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Fixed Return Fund

The Fixed Return Fund offers a guaranteed rate of return set by the New York State Legislature in accordance with applicable laws. The current annual rate is 7% for members who are serving in (or resigned/retired from) titles represented by the United Federation of Teachers (UFT) and 8.25% for other members.

Investment Returns

These figures are annualized.

Years Date TDA/UFT All Others
1 Year 3/1/18 to 2/28/19 7.00% 8.25%
3 Years 3/1/16 to 2/28/19 7.00% 8.25%
5 Years 3/1/14 to 2/28/19 7.00% 8.25%
10 Years 3/1/09 to 2/28/19 7.10% 8.25%

QPP: Tier I and II members are credited with 8.25% annually on QPP investments in the Fixed Return Fund; this rate has been in effect since July 1, 1988.

TDA: Members who are serving in (or resigned/retired from) a title represented by the United Federation of Teachers (UFT) are credited with 7% annually on TDA investments in the Fixed Return Fund. This rate has been in effect since December 11, 2009; the previous rate was 8.25%. Other members are credited with 8.25% annually on TDA investments in the Fund; this rate has been in effect since July 1, 1988.

Unit Value

The Fixed Return Fund does not have a monthly unit value, unlike the other Passport Funds, whose returns may vary from month to month.

Asset Allocation (Pension Fund)

as of January 31, 2019

$72,279 Million

TRS' Pension Fund contains all contributions that members invest in the Fixed Return Fund (both QPP and TDA Program), as well as the QPP contributions of Tier III, IV, and VI members.

Asset Allocation in Millions
Domestic Equity-Passive Core 27.1% $19,623
International Equity-Active 21.2% $15,292
Domestic Fixed Income-Government 14.0% $10,411
Alternative Investments 12.9% $9,348
Domestic Fixed Income-Enhanced Yield 4.9% $3,574
Tips MTA 4.3% $3,131
Domestic Fixed Income-Mortgage 3.5% $2,563
Domestic Fixed Income-Corporate 2.6% $1,881
Group Trust Fixed Bank Loans 2.4% $1,759
Credit 1.8% $1,269
REITS Investment 1.2% $837
Domestic Equity Active-Core 0.8% $604
ETI 0.8% $564
State Street Bankers 0.6% $439
Global REITS 0.5% $343
Global Opportunistic Distressed 0.3% $202
Domestic Fixed Income-Convertible Bonds 0.3% $195
Global Trust Fixed Emerging Manager 0.2% $125
Miscellaneous^ 0.2% $119
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $63.8
NYC-TRS GIA-Partners, LLC. $48.9
BlackRock-Special Purpose $6.2
Securities Lending $0.1
Global Convertible Bonds $0
Cash Account $0
Global Environmental $0