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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 7/1/17 to 6/30/18 7.00% 8.25%
3 Years 7/1/15 to 6/30/18 7.00% 8.25%
5 Years 7/1/13 to 6/30/18 7.00% 8.25%
10 Years 7/1/08 to 6/30/18 7.18% 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 October 31, 2017

$69,552 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 29.9% $20,776
International Equity-Active 23.2% $16,153
Alternative Investments 11.4% $7,952
Domestic Fixed Income-Government 9.1% $6,323
Domestic Fixed Income-Enhanced Yield 5.0% $3,509
Tips MTA 4.2% $2,937
Domestic Fixed Income-Mortgage 3.5% $2,417
Domestic Fixed Income-Corporate 3.1% $2,178
Group Trust Fixed Bank Loans 2.4% $1,699
Credit 2.0% $1,365
REITS Investment 1.6% $1,119
Global REITS 1.0% $670
Domestic Equity Active-Core 0.8% $536
ETI 0.8% $531
State Street Bankers 0.6% $458
Global Convertible Bonds 0.4% $259
Global Opportunistic Distressed 0.3% $198
Domestic Fixed Income-Convertible Bonds 0.3% $187
Miscellaneous^ 0.2% $162
Global Trust Fixed Emerging Manager 0.2% $123
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $75.4
NYC-TRS GIA-Partners, LLC. $48.6
Securities Lending $30.5
BlackRock-Special Purpose $7.0
Global Environmental $0.3
C/D $0