Nuveen High Yield Fund
TIAA-CREF Funds · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Nuveen High Yield 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
- High yield
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The Fund seeks total return primarily through high current income and, when consistent with its primary objective, capital appreciation.
The fund invests at least 80% of assets in lower-rated, higher-yielding fixed-income securities—primarily corporate bonds, senior loans, and convertible securities rated below investment grade—selected through independent credit analysis rather than reliance on rating agencies alone. The manager constructs a diversified portfolio across industries, maturities, and credit qualities, and may trade derivatives to implement its strategies. Because security selection depends on the manager's credit judgments and economic forecasts, fund performance will diverge from its benchmark index.
| Share class | Gross | Net |
|---|---|---|
| TIYRX | 0.70% | 0.70% |
| TIHRX | 0.61% | 0.61% |
| TIHYX | 0.36% | 0.36% |
| TIHPX | 0.51% | 0.51% |
| TIHHX | 0.50% | 0.50% |
| TIHWX | 0.36% | 0.00% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 61.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 92.61% |
| Loans | 5.07% |
| Cash & short-term | 4.58% |
| Stocks | 0.02% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2026Q1, one or more quarters before the direct holdings (2026Q2).
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 52.0% |
| International | 13.4% |
| Industrials | 6.0% |
| Financials | 5.2% |
| 10 smaller | 23.4% |
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: STATE STREET BANK AND TRUST COMPANY, Directv Financing LLC / Directv Financing Co-Obligor Inc, Encore Capital Group Inc, LifePoint Health Inc, Alaska Airlines Inc, Seadrill Finance Ltd, Calcasieu Pass Funding LLC, Edged Compute LLC
Largest exited: The Bank of New York Mellon Corp, TALEN ENERGY SUPPLY LLC, MINERAL RESOURCES LTD, Primo Brands Corp, Vistra Operations Co LLC, KENNEDY-WILSON INC, Phinia Inc, Hilton Domestic Operating Co Inc
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 |
|---|---|---|---|---|---|
| +9.50% | +27.73% | +22.98% | 2.94% | -2.41% | |
| +9.58% | +27.98% | +23.35% | 2.94% | -2.42% | |
| +9.99% | +29.09% | +24.89% | 2.93% | -2.37% | |
| +9.69% | +28.34% | +23.96% | 2.94% | -2.28% | |
| +9.58% | +28.29% | +23.95% | 2.90% | -2.40% | |
| +10.25% | +30.49% | +27.12% | 2.96% | -2.32% |
These classes hold the same portfolio, so the 4.14pp spread over 5 years is the cost difference between them — roughly 0.83pp 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 | 94.9% |
| Floating rate | 5.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 15.8% |
| 3-5y | 34.0% |
| 5-10y | 45.4% |
| 10y+ | 2.6% |
| Unknown | 1.5% |
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 | 52% |
| Interest rates | 48% |
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.
| High yield | +3.15 yr |
| Investment grade | +0.10 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 | 0.00 yr | 0% |
| 1 yr | 0.31 yr | 10% |
| 5 yr | 1.88 yr | 63% |
| 10 yr | 0.65 yr | 21% |
| 30 yr | 0.17 yr | 6% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.33 yr | 10% |
| 5 yr | 2.05 yr | 63% |
| 10 yr | 0.68 yr | 21% |
| 30 yr | 0.18 yr | 6% |
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 | +0.00 | +0.00 | +0.00 | $0 | $520 |
| 1 yr | +0.31 | +0.00 | +0.33 | $88 | $75.5k |
| 5 yr | +1.88 | +0.04 | +2.01 | $9.2k | $457.5k |
| 10 yr | +0.65 | +0.01 | +0.67 | $1.2k | $152.6k |
| 30 yr | +0.17 | +0.05 | +0.13 | $11.4k | $29.4k |
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 |
|---|---|---|---|---|
| — | STATE STR NAVIGATOR SECS L TR | 3.06% | $69.69M | — |
| — | STATE STREET BANK AND TRUST COMPANY | 0.95% | $21.68M | — |
| — | CRC Insurance Group LLC7.13% · due 2031-06-01 | 0.90% | $20.41M | — |
| — | FERRELLGAS LP/FERRELLGAS5.88% · due 2029-04-01 | 0.80% | $18.17M | — |
| — | Level 3 Financing Inc8.50% · due 2036-01-15 | 0.67% | $15.32M | — |
| — | CDI ESCROW ISSUER INC5.75% · due 2030-04-01 | 0.67% | $15.22M | — |
| — | BATH & BODY WORKS INC6.63% · due 2030-10-01 | 0.67% | $15.14M | — |
| — | IHO VERWALTUNGS GMBH6.38% · due 2029-05-15 | 0.66% | $15.05M | — |
| — | 1261229 BC Ltd10.00% · due 2032-04-15 | 0.66% | $14.97M | — |
| — | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC6.38% · due 2032-02-15 | 0.61% | $13.93M | — |
Top 10 positions are 9.65% of net assets, top 25 17.85%, across 288 issuers.
See more of this fund's book
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