TRS Logo
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 11/1/16 to 10/31/17 7.00% 8.25%
3 Years 11/1/14 to 10/31/17 7.00% 8.25%
5 Years 11/1/12 to 10/31/17 7.00% 8.25%
10 Years 11/1/07 to 10/31/17 7.26% 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, 2017

$63,817 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 29.4% $18,781
International Equity-Active 22.1% $14,117
Alternative Investments 11.9% $7,595
Domestic Fixed Income-Government 6.7% $4,284
Domestic Fixed Income-Enhanced Yield 5.3% $3,373
Domestic Fixed Income-Corporate 3.8% $2,420
Tips MTA 3.8% $2,393
Domestic Fixed Income-Mortgage 3.7% $2,373
Group Trust Fixed Bank Loans 2.6% $1,657
Credit 2.1% $1,311
REITS Investment 1.9% $1,201
Domestic Fixed Income-Convertible Bonds 1.3% $841
State Street Bankers 1.3% $835
Domestic Equity Active-Core 1.1% $723
Global REITS 1.1% $717
ETI 0.8% $486
Global Convertible Bonds 0.4% $247
Global Opportunistic Distressed 0.3% $190
Miscellaneous^ 0.2% $153
Global Trust Fixed Emerging Manager 0.2% $120
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $76.8
NYC-TRS GIA-Partners, LLC. $47.3
Securities Lending $19.5
BlackRock-Special Purpose $6.9
C/D $2.0