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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 11/1/18 to 10/31/19 7.00% 8.25%
3 Years 11/1/16 to 10/31/19 7.00% 8.25%
5 Years 11/1/14 to 10/31/19 7.00% 8.25%
10 Years 11/1/09 to 10/31/19 7.01% 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 September 30, 2019

$78,420 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 27.8% $21,840
International Equity-Active 21.0% $16,467
Domestic Fixed Income-Government 14.1% $11,084
Alternative Investments 13.0% $10,201
Domestic Fixed Income-Enhanced Yield 4.9% $3,830
Domestic Fixed Income-Mortgage 3.4% $2,693
Collective Trust Fund-Tips 3.2% $2,493
Domestic Fixed Income-Corporate 2.5% $1,987
Group Trust Fixed Bank Loans 2.3% $1,822
Credit 1.7% $1,337
REITS Investment 1.7% $1,323
Tips MTA 1.1% $827
Domestic Equity Active-Core 0.8% $659
ETI 0.8% $628
State Street Bankers 0.7% $550
Global Opportunistic Distressed 0.3% $212
Domestic Fixed Income-Convertible Bonds 0.3% $208
Global Trust Fixed Emerging Manager 0.2% $135
Miscellaneous^ 0.2% $124
Global REITS 0% $0
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $63.8
NYC-TRS GIA-Partners, LLC. $52.7
BlackRock-Special Purpose $7.0
Cash Account $0.4
Securities Lending $0
Global Convertible Bonds $0
Global Environmental $0