Nuveen Core Impact Bond Fund
TIAA-CREF Funds · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Nuveen Core Impact Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The Fund seeks total return, primarily through current income, while giving special consideration to certain environmental, social and governance (ESG) criteria.
The fund invests at least 80% of its assets in investment-grade and high-yield bonds selected through active management and screened against environmental, social and governance criteria; approximately 40% of the portfolio targets impact investments in areas such as affordable housing, renewable energy and community development. The fund's adviser performs its own credit analysis rather than relying exclusively on ratings, and may overweight or underweight sectors relative to its Bloomberg U.S. Aggregate Bond Index benchmark. The fund will not generally invest in companies significantly involved in alcohol, tobacco, military weapons, firearms, nuclear power, thermal coal or gambling. Because ESG evaluation is qualitative and subjective, there is no assurance that every fund investment will meet ESG criteria or do so at all times.
| Share class | Expense ratio |
|---|---|
| TSBIX | 0.35% |
| TSBPX | 0.51% |
| TSBRX | 0.67% |
| TSBBX | 0.60% |
| TSBHX | 0.41% |
Portfolio turnover 147.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 65.52% |
| Securitized | 31.71% |
| Cash & short-term | 1.77% |
| Loans | 0.36% |
| 2 smaller | 0.32% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Government | 36.1% |
| Securitized | 31.8% |
| Other | 10.8% |
| International | 9.2% |
| 11 smaller | 12.0% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury Note/Bond ×6, United States Treasury Note/Bond - When Issued, Federation des Caisses Desjardins du Quebec
Largest exited: United States Treasury Note/Bond ×8
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.76% | +12.84% | +1.87% | 3.37% | -5.86% | |
| +4.48% | +12.14% | +0.89% | 3.32% | -5.95% | |
| +4.40% | +11.80% | +0.40% | 3.38% | -6.00% | |
| +4.38% | +11.87% | +0.50% | 3.32% | -5.98% | |
| +4.59% | +12.49% | +1.43% | 3.45% | -5.90% |
These classes hold the same portfolio, so the 1.47pp spread over 5 years is the cost difference between them — roughly 0.29pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 90.2% |
| Floating rate | 9.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.7% |
| 1-3y | 12.6% |
| 3-5y | 13.4% |
| 5-10y | 18.6% |
| 10y+ | 51.6% |
| Unknown | 1.1% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.52 yr |
| High yield | +0.26 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.24 yr | 4% |
| 5 yr | 0.90 yr | 16% |
| 10 yr | 1.90 yr | 33% |
| 30 yr | 2.66 yr | 47% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.26 yr | 4% |
| 5 yr | 0.93 yr | 16% |
| 10 yr | 1.95 yr | 34% |
| 30 yr | 2.63 yr | 45% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $6.1k | $2.4k |
| 1 yr | +0.24 | +0.23 | +0.03 | $189.5k | $20.8k |
| 5 yr | +0.90 | +0.85 | +0.08 | $688.6k | $64.3k |
| 10 yr | +1.90 | +1.89 | +0.07 | $1.53m | $53.8k |
| 30 yr | +2.66 | +2.54 | +0.09 | $2.05m | $71.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States Treasury Note/Bond5.00% · due 2046-05-15 | 4.22% | $341.33M | — |
| — | United States Treasury Note/Bond4.38% · due 2036-05-15 | 4.05% | $327.58M | — |
| — | United States Treasury Note/Bond4.13% · due 2031-06-30 | 3.78% | $306.05M | — |
| — | United States Treasury Note/Bond4.13% · due 2028-06-30 | 3.47% | $280.42M | — |
| — | United States Treasury Note/Bond4.75% · due 2056-02-15 | 2.44% | $197.08M | — |
| — | STATE STREET BANK AND TRUST COMPANY | 1.58% | $127.94M | — |
| — | Fannie Mae4.50% · due 2052-09-01 | 1.48% | $119.59M | — |
| — | Fannie Mae Pool5.50% · due 2053-10-01 | 1.06% | $85.65M | — |
| — | US TREASURY N/B2.38% · due 2042-02-15 | 1.04% | $83.80M | — |
| — | Fannie Mae Pool5.50% · due 2054-04-01 | 0.75% | $60.77M | — |
Top 10 positions are 23.87% of net assets, top 25 31.13%, across 533 issuers.
See more of this fund's book
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