TIAA-CREF Mutual Funds

TIAA-CREF Social Choice Bond Fund (Institutional)


Daily NAV


Day's Change


Portfolio Net Assets


Gross / Net Expense Ratio

Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed: 0.40% of average daily net assets for Institutional Class shares of the Fund. These expense reimbursement arrangements will continue through at least July 31, 2016, unless changed with approval of the Board of Trustees.

30 Day
SEC Yield

The fund's 30-day SEC yield is based on yield to maturity of a fund's investments over a 30-day period and not on the dividends paid by the fund, which may differ.

Overall Morningstar Rating

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

52 Week Range

0.00 (0.00%)
0.45% / 0.40%
$10.17 - $10.53
As of close 11/25/2015As of 10/31/2015As of 11/24/2015 
As of 10/31/2015
Based on risk adjusted returns


Management Team

Stephen Liberatore, CFAManaging Director, Global Public Markets

Stephen M. Liberatore, CFA is a managing director and fixed-income portfolio manager for the TIAA-CREF organization. Mr. Liberatore is the lead portfolio manager for the organization's Socially Responsible investment (SRI) fixed income mandates and holds responsibility for investment strategy and securities selection. He joined the TIAA-CREF organization in 2004.Mr. Liberatore has 20 years of 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 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.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 holds the Chartered Financial Analyst designation and is a member of the CFA Society North Carolina and the CFA Institute.

Joseph Higgins, CFAManaging Director, Global Public Markets, Portfolio Management

Joseph Higgins is a managing director and fixed income portfolio manager for the TIAA-CREF organization. Mr. Higgins is the lead portfolio manager and responsible for asset allocation for several of the organization's bond funds and accounts. Previously, he managed structured credit investments and was an investment grade portfolio manager. In addition, he has served in various capacities at the organization including director of private placements, international bank analyst, international investment grade portfolio manager and co-head of corporate credit research. Mr. Higgins initiated the first securitization and co-developed the first collateralized debt obligation (CDO) for TIAA. He joined the TIAA-CREF organization in 1995.Mr. Higgins has 20 years of investment experience. He was previously a certified public accountant with PricewaterhouseCoopers.Mr. Higgins holds a B.S. in accounting with a minor in economics from The State University of New York at Albany, magna cum laude, and an M.B.A. from The Wharton School of the University of Pennsylvania with dual concentrations in finance and marketing. 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).

Our Investment Philosophy

The Fund's philosophy is to offer competitive, diversified core fixed-income returns through actively managed investments in fixed income securities.  All of the securities in this fund are subject to comprehensive ESG criteria, with a portion categorized as Proactive Social Investments.* The strategy:

  • Provides diversified fixed-income exposure and may be used as a U.S. core fixed-income allocation in a model portfolio.
  • Focuses primarily on undervalued, investment-grade securities and seeks to add value through duration and yield-curve positioning, sector allocation and security selection.
  • Applies ESG criteria, which can serve to drive performance, manage risk and uncover opportunity.
  • Includes an allocation to PSI to help provide competitive risk-adjusted returns through fixed-income investments that have direct and measurable environmental or societal outcomes. 
  • Maintains a portfolio with higher ESG performance quality than its benchmark.

*The allocation to proactive social investments (PSI) seeks to identify compelling investment opportunities with an emphasis on competitive, risk-adjusted return potential and clear and measurable social and/or environmental benefits. These investments are made in public fixed-income securities.

The Fund is subject to environmental, social and governance (ESG) criteria risk, namely the risk that because the Fund’s ESG criteria exclude securities of certain issuers for non-financial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria. Fixed-income securities are subject to interest-rate risk. When interest rates rise, the value of fixed-income securities generally declines. Investments in inflation-linked securities can be affected by changes in investors’ inflation expectations or changes in real interest rates.