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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 8/1/18 to 7/31/19 7.00% 8.25%
3 Years 8/1/16 to 7/31/19 7.00% 8.25%
5 Years 8/1/14 to 7/31/19 7.00% 8.25%
10 Years 8/1/09 to 7/31/19 7.05% 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 July 31, 2019

$77,693 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 28.2% $21,885
International Equity-Active 21.1% $16,366
Domestic Fixed Income-Government 14.2% $11,082
Alternative Investments 12.9% $9,999
Domestic Fixed Income-Enhanced Yield 4.9% $3,785
Domestic Fixed Income-Mortgage 3.4% $2,667
Collective Trust Fund-Tips 3.2% $2,469
Domestic Fixed Income-Corporate 2.5% $1,940
Group Trust Fixed Bank Loans 2.3% $1,815
Credit 1.7% $1,306
REITS Investment 1.2% $908
Tips MTA 1.0% $820
Domestic Equity Active-Core 0.9% $695
ETI 0.8% $604
Global REITS 0.4% $352
State Street Bankers 0.4% $327
Global Opportunistic Distressed 0.3% $212
Domestic Fixed Income-Convertible Bonds 0.3% $207
Global Trust Fixed Emerging Manager 0.2% $132
Miscellaneous^ 0.1% $122
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $63.1
NYC-TRS GIA-Partners, LLC. $51.8
BlackRock-Special Purpose $6.8
Cash Account $0.6
Securities Lending $0
Global Convertible Bonds $0
Global Environmental $0