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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 11/1/17 to 10/31/18 7.00% 8.25%
3 Years 11/1/15 to 10/31/18 7.00% 8.25%
5 Years 11/1/13 to 10/31/18 7.00% 8.25%
10 Years 11/1/08 to 10/31/18 7.14% 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 December 31, 2017

$71,699 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 30.2% $21,624
International Equity-Active 23.3% $16,694
Alternative Investments 11.5% $8,260
Domestic Fixed Income-Government 9.4% $6,738
Domestic Fixed Income-Enhanced Yield 4.9% $3,508
Tips MTA 4.1% $2,967
Domestic Fixed Income-Mortgage 3.4% $2,419
Domestic Fixed Income-Corporate 3.0% $2,192
Group Trust Fixed Bank Loans 2.4% $1,708
Credit 1.9% $1,375
REITS Investment 1.6% $1,157
State Street Bankers 1.3% $930
ETI 0.8% $561
Domestic Equity Active-Core 0.7% $541
Global REITS 0.5% $378
Global Opportunistic Distressed 0.3% $199
Domestic Fixed Income-Convertible Bonds 0.3% $188
Miscellaneous^ 0.2% $136
Global Trust Fixed Emerging Manager 0.2% $124
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $75.1
NYC-TRS GIA-Partners, LLC. $48.6
BlackRock-Special Purpose $7.2
Securities Lending $3.0
Global Convertible Bonds $1.3
Cash Account $0.8
Global Environmental $0