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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 10/1/18 to 9/30/19 7.00% 8.25%
3 Years 10/1/16 to 9/30/19 7.00% 8.25%
5 Years 10/1/14 to 9/30/19 7.00% 8.25%
10 Years 10/1/09 to 9/30/19 7.02% 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 August 31, 2019

$78,081 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 27.5% $21,452
International Equity-Active 20.4% $15,956
Domestic Fixed Income-Government 14.9% $11,603
Alternative Investments 13.0% $10,148
Domestic Fixed Income-Enhanced Yield 4.9% $3,812
Domestic Fixed Income-Mortgage 3.4% $2,692
Collective Trust Fund-Tips 3.2% $2,530
Domestic Fixed Income-Corporate 2.6% $2,000
Group Trust Fixed Bank Loans 2.3% $1,812
Credit 1.7% $1,345
REITS Investment 1.6% $1,289
Tips MTA 1.1% $839
Domestic Equity Active-Core 0.9% $673
State Street Bankers 0.8% $632
ETI 0.8% $622
Global Opportunistic Distressed 0.3% $211
Domestic Fixed Income-Convertible Bonds 0.3% $205
Global Trust Fixed Emerging Manager 0.2% $136
Miscellaneous^ 0.1% $124
Global REITS 0% $0
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $63.8
NYC-TRS GIA-Partners, LLC. $52.9
BlackRock-Special Purpose $7.1
Cash Account $0.2
Securities Lending $0
Global Convertible Bonds $0
Global Environmental $0