The TRS Passport Funds provide six investment offerings:
- The Fixed Return Fund offers a guaranteed rate of return set by the New York State Legislature. The current 7 percent annual rate is guaranteed in accordance with applicable laws.
- The Diversified Equity Fund invests primarily in U.S. equities. The fund may also invest in international equities and other investments that may dampen the volatility of an investment 100 percent in equities. The objective is to achieve a rate of return comparable to the return of the broad equity market.
- The Balanced Fund is a moderately conservative investment option that include exposure ot bonds and stocks. The objective is to seek curent income and some capital appreciation. The Balanced Fund began as of Jan. 1, 2018 and was preceded by the Bond Fund from 2012-17 and the Stable-Value Fund before 2012.
- The International Equity Fund primarily invests in non-U.S. markets traded on a variety of stock exchanges and denominated in a variety of currencies around the world. The objectives are to provide long-term capital growth and to achieve a rate of return comparable to the return of the non-U.S. developed equity market over a full market cycle.
- The Inflation Protection Fund invests in mutual funds and/or directly in assets that include but are not limited to commodities, real estate securities, and inflation-linked bonds. The objective is to provide, over a full market cycle, a real rate of return that exceeds inflation.
- The Socially Responsive Equity Fund primarily invests in mutual funds and/or directly in U.S. equities. The fund attempts to avoid companies that receive a significant portion of their revenue from alcohol, tobacco, nuclear power, or weapons. The objectives are to achieve positive long-term capital growth and earn a rate of return comparable to the return of the broader equity market while reflecting social priorities.
For more detailed information about each fund, consult the "Passport Funds" section of the Teachers' Retirement System website at www.trsnyc.org and the annual TRS publication Fund Profiles. The BERS TDA only offers the Diversified Equity and Fixed Return Funds.