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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 10/1/17 to 9/30/18 7.00% 8.25%
3 Years 10/1/15 to 9/30/18 7.00% 8.25%
5 Years 10/1/13 to 9/30/18 7.00% 8.25%
10 Years 10/1/08 to 9/30/18 7.15% 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 November 30, 2017

$70,382 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 30.4% $21,407
International Equity-Active 23.0% $16,213
Alternative Investments 11.5% $8,110
Domestic Fixed Income-Government 9.4% $6,633
Domestic Fixed Income-Enhanced Yield 5.0% $3,498
Tips MTA 4.2% $2,940
Domestic Fixed Income-Mortgage 3.4% $2,414
Domestic Fixed Income-Corporate 3.1% $2,175
Group Trust Fixed Bank Loans 2.4% $1,701
Credit 1.9% $1,367
REITS Investment 1.6% $1,155
Domestic Equity Active-Core 0.8% $550
ETI 0.8% $544
State Street Bankers 0.8% $532
Global REITS 0.6% $405
Global Opportunistic Distressed 0.3% $198
Domestic Fixed Income-Convertible Bonds 0.3% $188
Miscellaneous^ 0.2% $163
Global Trust Fixed Emerging Manager 0.2% $123
Global Convertible Bonds 0.1% $69
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $74.8
NYC-TRS GIA-Partners, LLC. $48.5
Securities Lending $32.2
BlackRock-Special Purpose $7.1
Global Environmental $0.3
C/D $0