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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 1/1/18 to 12/31/18 7.00% 8.25%
3 Years 1/1/16 to 12/31/18 7.00% 8.25%
5 Years 1/1/14 to 12/31/18 7.00% 8.25%
10 Years 1/1/09 to 12/31/18 7.12% 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, 2018

$69,145 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 26.1% $18,088
International Equity-Active 20.5% $14,219
Domestic Fixed Income-Government 15.0% $10,362
Alternative Investments 13.3% $9,237
Domestic Fixed Income-Enhanced Yield 4.9% $3,424
Tips MTA 4.5% $3,087
Domestic Fixed Income-Mortgage 3.7% $2,541
Domestic Fixed Income-Corporate 2.7% $1,841
Group Trust Fixed Bank Loans 2.5% $1,720
Credit 1.8% $1,243
REITS Investment 1.1% $751
State Street Bankers 0.9% $596
ETI 0.8% $560
Domestic Equity Active-Core 0.8% $537
Global REITS 0.4% $308
Global Opportunistic Distressed 0.3% $196
Domestic Fixed Income-Convertible Bonds 0.3% $187
Miscellaneous^ 0.2% $124
Global Trust Fixed Emerging Manager 0.2% $124
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $64.2
NYC-TRS GIA-Partners, LLC. $48.2
BlackRock-Special Purpose $6.0
Cash Account $6.0
Securities Lending $0
Global Convertible Bonds $0
Global Environmental $0