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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 5/1/18 to 4/30/19 7.00% 8.25%
3 Years 5/1/16 to 4/30/19 7.00% 8.25%
5 Years 5/1/14 to 4/30/19 7.00% 8.25%
10 Years 5/1/09 to 4/30/19 7.08% 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 March 31, 2019

$74,806 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 27.5% $20,611
International Equity-Active 21.4% $16,051
Domestic Fixed Income-Government 13.9% $10,416
Alternative Investments 12.6% $9,463
Domestic Fixed Income-Enhanced Yield 4.9% $3,666
Tips MTA 4.3% $3,187
Domestic Fixed Income-Mortgage 3.5% $2,600
Domestic Fixed Income-Corporate 2.4% $1,847
Group Trust Fixed Bank Loans 2.4% $1,779
Credit 1.7% $1,244
REITS Investment 1.2% $877
State Street Bankers 1.1% $845
Domestic Equity Active-Core  0.8% $637
ETI 0.8% $575
Global REITS 0.5% $353
Global Opportunistic Distressed 0.3% $206
Domestic Fixed Income-Convertible Bonds 0.3% $200
Global Trust Fixed Emerging Manager 0.2% $128
Miscellaneous^ 0.2% $121
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $64.1
NYC-TRS GIA-Partners, LLC. $50.0
BlackRock-Special Purpose $6.5
Cash Account $0.3
Securities Lending $0
Global Convertible Bonds $0
Global Environmental $0