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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 6/1/18 to 5/31/19 7.00% 8.25%
3 Years 6/1/16 to 5/31/19 7.00% 8.25%
5 Years 6/1/14 to 5/31/19 7.00% 8.25%
10 Years 6/1/09 to 5/31/19 7.07% 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 April 30, 2019

$75,940 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 28.2% $21,439
International Equity-Active 21.7% $16,491
Domestic Fixed Income-Government 13.8% $10,519
Alternative Investments 12.6% $9,562
Domestic Fixed Income-Enhanced Yield 4.9% $3,715
Domestic Fixed Income-Mortgage 3.4% $2,599
Collective Trust Fund-Tips 3.2% $2,401
Domestic Fixed Income-Corporate 2.4% $1,856
Group Trust Fixed Bank Loans 2.4% $1,806
Credit 1.6% $1,252
REITS Investment 1.2% $800
Tips MTA 1.0% $797
Domestic Equity Active-Core  0.9% $673
ETI 0.8% $582
Global REITS 0.5% $354
State Street Bankers 0.5% $352
Global Opportunistic Distressed 0.3% $210
Domestic Fixed Income-Convertible Bonds 0.3% $203
Global Trust Fixed Emerging Manager 0.2% $128
Miscellaneous^ 0.1% $121
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $63.0
NYC-TRS GIA-Partners, LLC. $50.2
BlackRock-Special Purpose $6.4
Cash Account $1.4
Securities Lending $0
Global Convertible Bonds $0
Global Environmental $0