TIAA-CREF Mutual Funds

TIAA-CREF Social Choice Bond Fund (Retirement)

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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: 0.65% of average daily net assets for Retirement 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

0.02 (0.19%)
0.70% / 0.65%
$10.17 - $10.53
As of close 10/08/2015As of 09/30/2015As of 10/07/2015 
As of 09/30/2015
Based on risk adjusted returns

Hypothetical Growth of $10,000 
The chart illustrates the performance of a hypothetical $10,000 investment made on the date indicated. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs.

09/30/2012 - 09/30/2015

  • 3 Month
  • 6 Month
  • 1 Year
  • 3 Years
  • Since Inception

Portfolio Overview

  • Investment Strategy
  • Management Team
  • Video
  • Class

    Retirement Class

  • Dividend Frequency


  • Redemption Fee


  • Inception Date


  • Ticker




The fund seeks a favorable long-term total return through income and capital appreciation while giving special consideration to certain social criteria. It typically invests at least 80% of its assets in broad range of investment-grade bonds, including, but not limited to, U.S. Government securities, corporate bonds, taxable municipal securities and mortgage-backed or other asset-backed securities. The fund's investments in fixed-income securities issued by corporate entities and certain foreign government entities are subject to environmental, social and governance criteria. Additionally, the fund invests a portion of its assets in fixed-income instruments that reflect proactive social investments. These investments provide direct exposure to socially beneficial issuers and/or individual projects. The fund may invest up to 20% of its assets in fixed-income securities of foreign issuers, including emerging markets.

Stephen Liberatore, CFA

Managing Director, Global Public Markets

Joseph Higgins, CFA

Managing Director, Global Public Markets, Portfolio Management

Performance Returns 
Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. Average annual total returns smooth out variation in performance; they are not the same as actual year-by-year results. Also, it is the average annual profit or loss realized by an investment at the end of a specified calendar period, stated as the percentage gained or lost per dollar invested.

  • Monthly
  • Quarterly

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative for funds that have less than one year of performance history. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

Portfolio Composition

Portfolio Composition provides details for the investments that constitute a particular fund.

Sector Weightings

As of 06/30/2015
% of
Net Assets
Corporate Bonds33.05%
Foreign Government And Corporate Bonds Denominated In U.S. Dollars14.33%
U.S. Agency Securities12.20%
Mortgage-Backed Securities (Includes MPT & CMOS)10.52%
Municipal Bonds8.29%
Asset-Backed Securities3.89%
U.S. Treasury Securities3.43%
Bank Loan Obligations0.94%
Preferred Stock0.05%
Short-Term Investments, Other Assets & Liabilities, Net6.42%

Top 10 Holdings 
The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments and may exclude any temporary cash investments and equity index products. The holdings listed should not be considered a recommendation to buy or sell a particular security. Top holdings by issuer includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants as applicable.

As of 06/30/2015
Market Value ($)% of
Net Assets
FGLMC 3.500%, 05/01/448.6M1.67%
U.S. Treasury Bond 2.500%, 02/15/458.1M1.57%
U.S. Treasury Note 1.500%, 05/31/205.6M1.09%
62889KAD3 3.000%, 06/12/195.6M1.08%
International Finance Corp 0.500%, 05/16/165.0M0.97%
Inter-American Development Bank 1.185%, 07/09/185.0M0.96%
FNMA 3.000%, 02/01/434.4M0.86%
San Diego Gas & Electric Co 0.481%, 03/09/174.0M0.77%
U.S. Treasury Note 2.125%, 05/15/253.7M0.72%
FGLMC 4.000%, 08/01/443.4M0.65%

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.

1The Barclays U.S. Aggregate Bond Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. You cannot invest directly in this index.

Morningstar is an independent service that rates mutual funds and variable annuities.

For each fund/account with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's/account's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Where applicable, Morningstar's performance rankings are based on linked performance that considers the differences in expense ratios, while actual performance data shown does not reflect such differences.

The top 10 percent of funds/accounts in a category receive five stars, the next 22.5 percent receive four stars, and the next 35 percent receive three stars, the next 22.5 percent receive two stars and the bottom 10 percent receive one star. (Each share class is counted as a fraction of one fund/account within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar proprietary ratings on U.S.-domiciled funds/accounts reflect historical risk-adjusted performance, are subject to change every month. They are derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Please note, Morningstar now rates group variable annuities within the open-end mutual fund universe.

The information contained in these reports is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. Additionally, Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from use of this information. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

Key Differentiators

  • Competitive actively-managed core fixed income return potential with a portfolio of securities that have higher ESG performance quality than the benchmark*. The Fund’s goal is to outperform its benchmark though investments in undervalued, primarily investment-grade fixed-income securities subject to ESG criteria.
  • Competitive advantages provided by our brand, experience, fixed-income research capabilities, and institutional presence in fixed-income markets, as well as our historical commitment to responsible investing.
  • Core fixed income with a difference: Proactive Social Investments (PSI). The Fund has a targeted allocation to a proprietary classification of securities, PSI, which help provide competitive risk-adjusted returns through fixed-income investments that have direct and measurable environmental or societal outcomes.
  • An intermediate core fixed-income allocation with lower fees than its peers.**  Long-term investors who recognize the importance of a diversified, actively managed fixed-income allocation can use this Fund as a core fixed-income holding. Its competitive fees are among the lowest in the category.
* Barclays U.S. Aggregate Bond Index
**The average and median expense ratio for the Morningstar Intermediate-Term Bond category was 0.85% and 0.79%, respectively as of June 30, 2015.


A research company that rates the performance of Mutual Funds and Variable Annuities.

Morningstar Rating

    OUT OF 945 FUNDS
  • 3 YEAR
    OUT OF 945 FUNDS
  • 5 YEAR
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The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

Morningstar Category

Intermediate-Term Bond

Morningstar Risk Measures

  • LOW
  • AVG
  • HIGH