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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 2/1/17 to 1/31/18 7.00% 8.25%
3 Years 2/1/15 to 1/31/18 7.00% 8.25%
5 Years 2/1/13 to 1/31/18 7.00% 8.25%
10 Years 2/1/08 to 1/31/18 7.23% 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 June 30, 2017

$65,965 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 29.5% $19,436
International Equity-Active 22.5% $14,820
Alternative Investments 11.5% $7,571
Domestic Fixed Income-Government 8.1% $5,355
Domestic Fixed Income-Enhanced Yield 5.2% $3,437
Tips MTA 4.1% $2,682
Domestic Fixed Income-Corporate 3.8% $2,482
Domestic Fixed Income-Mortgage 3.6% $2,395
Group Trust Fixed Bank Loans 2.5% $1,669
Credit 2.0% $1,342
REITS Investment 1.7% $1,111
Domestic Fixed Income-Convertible Bonds 1.3% $864
Global REITS 1.0% $664
ETI 0.8% $496
Domestic Equity Active-Core 0.7% $495
State Street Bankers 0.6% $424
Global Convertible Bonds 0.4% $251
Global Opportunistic Distressed 0.3% $194
Miscellaneous^ 0.2% $155
Global Trust Fixed Emerging Manager 0.2% $122
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $77.4
NYC-TRS GIA-Partners, LLC. $48.0
Securities Lending $22.2
BlackRock-Special Purpose $7.5
C/D $0