’s Socially Responsible Investment (SRI) fixed income mandates and holds responsibility for investment strategy and securities selection. He joined the TIAA-CREF Asset Management in 2004. Mr. Liberatore has rich industry experience, including positions at Nationwide Mutual Insurance Co. and Protective Life Corporation, where he was responsible for portfolio management, credit research and trading for both total return and liability-driven assets. Mr. Liberatore holds a B.S. from the State University of New York at Buffalo and an MBA in finance and operations from Wake Forest University’s Babcock Graduate School of Management. He also earned the Chartered Financial Analyst designation and is a member of the CFA Society North Carolina and the CFA Institute. Mr. Liberatore is considered a subject matter expert on the management of total return SRI fixed-income portfolios, and he frequently presents at both SRI and fixed-income conferences. His views on developments in these areas have been featured in numerous industry publications. Mr. Liberatore is a member of the initial executive committee of the Green Bond Principles and the CERES Green Bond Working Group.

Jessica Zarzycki


Start Date

Tenure

Tenure Rank

Aug 01, 2019

2.83

2.8%

Jessica is a portfolio manager for Nuveen’s global fixed income team. She is an integral part of the ESG/Impact fixed income strategy team and co-portfolio manager on the Core Impact Bond, Global Core Impact Bond, Green Bond and Short Duration Impact Bond strategies. She is a frequent panelist and speaker at ESG and Impact conferences and was a member of the ICMA Advisory Board (2020-21), which provides insight and guidance to the Executive Committee on issues affecting the Green, Social, and Sustainable Bond markets. Jessica joined the firm in 2008 as an agency MBS analyst before joining the International/EMD sector team as a European sovereign and agency analyst. Jessica’s analyst responsibilities included sovereigns and local markets throughout Western and Eastern Europe. Prior to Nuveen, she worked at Citi Global Wealth Management (GWM), helping to manage liquidity and risk of the GWM balance sheet. Jessica graduated with a B.S. in Business Administration with an emphasis in Finance from The Ohio State University. She holds the CFA designation and is a member of the CFA Society New York and the CFA Institute.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.82 1.16