003 · Benchmarks
What they aim for.
70 plans state a target, a range or a benchmark by asset class — 324 distinct benchmarks across 9 asset classes. Figures are as the documents state them: we bucket the labels, we don't correct the arithmetic.
Public Equity
68 plans; 63 state a target; median target 49% (range 20–100%); typical allowed range 10 points wide; 6 plans left out of the statistics — the document gives sleeve weights or fractions, not percentage shares.
| Benchmark | Plans |
|---|---|
| Russell 3000 | 17 |
| ACWI ex US | 12 |
| S&P 500 | 9 |
| MSCI ACWI IMI | 8 |
| MSCI EAFE | 8 |
| MSCI Emerging Markets | 8 |
| Russell 2500 | 8 |
| 67% Russell 3000 and 33% MSCI ACWI ex USA Net Return (USD) | 4 |
| MSCI ACWI ex USA Net Return (USD) | 4 |
| MSCI EM | 4 |
| Russell 1000 | 4 |
| MSCI ACWI IMI with USA Gross | 3 |
and 50 more, each used by a plan or two.
Fixed Income
67 plans; 61 state a target; median target 24% (range 8–57%); typical allowed range 9.5 points wide; 6 plans left out of the statistics — the document gives sleeve weights or fractions, not percentage shares.
| Benchmark | Plans |
|---|---|
| Bloomberg US Aggregate | 26 |
| Bloomberg US High Yield | 8 |
| Bloomberg US TIPS | 7 |
| Bloomberg US Long Treasury | 6 |
| 25% ICE BofA US Cash Pay High Yield Constrained , 25% S&P UBS Leveraged Loan , 25% JPM EMBI Global Diversified , 25% ICE BofA AA-BBB US Fixed and Floating Rate Asset-Backed Securities | 4 |
| 80% Bloomberg US Treasury and 20% Bloomberg US Long Treasury | 4 |
| Bloomberg US Treasury | 4 |
| Bloomberg US Universal Bond | 4 |
| Citi WGBI | 4 |
| JP Morgan EMBI Global | 4 |
| 24% Bloomberg US Aggregate Bond , 24% Return-Seeking Fixed Income Benchmark, 40% Treasury Protection Benchmark, 12% ICE BofA US 3-Month T-Bill | 3 |
| JPM GBI-EM Global Diversified (Unhedged) | 3 |
and 68 more, each used by a plan or two.
Private Equity
61 plans; 53 state a target; median target 11% (range 4–33%); typical allowed range 10 points wide; 5 plans left out of the statistics — the document gives sleeve weights or fractions, not percentage shares.
| Benchmark | Plans |
|---|---|
| Cambridge Private Equity | 5 |
| MSCI Global Buyout Closed-End Fund (USD), lagged 1 quarter | 4 |
| Russell 3000 + 3% | 4 |
| Cambridge Custom Private Equity Benchmark | 2 |
| Cambridge Private Equity and Venture Capital Aggregated | 2 |
| MSCI ACWI IMI with USA Gross plus 200 basis points | 2 |
| 75% Russell 3000 / 25% MSCI ACWI ex-US IMI + 3% | 1 |
| Actual time-weighted Private Equity returns | 1 |
| Burgiss one | 1 |
| Cambridge All PE | 1 |
| Cambridge All Private Equity | 1 |
| Cambridge Global Private Equity and Venture Capital | 1 |
and 24 more, each used by a plan or two.
Private Credit / Debt
42 plans; 35 state a target; median target 5% (range 2–25%); typical allowed range 7 points wide; 4 plans left out of the statistics — the document gives sleeve weights or fractions, not percentage shares.
| Benchmark | Plans |
|---|---|
| MSCI Global Private Credit Closed-End Fund (USD), lagged 1 quarter | 4 |
| CS Leveraged Loan + 2% (Spliced) | 3 |
| 50% Bloomberg US High Yield + 50% Morningstar LSTA US Leveraged Loan | 2 |
| CS Leveraged Loan | 2 |
| Cambridge Senior Debt | 2 |
| Custom : 50% Barclay's High Yield 2% Issuer Capped + 50% Credit Suisse Leveraged Loan | 2 |
| 50% BAML US HY II + 50% S&P/LSTA US Leveraged Loan | 1 |
| 50% Bloomberg US HY / 50% Credit Suisse Leveraged Loans + 1% | 1 |
| 50% CS Leveraged Loan / 50%ICE BofA ML US HY BB-B Rated Constrained | 1 |
| 50% Credit Suisse Leveraged Loan / 50% BofA ML US High Yield BB-B Constrained + 1.5% | 1 |
| 50% ICE BofA US High Yield BB-B (2% constrained) / 50% CSFB Leveraged Loan | 1 |
| 75% S&P UBS Leveraged Loan + 25% ICE BofA BB-B US High Yield Constrained Fossil Free + 1.5% | 1 |
and 15 more, each used by a plan or two.
Real Estate
57 plans; 46 state a target; median target 9% (range 2–17%); typical allowed range 8 points wide; 5 plans left out of the statistics — the document gives sleeve weights or fractions, not percentage shares.
| Benchmark | Plans |
|---|---|
| NCREIF ODCE | 15 |
| 50% Custom MSCI Global Private Opportunistic Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter and 50% Custom MSCI Global Private Value-Added Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter | 4 |
| NCREIF NPI | 4 |
| NCREIF ODCE + 2% | 3 |
| NCREIF ODCE + 50 bps | 3 |
| Cambridge Value Add Real Estate | 2 |
| NCREIF | 2 |
| NCREIF ODCE (1 Qtr Arrears) | 2 |
| NCREIF ODCE (ODCE) | 2 |
| 60% NCREIF ODCE/40% NCREIF ODCE + 1% | 1 |
| CPI+3% | 1 |
| Dow Jones US Select Real Estate Securities | 1 |
and 19 more, each used by a plan or two.
Real Assets / Infrastructure
51 plans; 45 state a target; median target 10% (range 2–40%); typical allowed range 6 points wide; 4 plans left out of the statistics — the document gives sleeve weights or fractions, not percentage shares.
| Benchmark | Plans |
|---|---|
| Bloomberg Commodity | 6 |
| CPI + 3% | 6 |
| 75% MSCI Global Private Infrastructure Closed-End Fund (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund (USD), lagged 1 quarter | 4 |
| NCREIF Farmland | 4 |
| CPI + 4% | 2 |
| Cambridge Private Infrastructure | 2 |
| 15% FTSE EPRA/NAREIT Developed Liquid , 25% S&P Global Infrastructure , 10% S&P Global Large Mid Cap Commodity and Resources , 10% Bloomberg Roll select Commodity , 30% Bloomberg 1-10 year US TIPS , 10% Bloomberg US Dollar Floating Rate <5 Year | 1 |
| 21.2% Bloomberg US TIPS / 8.2% FTSE NAREIT US Equity / 29.4% S&P Global Infrastructure / 41.2% NCREIF ODCE + 0.8% | 1 |
| 36% Bloomberg TIPS / 14% FTSE NAREIT US Equity / 50% S&P Global Infrastructure | 1 |
| 40% Cambridge Natural Resources/40% Cambridge Infrastructure/20% quarterly Consumer Price | 1 |
| 60% Cambridge Private Infrastructure , 30% Cambridge Private Energy , 10% NCREIF Farmland | 1 |
| 70% NCREIF ODCE for Core and Cambridge Real Estate for Non-Core / 20% Cambridge Infrastructure / 10% Cambridge Natural Resources | 1 |
and 31 more, each used by a plan or two.
Hedge Funds / Absolute Return
32 plans; 27 state a target; median target 11% (range 0–31%); typical allowed range 10 points wide; 2 plans left out of the statistics — the document gives sleeve weights or fractions, not percentage shares.
| Benchmark | Plans |
|---|---|
| HFRI Fund of Funds | 8 |
| 90-Day T-Bill + 3% | 2 |
| Credit Suisse Managed Futures (18% Target Volatility) | 2 |
| 9% 3-Month T-Bill + 3% & 3% MSCI ACWI | 1 |
| 90-Day T-Bill + 4% | 1 |
| CBOE Put/Write | 1 |
| Custom Global Equity/Global Bond (60% MSCI ACWI/40% Citi WGBI) | 1 |
| Custom benchmark (HFRI single strategy indices weighted per AIP) | 1 |
| HFR Risk Parity Vol 12 Institutional | 1 |
| HFRI Equity Hedge and HFRI Equity Relative Value | 1 |
| HFRI FoF Conservative | 1 |
| HFRX Equity | 1 |
and 7 more, each used by a plan or two.
Cash
52 plans; 45 state a target; median target 1% (range 0–16%); typical allowed range 5 points wide; 5 plans left out of the statistics — the document gives sleeve weights or fractions, not percentage shares.
| Benchmark | Plans |
|---|---|
| 3-Month T-Bill | 13 |
| ICE BofA 3 Mo US T-Bill | 10 |
| 91-Day T-Bill | 3 |
| Blackrock Treasury Strategies Institutional Fund (MLIXX) | 2 |
| ICE BofA 0-1 Year US Treasury | 2 |
| 90-Day T-Bill | 1 |
| BBgBarc US Government/Credit 1-3 Yrs (short duration) / 91 Day T-Bill (cash) | 1 |
| BofAML 9-12 Mo. US Treasury | 1 |
| FTSE 30 Day T-Bill | 1 |
| ICE BofA 0-3-Month US T-Bill | 1 |
| Not specified in provided chunks | 1 |
| Overnight LIBOR/SOFR | 1 |
and 1 more, each used by a plan or two.
Multi-Asset / Other
41 plans; 37 state a target; median target 23.5% (range 0–100%); typical allowed range 12 points wide; 4 plans left out of the statistics — the document gives sleeve weights or fractions, not percentage shares.
| Benchmark | Plans |
|---|---|
| 80% Public Equity Benchmark and 20% Bloomberg US Aggregate Bond | 4 |
| Relevant blended benchmark, as applicable | 4 |
| Weighted average of underlying objectives: Real Assets: CPI plus 400 basis points; Private Credit: Morningstar LSTA Leveraged Loan plus 150 basis points; Risk Mitigation: HFRI FOF Market Defensive ; Opportunistic: PERA Public Markets plus 150 basis points | 3 |
| MSCI ACWI | 2 |
| 0.3 Beta MSCI ACWI | 1 |
| 3-Month Term SOFR | 1 |
| 300bps | 1 |
| 50% Soc Gen Multi Alt Risk Premia / 50% HFRI Macro (Total) | 1 |
| 60% MSCI ACWI / 40% FTSE WGBI | 1 |
| 60% S&P UBS Leveraged Loan / 40% S&P UBS Western European Leveraged Loan | 1 |
| 85% Bloomberg US Aggregate / 15% Bloomberg US TIPS | 1 |
| Assumed rate of return + 3% | 1 |
and 16 more, each used by a plan or two.
Each plan's stated targets, ranges and benchmarks, on its own page.
| Plan | Asset class | Bucket | Target | Range | Benchmark | IPS |
|---|---|---|---|---|---|---|
| Alabama ERSERS · one of 2 portfolios in the document | Domestic Equity | Public Equity | 45% | 30–60% | Custom Benchmark | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | International Equity | Public Equity | 15% | 10–25% | MSCI EAFE Net & Emerging Markets Net | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Fixed Income | Fixed Income | 15% | 10–40% | — | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Alternative Investments | Multi-Asset / Other | 10% | 0–15% | — | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Real Estate | Real Estate | 10% | 0–15% | NCREIF NPI | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Short-term investments | Cash | 5% | 1–10% | — | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Domestic Fixed Income | Fixed Income | — | — | Custom Benchmark | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | International Fixed Income | Fixed Income | — | — | WGBI Non-US | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Cash | Cash | — | — | 3-Month T-BillML 90-Day T-Bill | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Alternative Investments (equity) | Public Equity | — | — | Russell 2000 +3% | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Alternative Investments (debt) | Fixed Income | — | — | Bloomberg Capital Agency plus 3% | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Core Fund | Public Equity | — | — | S&P 500 | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | S&P 500 Fund | Public Equity | — | — | S&P 500 | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Mid Cap Active Fund (SSF) | Public Equity | — | — | S&P 400 MidCap | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | S&P Mid Cap Index | Public Equity | — | — | S&P 400 MidCap | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | S&P Small Cap Index | Public Equity | — | — | S&P 600 SmallCap | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Small Cap Active Fund | Public Equity | — | — | S&P 600 SmallCap | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Large Cap Policy Fund | Public Equity | — | — | S&P 500 | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Large Cap Value Fund | Public Equity | — | — | S&P 500 | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Agency | Fixed Income | — | — | Bloomberg Capital Agency | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Asset Backed | Fixed Income | — | — | Bloomberg Capital ABSBloomberg Capital ABS Index | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | CMO | Fixed Income | — | — | Bloomberg Capital MTGE | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Corporate | Fixed Income | — | — | Bloomberg Capital Corp | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Mortgage Pass-Through | Fixed Income | — | — | Bloomberg Capital MTGE | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | US Treasury | Fixed Income | — | — | Bloomberg Capital Treasury | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Yankee - Agency | Fixed Income | — | — | Bloomberg Capital Agency | Our copy |
| Alabama ERSERS · one of 2 portfolios in the document | Yankee – Other | Fixed Income | — | — | Bloomberg Capital Corp | Our copy |
| Alabama Teachers | Domestic Equity | Public Equity | 45% | 30–60% | Custom Benchmark | Our copy |
| Alabama Teachers | International Equity | Public Equity | 15% | 10–25% | MSCI EAFE Net & Emerging Markets Net | Our copy |
| Alabama Teachers | Fixed Income | Fixed Income | 15% | 10–50% | — | Our copy |
| Alabama Teachers | Alternative Investments | Multi-Asset / Other | 10% | 0–20% | — | Our copy |
| Alabama Teachers | Real Estate | Real Estate | 10% | 0–15% | CPI+3% | Our copy |
| Alabama Teachers | Short-term investments | Cash | 5% | 1–10% | — | Our copy |
| Alabama Teachers | Domestic Fixed Income | Fixed Income | — | — | Custom Benchmark | Our copy |
| Alabama Teachers | International Fixed Income | Fixed Income | — | — | WGBI Non-US | Our copy |
| Alabama Teachers | Cash | Cash | — | — | 3-Month T-BillML 90-Day T-Bill | Our copy |
| Alabama Teachers | Alternative Investments (equity) | Public Equity | — | — | Russell 2000 plus 3% | Our copy |
| Alabama Teachers | Alternative Investments (debt) | Fixed Income | — | — | Bloomberg Capital Agency plus 3% | Our copy |
| Alabama Teachers | Core Fund | Public Equity | — | — | S&P 500 | Our copy |
| Alabama Teachers | S&P 500 Fund | Public Equity | — | — | S&P 500 | Our copy |
| Alabama Teachers | Mid Cap Active Fund (SSF) | Public Equity | — | — | S&P 400 MidCap | Our copy |
| Alabama Teachers | S&P Mid Cap Index | Public Equity | — | — | S&P 400 MidCap | Our copy |
| Alabama Teachers | S&P Small Cap Index | Public Equity | — | — | S&P 600 SmallCap | Our copy |
| Alabama Teachers | Policy Fund | Public Equity | — | — | S&P 500 | Our copy |
| Alabama Teachers | Value Fund | Public Equity | — | — | S&P 500 | Our copy |
| Alabama Teachers | Agency | Fixed Income | — | — | Bloomberg Capital Agency | Our copy |
| Alabama Teachers | Asset Backed | Fixed Income | — | — | Bloomberg Capital ABSBloomberg Capital ABS Index | Our copy |
| Alabama Teachers | CMO | Fixed Income | — | — | Bloomberg Capital MTGE | Our copy |
| Alabama Teachers | Corporate | Fixed Income | — | — | Bloomberg Capital Corp | Our copy |
| Alabama Teachers | Mortgage Pass-Through | Fixed Income | — | — | Bloomberg Capital MTGE | Our copy |
| Alabama Teachers | US Treasury | Fixed Income | — | — | Bloomberg Capital Treasury | Our copy |
| Alabama Teachers | Yankee - Agency | Fixed Income | — | — | Bloomberg Capital Agency | Our copy |
| Alabama Teachers | Yankee – Other | Fixed Income | — | — | Bloomberg Capital Corp | Our copy |
| Alameda County ERS | Cash and Cash Equivalent | Cash | — | — | 3-Month T-Bill90-Day U.S. Treasury Bills | Our copy |
| Alameda County ERS | U.S. Equity | Public Equity | — | — | Russell 3000Russell 3000 Index | Our copy |
| Alameda County ERS | International Equity | Public Equity | — | — | Morgan Stanley Capital International All Country World IMI Ex US (MSCI ACWI Ex US IMI)Morgan Stanley Capital International All Country World Investable Market Index Ex U.S. (MSCI ACWI Ex U.S. IMI) | Our copy |
| Arkansas Teachers | Total Equity | Public Equity | 53% | 48–58% | DJ US Total Stock Market and MSCI ACWI IMI (weighted blend)Dow Jones U.S. Total Stock Market Index and MSCI ACWI IMI Index (weighted blend) | Our copy |
| Arkansas Teachers | Fixed Income | Fixed Income | 15% | 13–17% | Bloomberg US Universal BondBarclays U.S. Universal Bond Index | Our copy |
| Arkansas Teachers | Opportunistic/Alternatives | Multi-Asset / Other | 5% | No range set | Weighted average of benchmarks of underlying strategies / institutional quality hedge fundWeighted average of benchmarks of underlying strategies / institutional quality hedge fund index | Our copy |
| Arkansas Teachers | Real Assets | Real Assets / Infrastructure | 15% | No range set | — | Our copy |
| Arkansas Teachers | Private Equity | Private Equity | 12% | No range set | DJ US Total Stock Market plus 2 percentage points liquidity premiumDow Jones U.S. Total Stock Market Index plus 2 percentage points liquidity premium | Our copy |
| Arkansas Teachers | Cash Equivalents | Cash | 0% | 0–5% | — | Our copy |
| Arkansas Teachers | Real Estate | Real Estate | — | — | NCREIF Fund Open-end Diversified Core Equity (NFIODCE)NCREIF Fund Index Open-end Diversified Core Equity Index (NFIODCE) | Our copy |
| Arkansas Teachers | Timberland | Real Assets / Infrastructure | — | — | NCREIF Timberland Property (NTPI) and CPI plus 300 basis pointsNCREIF Timberland Property Index (NTPI) and CPI plus 300 basis points | Our copy |
| Arkansas Teachers | Agriculture | Real Assets / Infrastructure | — | — | NCREIF Farmland (NFI) and CPI plus 300 basis pointsNCREIF Farmland Index (NFI) and CPI plus 300 basis points | Our copy |
| Arkansas Teachers | Infrastructure | Real Assets / Infrastructure | — | — | Consumer Price (CPI) plus 5 percentage pointsConsumer Price Index (CPI) plus 5 percentage points | Our copy |
| Austin Fire | Public Domestic Equity | Public Equity | 23% | 16–30% | Russell 3000 | Our copy |
| Austin Fire | Public Foreign Equity | Public Equity | 22% | 15–29% | ACWI ex USMSCI ACWI (ex. U.S.) | Our copy |
| Austin Fire | Private Equity | Private Equity | 12% | 7–17% | MSCI ACWI + 2% (3-month lag)MSCI ACWI +2% on a 3 Month Lag | Our copy |
| Austin Fire | Investment Grade Bonds | Fixed Income | 15% | 10–20% | Bloomberg US AggregateBloomberg Barclays Aggregate | Our copy |
| Austin Fire | TIPS | Fixed Income | 5% | 0–10% | Bloomberg US TIPSBloomberg Barclays U.S. TIPS | Our copy |
| Austin Fire | High Yield/Bank Loans | Fixed Income | 5% | 0–10% | 50% ICE BofA High Yield, 50% Credit Suisse Leverage Loan50% Merrill Lynch High Yield, 50% Credit Suisse Leverage Loan Index | Our copy |
| Austin Fire | Emerging Market Debt | Fixed Income | 5% | 0–10% | Custom EMD Benchmark (50% JPMorgan EMBI Global Diversified, 25% JPMorgan GBI-EM Global Diversified, 25% JPMorgan CEMBI Broad) | Our copy |
| Austin Fire | Core Real Estate | Real Estate | 5% | 0–10% | NCREIF ODCE Equal WeightedNCREIF ODCE Equal Weighted (net) | Our copy |
| Austin Fire | Value Add Real Estate | Real Estate | 5% | 0–10% | NCREIF NPINCREIF Property NPI | Our copy |
| Austin Fire | Core Infrastructure | Real Assets / Infrastructure | 3% | 0–5% | CPI + 2%CPI +2% | Our copy |
| Austin Fire | Cash | Cash | 0% | 0–5% | — | Our copy |
| Boston RS | Total Equity | Public Equity | 52% | — | — | Our copy |
| Boston RS | Domestic Large Cap Equity | Public Equity | 19% | — | Russell 1000Russell 1000 Index | Our copy |
| Boston RS | Domestic Small Cap Equity | Public Equity | 6% | — | Russell 2000Russell 2000 Index | Our copy |
| Boston RS | Developed International Equity | Public Equity | 19% | — | MSCI EAFEMSCI EAFE (net) | Our copy |
| Boston RS | Emerging International Equity | Public Equity | 8% | — | MSCI EMMSCI EM (net) | Our copy |
| Boston RS | Total Fixed Income | Fixed Income | 24% | — | — | Our copy |
| Boston RS | Core Bonds/TIPS | Fixed Income | 11% | — | 60% BC Aggregate + 40% BC TIPS60% BC Aggregate & 40% BC TIPS | Our copy |
| Boston RS | High Yield/Credit Strategies | Fixed Income | 9% | — | Bloomberg US High YieldBarclay's Capital High Yield | Our copy |
| Boston RS | Global Bonds | Fixed Income | 0% | — | Citi WGBI | Our copy |
| Boston RS | Emerging Market Debt | Fixed Income | 4% | — | 50% JPM GBI-EM + 50% JPM EMBI50% JPM GBI-EM I 50% JPM EMBI | Our copy |
| Boston RS | Alternative Assets | Multi-Asset / Other | 24% | — | — | Our copy |
| Boston RS | Real Estate | Real Estate | 10% | — | NCREIF NPINCREIF Property Index (1 Qtr Lag) | Our copy |
| Boston RS | Private Equity | Private Equity | 7% | — | Cambridge US All PECambridge Associates US All PE (1 Qtr Lag) | Our copy |
| Boston RS | Private Debt | Private Credit / Debt | 2% | — | CS Leveraged LoanCredit Suisse Leveraged Loan Index | Our copy |
| Boston RS | Hedge Funds | Hedge Funds / Absolute Return | 5% | — | HFRI Fund of FundsHFRI Fund of Funds Index | Our copy |
| Boston RS | Cash/Other | Cash | 10% | — | — | Our copy |
| California Teachers | Public Equity | Public Equity | 38% | 30–46%+/- 8% | — | Our copy |
| California Teachers | Private Equity | Private Equity | 14% | 9–19%+/- 5% | — | Our copy |
| California Teachers | Real Estate | Real Estate | 15% | 10–20%+/- 5% | — | Our copy |
| California Teachers | Inflation Sensitive | Real Assets / Infrastructure | 7% | 2–12%+/- 5% | — | Our copy |
| California Teachers | Collaborative Strategies | Multi-Asset / Other | 0% | 0–5% | — | Our copy |
| California Teachers | Risk Mitigating Strategies | Multi-Asset / Other | 10% | 5–15%+/- 5% | — | Our copy |
| California Teachers | Fixed Income | Fixed Income | 14% | 9–19%+/- 5% | — | Our copy |
| California Teachers | Cash/Liquidity | Cash | 2% | 0–5% | — | Our copy |
| California Teachers | Cash and Liquidity | Cash | — | — | 3-Month T-Bill90-day Treasury Bill Index | Our copy |
| California Teachers | Total Public Equity | Public Equity | — | — | Global Equity benchmark (reflected within Global Equity policy) | Our copy |
| California Teachers | Other asset classes | Multi-Asset / Other | — | — | See asset class policies | Our copy |
| Chicago Fire | Broad US Equity | Public Equity | 33% | 29–37% | Russell 3000Russell 3000 Index | Our copy |
| Chicago Fire | Large Cap US Equity | Public Equity | 23% | 19–27% | Russell 1000Russell 1000 Index | Our copy |
| Chicago Fire | Small/Mid Cap US Equity | Public Equity | 10% | 6–14% | Russell 2500Russell 2500 Index | Our copy |
| Chicago Fire | Global Ex-US Equity | Public Equity | 24% | 20–28% | MSCI ACWI ex-US IMIMSCI All Country World Ex-US Index IMI (net) | Our copy |
| Chicago Fire | Private Equity | Private Equity | 4% | 0–8% | Cambridge US Private Equity (legacy)Cambridge US Private Equity Index (legacy) | Our copy |
| Chicago Fire | Total Equities | Public Equity | 61% | 57–65% | — | Our copy |
| Chicago Fire | Core Real Estate | Real Estate | 3% | 0–6% | NCREIF ODCENCREIF ODCE Index (Gross) | Our copy |
| Chicago Fire | Non-Core Real Estate | Real Estate | 2.5% | 0–6% | — | Our copy |
| Chicago Fire | Global REITs | Real Estate | 2.5% | 0–6% | FTSE EPRA NAREIT Developed Real Estate (Net Div)FTSE EPRA NAREIT Developed Real Estate Index (Net Div) | Our copy |
| Chicago Fire | Infrastructure | Real Assets / Infrastructure | 3% | 0–6% | FTSE Developed Core Infrastructure 50/50FTSE Developed Core Infrastructure 50/50 Index (Net) | Our copy |
| Chicago Fire | Total Real Assets | Real Assets / Infrastructure | 11% | 7–15% | — | Our copy |
| Chicago Fire | Core Fixed Income | Fixed Income | 22% | 18–26% | Bloomberg US Aggregate BondBloomberg US Aggregate Bond Index | Our copy |
| Chicago Fire | Private Credit | Private Credit / Debt | 3% | 0–6% | [50% Morningstar LSTA 100/50% Bloomberg High Yield] +1% | Our copy |
| Chicago Fire | Total Fixed Income | Fixed Income | 25% | 21–29% | — | Our copy |
| Chicago Fire | Liquid Diversifying Assets | Hedge Funds / Absolute Return | 3% | 0–6% | 90-Day T-Bill + 4%90 Day T-Bills + 4% | Our copy |
| Chicago Fire | Cash | Cash | 0% | 0–5% | 90-Day T-Bill90 Day T-Bills | Our copy |
| Chicago Fire | International Equity | Public Equity | — | — | MSCI EAFEMSCI EAFE Index (net) | Our copy |
| Chicago Fire | Emerging Markets Equity | Public Equity | — | — | MSCI Emerging MarketsMSCI Emerging Markets Index (net) | Our copy |
| Chicago Laborers | Fixed Income | Fixed Income | 20% | 15–25% | — | Our copy |
| Chicago Laborers | Equity | Public Equity | 50% | 40–60% | — | Our copy |
| Chicago Laborers | Alternatives | Multi-Asset / Other | 30% | 20–40% | — | Our copy |
| Chicago Laborers | Core U.S. Fixed Income | Fixed Income | 10% | 5–15% | Bloomberg US AggregateBarclays Capital U.S. Aggregate Index | Our copy |
| Chicago Laborers | Liquid Opportunistic Credit | Fixed Income | 7% | 2–12% | 50% Barclays High Yield / 50% CSFB Leveraged Loan50% Barclays High Yield/50% CSFB Leveraged Loan Index | Our copy |
| Chicago Laborers | Emerging Markets Debt | Fixed Income | 3% | 0–6% | JPM GBI-EM Global Diversified (Unhedged)JPM GBI-EM Global Diversified Index | Our copy |
| Chicago Laborers | U.S. Large Cap | Public Equity | 16% | 11–21% | S&P 500S&P 500 Index | Our copy |
| Chicago Laborers | U.S. Small/Mid Cap | Public Equity | 9% | 4–14% | Russell 2500Russell 2500 Index | Our copy |
| Chicago Laborers | International Developed Markets Large Cap | Public Equity | 10% | 5–15% | MSCI EAFE | Our copy |
| Chicago Laborers | International Developed Markets Small Cap | Public Equity | 5% | 0–10% | MSCI EAFE Small CapMSCI EAFE Small Cap Index | Our copy |
| Chicago Laborers | Emerging Markets | Public Equity | 5% | 0–10% | MSCI Emerging MarketsMSCI Emerging Markets Index | Our copy |
| Chicago Laborers | Global Equity | Public Equity | 5% | 0–10% | MSCI ACWI Minimum Volatility | Our copy |
| Chicago Laborers | Real Estate | Real Estate | 10% | 5–15% | NCREIF ODCE and NCREIF NPINCREIF ODCE and NCREIF Property Index | Our copy |
| Chicago Laborers | Private Real Assets | Real Assets / Infrastructure | 3% | 0–6% | — | Our copy |
| Chicago Laborers | Private Equity | Private Equity | 4% | 1–7% | Cambridge All Private Equity | Our copy |
| Chicago Laborers | Private Debt | Private Credit / Debt | 3% | 0–6% | Credit Suisse FB Leveraged Loan and LIBOR + 4% (Infrastructure)Credit Suisse FB Leveraged Loan Index and LIBOR + 4% (Infrastructure) | Our copy |
| Chicago Laborers | Hedge Funds | Hedge Funds / Absolute Return | 10% | 5–15% | HFRI Equity Hedge and HFRI Equity Relative ValueHFRI Equity Hedge and HFRI Equity Relative Value Index | Our copy |
| Chicago Laborers | Emerging Markets Small Cap | Public Equity | — | — | MSCI Emerging Markets Small CapMSCI Emerging Markets Small Cap Index | Our copy |
| Chicago Municipal | U.S. Equity | Public Equity | — | — | Assigned benchmark (specific not named in provided chunks)Assigned benchmark (specific index not named in provided chunks) | Our copy |
| Chicago Municipal | Non-U.S. Equity - EAFE | Public Equity | — | — | MSCI EAFEMSCI EAFE Index | Our copy |
| Chicago Municipal | Non-U.S. Equity - Emerging Markets | Public Equity | — | — | MSCI Emerging MarketsMSCI Emerging Market Index | Our copy |
| Chicago Municipal | Investment Grade Fixed Income | Fixed Income | — | — | Respective portfolio benchmark (specific not named)Respective portfolio benchmark (specific index not named) | Our copy |
| Chicago Municipal | High Yield Fixed Income | Fixed Income | — | — | Respective (specific not named)Respective index (specific index not named) | Our copy |
| Chicago Municipal | Senior Secured Loans | Fixed Income | — | — | Not specified in provided chunks | Our copy |
| Chicago Municipal | Cash | Cash | — | — | Not specified in provided chunks | Our copy |
| Chicago Police | Large Cap | Public Equity | 15% | 13–20% | Russell 1000 | Our copy |
| Chicago Police | SMID Cap | Public Equity | 6% | 4–11% | Russell 2500 | Our copy |
| Chicago Police | Developed Int'l Equity | Public Equity | 15% | 13–20% | ACWI ex USMSCI ACWI ex US | Our copy |
| Chicago Police | Emerging Markets Equity | Public Equity | 6% | 4–11% | MSCI Emerging MarketsMSCI Emerging Market Equity | Our copy |
| Chicago Police | Long/Short Equities | Hedge Funds / Absolute Return | 3% | 1–8% | HFRX Equity | Our copy |
| Chicago Police | Private Equity | Private Equity | 5% | 3–9% | Cambridge Private Equity | Our copy |
| Chicago Police | Core Fixed Income | Fixed Income | 13% | 11–18% | Bloomberg US AggregateUS Aggregate | Our copy |
| Chicago Police | Diversified Fixed Income | Fixed Income | 2% | 0–7% | 3-Month LIBOR + 3%3 Month LIBOR +3% | Our copy |
| Chicago Police | Global Multi Sector Fixed Income | Fixed Income | 4% | 2–9% | Global AggregateGlobal Aggregate Total Return | Our copy |
| Chicago Police | Absolute Return Fixed Income | Fixed Income | 3% | 1–8% | 3-Month LIBOR + 3%3 Month LIBOR +3% | Our copy |
| Chicago Police | Opportunistic Credit | Private Credit / Debt | 4% | 2–9% | 50% CS Leveraged Loan / 50%ICE BofA ML US HY BB-B Rated Constrained | Our copy |
| Chicago Police | Private Debt | Private Credit / Debt | 4% | 2–9% | CS Leveraged Loan | Our copy |
| Chicago Police | Real Estate | Real Estate | 7% | 5–12% | NCREIF NPI – Private Real Estate / NAREIT Equity – Public Real EstateNCREIF Property Index – Private Real Estate / NAREIT Equity Index – Public Real Estate | Our copy |
| Chicago Police | Infrastructure | Real Assets / Infrastructure | 4% | 2–9% | NCREIF NPINCREIF Property Index | Our copy |
| Chicago Police | Global Asset Allocation | Multi-Asset / Other | 5% | 2–9% | 60% MSCI ACWI / 40% FTSE WGBI | Our copy |
| Chicago Police | Hedge Funds | Hedge Funds / Absolute Return | 4% | 7–14% | HFRI Fund of FundsHRFI Fund of Funds | Our copy |
| Chicago Police | Cash / Short Duration | Cash | 0% | 0–15% | BBgBarc US Government/Credit 1-3 Yrs (short duration) / 91 Day T-Bill (cash)BBgBarc US Government/Credit 1-3 Yrs (short duration) / 91 Day T-Bills (cash) | Our copy |
| Cincinnati ERS | Core Plus Bonds | Fixed Income | 40% | Minimum 9.0% | Bloomberg US AggregateBloomberg U.S. Aggregate | Our copy |
| Cincinnati ERS | Core Bonds | Fixed Income | 30% | Minimum 7.0% | Bloomberg US AggregateBloomberg U.S. Aggregate | Our copy |
| Cincinnati ERS | Opportunistic Credit | Private Credit / Debt | 7% | Minimum 1.0% | — | Our copy |
| Cincinnati ERS | Private Debt | Private Credit / Debt | 23% | Minimum not specified | Bloomberg US AggregateBloomberg U.S. Aggregate | Our copy |
| Cincinnati ERS | U.S. Large Cap | Public Equity | 71% | — | — | Our copy |
| Cincinnati ERS | U.S. Mid Cap | Public Equity | 17% | — | — | Our copy |
| Cincinnati ERS | U.S. Small Cap | Public Equity | 12% | — | — | Our copy |
| Cincinnati ERS | International Large Cap | Public Equity | 85% | — | — | Our copy |
| Cincinnati ERS | International Mid Cap | Public Equity | 15% | — | — | Our copy |
| Cincinnati ERS | Emerging Markets | Public Equity | 30% | — | — | Our copy |
| Cincinnati ERS | Infrastructure | Real Assets / Infrastructure | — | Minimum specified | T-Bill + 4% | Our copy |
| Cincinnati ERS | Volatility Risk Premium | Hedge Funds / Absolute Return | — | Minimum specified | CBOE Put/WriteCBOE Put/Write Index | Our copy |
| Cincinnati ERS | Opportunistic Bonds | Fixed Income | — | — | Bloomberg High Yield Bond | Our copy |
| Cincinnati ERS | U.S. Large-Cap Value Equity | Public Equity | — | — | Russell 1000 Value | Our copy |
| Cincinnati ERS | Broad U.S. Equity | Public Equity | — | — | Russell 3000 | Our copy |
| Cincinnati ERS | U.S. Small-Cap Value Equity | Public Equity | — | — | Russell 2000 Value | Our copy |
| Cincinnati ERS | Broad Non-U.S. Core Equity | Public Equity | — | — | ACWI ex USMSCI ACWI ex. U.S. | Our copy |
| Cincinnati ERS | Real Estate - Core | Real Estate | — | — | NCREIF ODCE | Our copy |
| Cincinnati ERS | Real Estate - Value Added | Real Estate | — | — | NCREIF ODCE | Our copy |
| Cincinnati ERS | Real Estate - Non U.S. | Real Estate | — | — | NCREIF ODCE | Our copy |
| Cincinnati ERS | Private Equity Fund of Funds | Private Equity | — | — | Cambridge All PE | Our copy |
| Colorado Municipal | Global Equity | Public Equity | 51% | 45–57% | MSCI ACWI IMI with USA GrossMSCI ACWI IMI (Net) with USA Gross | Our copy |
| Colorado Municipal | Fixed Income | Fixed Income | 23% | 18–28% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index | Our copy |
| Colorado Municipal | Private Equity | Private Equity | 10% | 5–15% | MSCI ACWI IMI with USA Gross plus 200 basis pointsMSCI ACWI IMI (Net) with USA Gross plus 200 basis points | Our copy |
| Colorado Municipal | Real Estate | Real Estate | 10% | 5–15% | NCREIF ODCE + 50 bpsNCREIF Open End Diversified Core Equity Index (NFI-ODCE) plus 50 basis points, annually | Our copy |
| Colorado Municipal | Alternatives | Multi-Asset / Other | 6% | 1–11% | Weighted average of underlying objectives: Real Assets: CPI plus 400 basis points; Private Credit: Morningstar LSTA Leveraged Loan plus 150 basis points; Risk Mitigation: HFRI FOF Market Defensive ; Opportunistic: PERA Public Markets plus 150 basis pointsWeighted average of underlying objectives: Real Assets: CPI plus 400 basis points; Private Credit: Morningstar LSTA Leveraged Loan Index plus 150 basis points; Risk Mitigation: HFRI FOF Market Defensive Index; Opportunistic: PERA Public Markets plus 150 basis points | Our copy |
| Colorado Municipal | Cash | Cash | 0% | 0–3% | — | Our copy |
| Colorado School | Global Equity | Public Equity | 0.51% | 45–57% | MSCI ACWI IMI with USA GrossMSCI ACWI IMI (Net) with USA Gross | Our copy |
| Colorado School | Fixed Income | Fixed Income | 0.23% | 18–28% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index | Our copy |
| Colorado School | Private Equity | Private Equity | 0.1% | 5–15% | MSCI ACWI IMI with USA Gross plus 200 basis pointsMSCI ACWI IMI (Net) with USA Gross plus 200 basis points | Our copy |
| Colorado School | Real Estate | Real Estate | 0.1% | 5–15% | NCREIF ODCE + 50 bpsNCREIF Open End Diversified Core Equity Index (NFI-ODCE) plus 50 basis points, annually | Our copy |
| Colorado School | Alternatives | Multi-Asset / Other | 0.06% | 1–11% | Weighted average of underlying objectives: Real Assets: CPI plus 400 basis points; Private Credit: Morningstar LSTA Leveraged Loan plus 150 basis points; Risk Mitigation: HFRI FOF Market Defensive ; Opportunistic: PERA Public Markets plus 150 basis pointsWeighted average of underlying objectives: Real Assets: CPI plus 400 basis points; Private Credit: Morningstar LSTA Leveraged Loan Index plus 150 basis points; Risk Mitigation: HFRI FOF Market Defensive Index; Opportunistic: PERA Public Markets plus 150 basis points | Our copy |
| Colorado School | Cash | Cash | 0% | 0–3% | — | Our copy |
| Colorado State | Global Equity | Public Equity | 54% | 48–60% | MSCI ACWI IMI with USA GrossMSCI ACWI IMI (Net) with USA Gross | Our copy |
| Colorado State | Fixed Income | Fixed Income | 23% | 18–28% | Bloomberg US AggregateBloomberg Barclays U.S. Aggregate Bond Index | Our copy |
| Colorado State | Private Equity | Private Equity | 8.5% | 4–13% | MSCI ACWI IMI with USA Gross plus 150- 2%MSCI ACWI IMI (Net) with USA Gross plus 150-200 basis points | Our copy |
| Colorado State | Real Estate | Real Estate | 8.5% | 4–13% | NCREIF ODCE + 50 bpsNCREIF Open End Diversified Core Equity Index (NFI-ODCE) plus 50 basis points, annually | Our copy |
| Colorado State | Alternatives | Multi-Asset / Other | 6% | 0–12% | Weighted average of underlying objectives: Real Assets: CPI plus 400 basis points; Private Credit: Morningstar LSTA Leveraged Loan plus 150 basis points; Risk Mitigation: HFRI FOF Market Defensive ; Opportunistic: PERA Public Markets plus 150 basis pointsWeighted average of underlying objectives: Real Assets: CPI plus 400 basis points; Private Credit: Morningstar LSTA Leveraged Loan Index plus 150 basis points; Risk Mitigation: HFRI FOF Market Defensive Index; Opportunistic: PERA Public Markets plus 150 basis points | Our copy |
| Colorado State | Cash | Cash | 0% | 0–3% | ICE BofA 3 Mo US T-BillICE BofAML U.S. 3-Month Treasury Bill Index | Our copy |
| Dallas Police and Fire | Equity | Public Equity | 64% | — | — | Our copy |
| Dallas Police and Fire | Public Equity | Public Equity | 58% | 50–66% | MSCI ACWI IMI Net | Our copy |
| Dallas Police and Fire | Private Equity | Private Equity | 6% | — | MSCI ACWI IMI Net + 2%MSCI ACWI IMI Net + 2% 1Q lag | Our copy |
| Dallas Police and Fire | Credit | Fixed Income | 15% | — | — | Our copy |
| Dallas Police and Fire | Public Credit | Fixed Income | 11% | 7–15% | 35% Bloomberg US HY , 35% Credit Suisse Leveraged Loans, 30% Blended EMD Benchmark35% Bloomberg US HY Index, 35% Credit Suisse Leveraged Loans, 30% Blended EMD Benchmark | Our copy |
| Dallas Police and Fire | Private Credit | Private Credit / Debt | 4% | — | 50% Bloomberg US HY / 50% Credit Suisse Leveraged Loans + 1%50% Bloomberg US HY / 50% Credit Suisse Leveraged Loans + 1% 1Q Lag | Our copy |
| Dallas Police and Fire | Real Assets | Real Assets / Infrastructure | 8% | — | — | Our copy |
| Dallas Police and Fire | Real Estate | Real Estate | 5% | — | NCREIF NPINCREIF Property Index 1Q Lag | Our copy |
| Dallas Police and Fire | Natural Resources | Real Assets / Infrastructure | 5% | — | NCREIF FarmlandNCREIF Farmland TR Index 1Q Lag | Our copy |
| Dallas Police and Fire | Infrastructure | Real Assets / Infrastructure | 0% | — | S&P Global Infrastructure | Our copy |
| Dallas Police and Fire | Fixed Income & Cash | Fixed Income | 13% | — | — | Our copy |
| Dallas Police and Fire | Cash | Cash | 3% | 0–6% | 91-Day T-Bill91 Day T-Bills | Our copy |
| Dallas Police and Fire | Short Term Investment Grade Bonds | Fixed Income | 6% | 0–9% | Bloomberg 1-3 Year US AggregateBloomberg Barclays 1-3 Year U.S. Aggregate TR | Our copy |
| Dallas Police and Fire | Investment Grade Bonds | Fixed Income | 4% | 2–6% | Bloomberg US AggregateBloomberg Barclays U.S. Aggregate TR | Our copy |
| Dallas Police and Fire | Huff Energy | Real Assets / Infrastructure | — | — | Actual Return of Fund | Our copy |
| Hawaii ERS | Broad Growth | Multi-Asset / Other | 70% | 60–80% | — | Our copy |
| Hawaii ERS | Diversifying Strategies | Hedge Funds / Absolute Return | 30% | 20–40% | — | Our copy |
| Hawaii ERS | Opportunities | Multi-Asset / Other | 0% | 0–0% | — | Our copy |
| Houston Firefighters | Cash & Short Term | Cash | 2% | 0.5–8% | BofAML 9-12 Mo. US TreasuryBofAML 9-12 Mo. US Treasury Index | Our copy |
| Houston Firefighters | Public Equity - Domestic | Public Equity | 12% | 5–17% | Russell 3000Russell 3000 Index | Our copy |
| Houston Firefighters | Public Equity - International | Public Equity | 12% | 5–17% | ACWI ex USMSCI All Country World Ex-US Index | Our copy |
| Houston Firefighters | High Yield Bonds | Fixed Income | 15% | 10–20% | S&P LLI 50%/ICE BofA High Yield 50% | Our copy |
| Houston Firefighters | M2 Hedge | Multi-Asset / Other | 2% | 0–12% | — | Our copy |
| Houston Firefighters | Private Equity | Private Equity | 33% | 25–45% | MSCI Global Private Capital Closed End Fund FrozenMSCI Global Private Capital Closed End Fund Frozen Index | Our copy |
| Houston Firefighters | Private Debt | Private Credit / Debt | 15% | 10–20% | MSCI Global Private Credit Closed End Fund FrozenMSCI Global Private Credit Closed End Fund Frozen Index | Our copy |
| Houston Firefighters | Real Estate | Real Estate | 9% | 5–15% | MSCI Global Private Real Estate Closed End Fund FrozenMSCI Global Private Real Estate Closed End Fund Frozen Index | Our copy |
| Houston Firefighters | Total Public Markets | Multi-Asset / Other | 43% | — | — | Our copy |
| Houston Firefighters | Total Private Markets | Multi-Asset / Other | 57% | — | — | Our copy |
| Houston Firefighters | M2 Hedge (Funds, Gold, Digital Assets) | Multi-Asset / Other | — | — | Cash + CPI + 1%Cash + CPI +100 bps | Our copy |
| Illinois Municipal | U.S. Equity | Public Equity | 32.5% | 28.5–36.5% | Custom US Equity Benchmark (93% Russell 3000 ; 7% FSTE Global Core Infrastructure 50/50 )Custom U.S. Equity Benchmark (93% Russell 3000 Index, 7% FSTE Global Core Infrastructure 50/50 Index) | Our copy |
| Illinois Municipal | International Equity | Public Equity | 18% | 14–22% | ACWI ex USMSCI All Country World Index ex USA (net) | Our copy |
| Illinois Municipal | Fixed Income | Fixed Income | 24% | 20–28% | Custom Fixed Income Benchmark (82% Bloomberg US Aggregate Bond , 8% ICE BofA US High Yield Cash Pay , 10% Custom Global Bank Loan )Custom Fixed Income Benchmark (82% Bloomberg U.S. Aggregate Bond Index, 8% ICE BofA U.S. High Yield Cash Pay Index, 10% Custom Global Bank Loan Index) | Our copy |
| Illinois Municipal | Private Real Assets | Real Assets / Infrastructure | 10.5% | 6.5–14.5% | Custom Private Real Assets Benchmark (95% NCREIF ODCE ; 5% CPI +4%)Custom Private Real Assets Benchmark (95% NCREIF ODCE Index, 5% CPI +4%) | Our copy |
| Illinois Municipal | Alternative Investments | Multi-Asset / Other | 14% | 10–18% | Custom Alternative Investments (80% MSCI World (1QtrLag)+3%, 20% S&P/LSTA US Leverage Loan 100 +2%)Custom Alternative Investments Index (80% MSCI World Index (Net) (1QtrLag)+3%, 20% S&P/LSTA U.S. Leverage Loan 100 Index +2%) | Our copy |
| Illinois Municipal | Cash Equivalents | Cash | 1% | 0–2% | — | Our copy |
| Illinois Municipal | Cash | Cash | — | — | 3-Month T-Bill3-month T-Bills | Our copy |
| Illinois Teachers | Equity | Public Equity | 52% | 42–62% | — | Our copy |
| Illinois Teachers | Public Equity | Public Equity | 37% | 27–47% | — | Our copy |
| Illinois Teachers | Private Equity | Private Equity | 15% | 12–18% | — | Our copy |
| Illinois Teachers | Real Assets | Real Assets / Infrastructure | 18% | 15–21% | — | Our copy |
| Illinois Teachers | Real Estate | Real Estate | 16% | 13–19% | — | Our copy |
| Illinois Teachers | Other Real Assets | Real Assets / Infrastructure | 2% | 1–3% | — | Our copy |
| Illinois Teachers | Diversifying Strategies | Hedge Funds / Absolute Return | 6% | 3–10% | — | Our copy |
| Illinois Teachers | Income | Multi-Asset / Other | 24% | 20–30% | — | Our copy |
| Illinois Teachers | Global Income | Fixed Income | 15% | 10–20% | — | Our copy |
| Illinois Teachers | Private Credit | Private Credit / Debt | 8% | 5–11% | — | Our copy |
| Illinois Teachers | Short Term | Cash | 1% | 0–4% | — | Our copy |
| Illinois Universities | Traditional Growth | Multi-Asset / Other | — | — | MSCI ACWI IMIMSCI ACWI IMI Index | Our copy |
| Illinois Universities | Public Credit | Fixed Income | — | — | See Exhibit 5 | Our copy |
| Illinois Universities | Private Credit | Private Credit / Debt | — | — | See Exhibit 5 | Our copy |
| Illinois Universities | Real Assets | Real Assets / Infrastructure | — | — | See Exhibit 5 | Our copy |
| Illinois Universities | Private Equity | Private Equity | — | — | MSCI ACWI IMI plus 2% | Our copy |
| Illinois Universities | Core/Core-Plus Real Estate | Real Estate | — | — | NCREIF ODCE Value WeightedNCREIF Fund Index - Open End Diversified Core Equity (NFI-ODCE) Value Weighted Index | Our copy |
| Indiana PERF | Public Equity | Public Equity | 20% | 17–23%+/- 3% | — | Our copy |
| Indiana PERF | Private Equity | Private Equity | 10% | 5–15%+/- 5% | — | Our copy |
| Indiana PERF | Government Bonds | Fixed Income | 30% | 27–33%+/- 3% | — | Our copy |
| Indiana PERF | Public Credit | Fixed Income | 5% | 2–8%+/- 3% | — | Our copy |
| Indiana PERF | Private Credit | Private Credit / Debt | 5% | 0–10%+/- 5% | — | Our copy |
| Indiana PERF | Commodities | Real Assets / Infrastructure | 10% | 7–13%+/- 3% | — | Our copy |
| Indiana PERF | Private Real Assets | Real Assets / Infrastructure | 10% | 5–15%+/- 5% | — | Our copy |
| Indiana PERF | Risk Parity | Hedge Funds / Absolute Return | 15% | 10–20%+/- 5% | — | Our copy |
| Indiana PERF | Absolute Return | Hedge Funds / Absolute Return | 5% | 0–10%+/- 5% | — | Our copy |
| Indiana Police and Fire | Public Equity | Public Equity | 20% | 17–23%+/- 3% | — | Our copy |
| Indiana Police and Fire | Private Equity | Private Equity | 10% | 5–15%+/- 5% | — | Our copy |
| Indiana Police and Fire | Government Bonds | Fixed Income | 30% | 27–33%+/- 3% | — | Our copy |
| Indiana Police and Fire | Public Credit | Fixed Income | 5% | 2–8%+/- 3% | — | Our copy |
| Indiana Police and Fire | Private Credit | Private Credit / Debt | 5% | 0–10%+/- 5% | — | Our copy |
| Indiana Police and Fire | Commodities | Real Assets / Infrastructure | 10% | 7–13%+/- 3% | — | Our copy |
| Indiana Police and Fire | Private Real Assets | Real Assets / Infrastructure | 10% | 5–15%+/- 5% | — | Our copy |
| Indiana Police and Fire | Risk Parity | Hedge Funds / Absolute Return | 15% | 10–20%+/- 5% | — | Our copy |
| Indiana Police and Fire | Absolute Return | Hedge Funds / Absolute Return | 5% | 0–10%+/- 5% | — | Our copy |
| Indiana Teachers | Public Equity | Public Equity | 20% | 17–23%+/- 3% | — | Our copy |
| Indiana Teachers | Private Equity | Private Equity | 10% | 5–15%+/- 5% | — | Our copy |
| Indiana Teachers | Government Bonds | Fixed Income | 30% | 27–33%+/- 3% | — | Our copy |
| Indiana Teachers | Public Credit | Fixed Income | 5% | 2–8%+/- 3% | — | Our copy |
| Indiana Teachers | Private Credit | Private Credit / Debt | 5% | 0–10%+/- 5% | — | Our copy |
| Indiana Teachers | Commodities | Real Assets / Infrastructure | 10% | 7–13%+/- 3% | — | Our copy |
| Indiana Teachers | Private Real Assets | Real Assets / Infrastructure | 10% | 5–15%+/- 5% | — | Our copy |
| Indiana Teachers | Risk Parity | Hedge Funds / Absolute Return | 15% | 10–20%+/- 5% | — | Our copy |
| Indiana Teachers | Absolute Return | Hedge Funds / Absolute Return | 5% | 0–10%+/- 5% | — | Our copy |
| Jacksonville ERS | Domestic Equities | Public Equity | 30% | 20–40% | — | Our copy |
| Jacksonville ERS | International Securities | Multi-Asset / Other | 23% | 13–25% | — | Our copy |
| Jacksonville ERS | Fixed Income | Fixed Income | 20% | 10–30% | Bloomberg US Universal BondBloomberg Barclays US Universal Bond Index | Our copy |
| Jacksonville ERS | Real Estate | Real Estate | 15% | 0–20% | — | Our copy |
| Jacksonville ERS | Diversifying Assets | Hedge Funds / Absolute Return | 12% | 0–20% | — | Our copy |
| Jacksonville ERS | Cash | Cash | 0% | 0–10% | — | Our copy |
| Jacksonville ERS | Domestic Equity | Public Equity | — | — | Russell 3000Russell 3000 Index | Our copy |
| Jacksonville ERS | International Equity | Public Equity | — | — | MSCI ACWI ex-USMSCI All Country World EX-US Index | Our copy |
| Jacksonville ERS | Core Real Estate | Real Estate | — | — | NCREIF ODCENCREIF ODCE Index | Our copy |
| Jacksonville ERS | Non-Core Real Estate | Real Estate | — | — | NCREIF ODCE plus 2% premiumNCREIF ODCE Index plus 2% premium | Our copy |
| Kentucky CountyKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Public Equity | Public Equity | 40% | 25–50% | MSCI AONI | Our copy |
| Kentucky CountyKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Private Equity | Private Equity | 8% | 4–12% | Russell 3000 + 3%Russell 3000 + 300 bps (lagged) | Our copy |
| Kentucky CountyKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Core Fixed Income | Fixed Income | 10% | 8–15% | Bloomberg US Aggregate | Our copy |
| Kentucky CountyKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Specialty Credit | Private Credit / Debt | 25% | 20–30% | 50% Bloomberg US High Yield + 50% Morningstar LSTA US Leveraged Loan50% Bloomberg US High Yield / 50% Morningstar LSTA US Leveraged Loan | Our copy |
| Kentucky CountyKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Cash | Cash | 2% | 0–5% | 3-Month T-BillCiti Grp 3-mos Treasury Bill | Our copy |
| Kentucky CountyKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Real Estate | Real Estate | 7% | 4–10% | NCREIF ODCE | Our copy |
| Kentucky CountyKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Real Return | Real Assets / Infrastructure | 8% | 5–11% | CPI + 3%US CPI + 3% | Our copy |
| Kentucky ERSKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Public Equity | Public Equity | 40% | 25–50% | MSCI AONI | Our copy |
| Kentucky ERSKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Private Equity | Private Equity | 8% | 4–12% | Russell 3000 + 3%Russell 3000 + 300 bps (lagged) | Our copy |
| Kentucky ERSKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Core Fixed Income | Fixed Income | 10% | 8–15% | Bloomberg US Aggregate | Our copy |
| Kentucky ERSKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Specialty Credit | Private Credit / Debt | 25% | 20–30% | 50% Bloomberg US High Yield + 50% Morningstar LSTA US Leveraged Loan50% Bloomberg US High Yield / 50% Morningstar LSTA US Leveraged Loan | Our copy |
| Kentucky ERSKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Cash | Cash | 2% | 0–5% | 3-Month T-BillCiti Grp 3-mos Treasury Bill | Our copy |
| Kentucky ERSKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Real Estate | Real Estate | 7% | 4–10% | NCREIF ODCE | Our copy |
| Kentucky ERSKERS Hazardous and Non Hazardous · one of 2 portfolios in the document | Real Return | Real Assets / Infrastructure | 8% | 5–11% | CPI + 3%US CPI + 3% | Our copy |
| Kern County ERS | Public Equity | Public Equity | 34% | 24–46% | — | Our copy |
| Kern County ERS | Fixed Income | Fixed Income | 23% | 13–33% | — | Our copy |
| Kern County ERS | Commodities | Real Assets / Infrastructure | 5% | 0–9% | Bloomberg CommodityBloomberg Commodity Index | Our copy |
| Kern County ERS | Hedge Funds | Hedge Funds / Absolute Return | 12% | 7–17% | 9% 3-Month T-Bill + 3% & 3% MSCI ACWI9% 3-Month Treasury Bill + 300bps & 3% MSCI All Country World Index (Total Return Net) | Our copy |
| Kern County ERS | Alpha Pool | Multi-Asset / Other | 2.5% | 0–5% | 300bps | Our copy |
| Kern County ERS | Core Real Estate | Real Estate | 7% | 2–10% | NCREIF Fund - Open End Diversified Core EquityNCREIF Fund Index - Open End Diversified Core Equity (Net) | Our copy |
| Kern County ERS | Opportunistic | Multi-Asset / Other | 0% | 0–10% | Assumed rate of return + 3%Assumed rate of return + 300bps | Our copy |
| Kern County ERS | Private Markets | Multi-Asset / Other | 18% | 0–33% | — | Our copy |
| Kern County ERS | Cash | Cash | — | -5-4% | 3-Month T-Bill3-Month Treasury Bill Index | Our copy |
| Kern County ERS | Equity | Public Equity | — | — | MSCI ACWI IMIMSCI All Country World Investable Market Index (Total Return Net) | Our copy |
| Kern County ERS | Fixed Income - Core | Fixed Income | — | — | Blend of 3% ICE BofA 7-10 Year US Treasury , 2% ICE BofA US Treasury 10+ , 4% Bloomberg US Aggregate Value Unhedged USD , 4% Bloomberg US Corporate Credit 1-3 YearBlend of 3% ICE BofAML 7-10 Year US Treasury Index, 2% ICE BofAML US Treasury 10+ Index, 4% Bloomberg Barclays US Aggregate Total Return Value Unhedged USD Index, 4% Bloomberg US Corporate Credit 1-3 Year Index | Our copy |
| Kern County ERS | Fixed Income - Credit | Fixed Income | — | — | Blend of 5% Securitized (50% Bloomberg Non-Agency CMBS ; 33.33% Bloomberg ABS ; 16.67% JP Morgan CLOIE AAA ), 2.5% Morningstar LSTA Leverage Loan , 2.5% JP Morgan Emerging Market Bond Global DiversifiedBlend of 5% Securitized (50% Bloomberg Non-Agency CMBS Index; 33.33% Bloomberg ABS Index; 16.67% JP Morgan CLOIE AAA Index), 2.5% Morningstar LSTA Leverage Loan Index, 2.5% JP Morgan Emerging Market Bond Global Diversified Index | Our copy |
| Kern County ERS | Private Equity | Private Equity | — | — | Actual time-weighted Private Equity returns | Our copy |
| Kern County ERS | Private Credit | Private Credit / Debt | — | — | Actual time-weighted Private Credit returns | Our copy |
| Kern County ERS | Private Real Assets | Real Assets / Infrastructure | — | — | Actual time-weighted Private Real Assets returns | Our copy |
| LA County ERS | Growth | Multi-Asset / Other | 48% | 40–56%+/-8% | — | Our copy |
| LA County ERS | Global Equity | Public Equity | 29% | 22–36%+/-7% | — | Our copy |
| LA County ERS | Private Equity | Private Equity | 17% | 11–23%+/-6% | — | Our copy |
| LA County ERS | Non-Core Private Real Estate | Real Estate | 2% | 0–4%+/-2% | — | Our copy |
| LA County ERS | Credit | Fixed Income | 13% | 9–17%+/-4% | — | Our copy |
| LA County ERS | Real Assets and Inflation Hedges | Real Assets / Infrastructure | 15% | 11–19%+/-4% | — | Our copy |
| LA County ERS | Core Real Estate | Real Estate | 5% | 2–8%+/-3% | — | Our copy |
| LA County ERS | Natural Resources | Real Assets / Infrastructure | 3% | 1–5%+/-2% | — | Our copy |
| LA County ERS | Infrastructure | Real Assets / Infrastructure | 4% | 1–7%+/-3% | — | Our copy |
| LA County ERS | TIPS | Fixed Income | 3% | 0–6%+/-3% | — | Our copy |
| LA County ERS | Risk Reduction and Mitigation | Multi-Asset / Other | 24% | 16–32%+/-8% | — | Our copy |
| LA County ERS | Investment Grade Bonds | Fixed Income | 13% | 5–21%+/-8% | — | Our copy |
| Los Angeles ERS | Domestic Equity | Public Equity | 23% | — | Russell 3000 | Our copy |
| Los Angeles ERS | Non-U.S. Equity | Public Equity | 20% | — | ACWI ex USMSCI ACWI ex-U.S. | Our copy |
| Los Angeles ERS | Fixed Income | Fixed Income | 10.25% | — | Bloomberg US AggregateBloomberg U.S. Aggregate | Our copy |
| Los Angeles ERS | Credit Opportunities | Fixed Income | 7% | — | 28.6% Bloomberg US HY 2% Capped / 28.6% S&P UBS Leveraged Loan / 42.8% blended 50% JPM EMB GD and 50% JPM GBI-EM GD28.6% BBG US HY 2% Capped / 28.6% S&P UBS Leveraged Loan Index / 42.8% blended 50% JPM EMB GD and 50% JPM GBI-EM GD | Our copy |
| Los Angeles ERS | Private Equity | Private Equity | 16% | — | Cambridge Global Private Equity and Venture CapitalCambridge Associates Global Private Equity and Venture Capital Index | Our copy |
| Los Angeles ERS | Private Credit | Private Credit / Debt | 5.75% | — | S&P UBS Leveraged Loan + 2%S&P UBS Leveraged Loan Index + 200bps | Our copy |
| Los Angeles ERS | Real Assets | Real Assets / Infrastructure | 17% | — | 21.2% Bloomberg US TIPS / 8.2% FTSE NAREIT US Equity / 29.4% S&P Global Infrastructure / 41.2% NCREIF ODCE + 0.8%21.2% BBG US TIPS / 8.2% FTSE NAREIT US Equity Index / 29.4% S&P Global Infrastructure / 41.2% NFI-ODCE + 80bps | Our copy |
| Los Angeles ERS | Private Real Estate | Real Estate | 7% | — | NCREIF ODCE + 0.8%NFI-ODCE + 80bps | Our copy |
| Los Angeles ERS | Public Real Assets | Real Assets / Infrastructure | 10% | — | 36% Bloomberg TIPS / 14% FTSE NAREIT US Equity / 50% S&P Global Infrastructure36% BBG TIPS Index / 14% FTSE NAREIT US Equity Index / 50% S&P Global Infrastructure | Our copy |
| Los Angeles ERS | Cash | Cash | 1% | — | 3-Month T-Bill90-Day Treasury Bill | Our copy |
| Louisiana Municipal Police | Large Cap U.S. Equities | Public Equity | 16% | 11–21% | Russell 1000 | Our copy |
| Louisiana Municipal Police | Small/Mid Cap U.S. Equities | Public Equity | 8% | 3–13% | Russell 2500 | Our copy |
| Louisiana Municipal Police | Developed International Equities | Public Equity | 20% | 15–25% | MSCI EAFE | Our copy |
| Louisiana Municipal Police | Emerging International Equities | Public Equity | 8% | 3–13% | MSCI Emerging Markets | Our copy |
| Louisiana Municipal Police | Total Equity | Public Equity | 52% | 43–63% | — | Our copy |
| Louisiana Municipal Police | Core Bonds | Fixed Income | 14% | 9–19% | Bloomberg US AggregateBC Aggregate | Our copy |
| Louisiana Municipal Police | High Yield Bonds | Fixed Income | 2% | 0–7% | Bloomberg US High YieldBC High Yield | Our copy |
| Louisiana Municipal Police | Bank Loans | Fixed Income | 2% | 0–7% | Credit Suisse Leveraged LoanCS Leverage Loan | Our copy |
| Louisiana Municipal Police | EMD (local currency) | Fixed Income | 4% | 0–9% | JPM GBI-EM Global Diversified (Unhedged)JPM GBI EM Diversified | Our copy |
| Louisiana Municipal Police | Total Fixed Income | Fixed Income | 22% | 11–31% | — | Our copy |
| Louisiana Municipal Police | Private Equity | Private Equity | 5% | 0–10% | Cambridge Private EquityCambridge Private Equity Index | Our copy |
| Louisiana Municipal Police | Real Estate | Real Estate | 8% | 3–13% | NCREIF | Our copy |
| Louisiana Municipal Police | Real Assets (Liquid) | Real Assets / Infrastructure | 2% | 0–4% | CPI + 3% | Our copy |
| Louisiana Municipal Police | Hedge Funds | Hedge Funds / Absolute Return | 5% | 0–10% | HFRI Fund of FundsHFRI Fund of Funds Composite | Our copy |
| Louisiana Municipal Police | Total Alternatives | Multi-Asset / Other | 20% | 10–30% | — | Our copy |
| Louisiana Municipal Police | Global Tactical Asset Allocation | Hedge Funds / Absolute Return | 6% | 1–11% | Custom Global Equity/Global Bond (60% MSCI ACWI/40% Citi WGBI)Custom Global Equity/Global Bond Index (60% MSCI ACWI/40% Citi WGBI) | Our copy |
| Louisiana Municipal Police | Total Other | Multi-Asset / Other | 6% | 1–11% | — | Our copy |
| Maine State and Teacher | Growth | Multi-Asset / Other | 42.5% | 35–55% | — | Our copy |
| Maine State and Teacher | Public Equity | Public Equity | 30% | 20–40% | — | Our copy |
| Maine State and Teacher | Private Equity | Private Equity | 12.5% | 5–20% | Russell 3000 + 3% | Our copy |
| Maine State and Teacher | Risk Diversifiers | Multi-Asset / Other | 7.5% | 0–12.5% | 0.3 Beta MSCI ACWI | Our copy |
| Maine State and Teacher | Hard Assets | Real Assets / Infrastructure | 25% | 15–35% | — | Our copy |
| Maine State and Teacher | Real Estate | Real Estate | 10% | 5–15% | NCREIF Property (lagged one quarter) | Our copy |
| Maine State and Teacher | Infrastructure | Real Assets / Infrastructure | 10% | 5–15% | CA Infrastructure Median | Our copy |
| Maine State and Teacher | Natural Resources | Real Assets / Infrastructure | 5% | 0–10% | CA Natural Resources Median | Our copy |
| Maine State and Teacher | Credit | Fixed Income | 15% | 5–20% | — | Our copy |
| Maine State and Teacher | Traditional Credit | Fixed Income | 5% | 0–10% | Barclays US Aggregate ex TreasuryBarclays US Aggregate, ex Treasury | Our copy |
| Maine State and Teacher | Alternative Credit | Private Credit / Debt | 10% | 0–15% | 50% BAML US HY II + 50% S&P/LSTA US Leveraged Loan50% BAML US HY II + 50% S&P/LSTA US Leveraged Loan Index | Our copy |
| Maine State and Teacher | Monetary Hedge | Fixed Income | 10% | 5–15% | — | Our copy |
| Maine State and Teacher | US Government Securities | Fixed Income | 10% | 5–15% | — | Our copy |
| Maine State and Teacher | Cash | Cash | 0% | 0–10% | — | Our copy |
| Maine State and Teacher | Total Public Equity | Public Equity | — | — | Russell 3000 & MSCI ACWI ex-USA, based on ACWI weights | Our copy |
| Maine State and Teacher | U.S. Government Securities | Fixed Income | — | — | 50% Bloomberg US Government Bond Market + 50% Bloomberg US TIPS50% Bloomberg Barclays U.S. Government Bond Market Index + 50% Bloomberg U.S. TIPS Index | Our copy |
| Miami Fire and Police | Public Domestic Equity | Public Equity | 32% | 20–40% | Russell 3000Russell 3000 Index | Our copy |
| Miami Fire and Police | Public Foreign Equity | Public Equity | 22% | 10–30% | MSCI EAFE | Our copy |
| Miami Fire and Police | Private Equity Fund of Funds | Private Equity | 4% | 0–8% | MSCI ACWI IMI + 2%MSCI ACWI IMI (1 Qtr lag) + 2% | Our copy |
| Miami Fire and Police | Private Debt | Private Credit / Debt | 2% | 0–4% | Bloomberg High Yield + 2%Bloomberg Barclays High Yield (1 Qtr lag) + 2% | Our copy |
| Miami Fire and Police | Investment Grade Bonds | Fixed Income | 18% | 12–25% | Bloomberg US AggregateBloomberg Barclays U.S. Aggregate | Our copy |
| Miami Fire and Police | Treasuries | Fixed Income | 7% | 3–10% | Bloomberg US Long TreasuryBloomberg Barclays U.S. Long Treasury Total Return | Our copy |
| Miami Fire and Police | High Yield Bonds | Fixed Income | 2% | 0–4% | Bloomberg US High YieldBofAML US High Yield Total Return | Our copy |
| Miami Fire and Police | Bank Loans | Fixed Income | 2% | 0–4% | CS Leveraged LoanCredit Suisse Leveraged Loan | Our copy |
| Miami Fire and Police | Real Estate | Real Estate | 9% | 6–12% | NCREIF ODCENCREIF OCDE | Our copy |
| Miami Fire and Police | Non-Core Infrastructure | Real Assets / Infrastructure | 2% | 0–4% | CPI + 5% | Our copy |
| Milwaukee City ERS | Public Equity | Public Equity | 36% | 32–40% | — | Our copy |
| Milwaukee City ERS | Fixed Income | Fixed Income | 32% | 27%-35%/37% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index | Our copy |
| Milwaukee City ERS | Private Real Estate | Real Estate | 12% | 6–15% | NCREIF ODCE (1 Qtr Arrears)NFI-ODCE (1 Qtr Arrears) | Our copy |
| Milwaukee City ERS | Private Equity | Private Equity | 11% | 8–16% | Russell 3000 + 2% (1 Qtr Arrears) | Our copy |
| Milwaukee City ERS | Absolute Return | Hedge Funds / Absolute Return | 9% | 6–14% | 90-Day T-Bill + 3%90-Day T-bill + 3% | Our copy |
| Milwaukee City ERS | Passive Large Cap Domestic Equity | Public Equity | — | — | S&P 500S&P 500 Index | Our copy |
| Milwaukee City ERS | Passive Index Value Domestic Equity | Public Equity | — | — | Russell 1000 ValueRussell 1000 Value Index | Our copy |
| Milwaukee City ERS | Active Large Cap Value Domestic Equity | Public Equity | — | — | Russell 1000 ValueRussell 1000 Value Index | Our copy |
| Milwaukee City ERS | Active Large Cap Domestic Equity | Public Equity | — | — | S&P 500S&P 500 Index | Our copy |
| Milwaukee City ERS | Global Equity | Public Equity | — | — | ACWI IMIACWI IMI (net) | Our copy |
| Milwaukee County ERS | Core Fixed Income | Fixed Income | 13.5% | — | BarCap US AggregateBarCap U.S. Aggregate | Our copy |
| Milwaukee County ERS | Core Plus Fixed Income | Fixed Income | 8.5% | — | BarCap US AggregateBarCap U.S. Aggregate | Our copy |
| Milwaukee County ERS | Emerging Market Debt | Fixed Income | 3% | — | JP Morgan EMBI Global | Our copy |
| Milwaukee County ERS | Private Debt | Private Credit / Debt | 3.5% | — | CSFB Leveraged Loan | Our copy |
| Milwaukee County ERS | All-Cap Core | Public Equity | 20% | — | Russell 3000 | Our copy |
| Milwaukee County ERS | Large-Cap Value | Public Equity | 3.5% | — | Russell 1000 Value | Our copy |
| Milwaukee County ERS | Small-Cap Value | Public Equity | 2.5% | — | Russell 2000 Value | Our copy |
| Milwaukee County ERS | Large-Cap Non-U.S. | Public Equity | 14.5% | — | — | Our copy |
| Milwaukee County ERS | Emerging Markets Small-Cap | Public Equity | 1% | — | MSCI EM Small-Cap | Our copy |
| Milwaukee County ERS | Defensive Equity | Public Equity | 6% | — | HFRX Hedged Equity | Our copy |
| Milwaukee County ERS | Total Hedged Equity | Public Equity | 6% | 0–10% | — | Our copy |
| Milwaukee County ERS | Infrastructure - Core | Real Assets / Infrastructure | 10% | — | CPI + 4% | Our copy |
| Milwaukee County ERS | Private Equity - Diversified | Private Equity | 9% | — | S&P 500 | Our copy |
| Milwaukee County ERS | Private Real Estate - Core | Real Estate | 5% | — | — | Our copy |
| Milwaukee County ERS | Cash or Cash Equivalents | Cash | 0% | 0–5% | 91-Day T-Bill | Our copy |
| Milwaukee County ERS | Total Fixed Income | Fixed Income | — | 15–35% | — | Our copy |
| Milwaukee County ERS | Total U.S. Equity | Public Equity | — | 21–31% | Wilshire 5000 | Our copy |
| Milwaukee County ERS | Total Non-U.S. Equity | Public Equity | — | 11–20% | ACWI ex USMSCI ACWI ex-U.S. | Our copy |
| Milwaukee County ERS | Total Infrastructure | Real Assets / Infrastructure | — | 6–14% | — | Our copy |
| Milwaukee County ERS | Total Private Equity | Private Equity | — | 5–20% | — | Our copy |
| Milwaukee County ERS | Total Real Estate | Real Estate | — | 3–10% | — | Our copy |
| Milwaukee County ERS | Large-Cap, Non-U.S. | Public Equity | — | — | ACWI ex USMSCI ACWI ex-U.S. | Our copy |
| Milwaukee County ERS | Total Hedged Funds | Hedge Funds / Absolute Return | — | — | HFRX Hedged Equity | Our copy |
| Milwaukee County ERS | Real Estate – Core | Real Estate | — | — | NCREIF ODCENFI ODCE (NET) | Our copy |
| Minnesota GERF | Public Equity | Public Equity | 50% | 45–55% | 67% Russell 3000 and 33% MSCI ACWI ex USA Net Return (USD)67% Russell 3000 Index and 33% MSCI ACWI ex USA Net Return Index (USD) | Our copy |
| Minnesota GERF | Domestic Equity | Public Equity | 33.5% | 28–39% | Russell 3000Russell 3000 Index | Our copy |
| Minnesota GERF | International Equity | Public Equity | 16.5% | 14–19% | MSCI ACWI ex USA Net Return (USD)MSCI ACWI ex USA Net Return Index (USD) | Our copy |
| Minnesota GERF | Fixed Income and Cash | Fixed Income | 25% | 22.5–27.5% | 24% Bloomberg US Aggregate Bond , 24% Return-Seeking Fixed Income Benchmark, 40% Treasury Protection Benchmark, 12% ICE BofA US 3-Month T-Bill24% Bloomberg U.S. Aggregate Bond Index, 24% Return-Seeking Fixed Income Benchmark, 40% Treasury Protection Benchmark, 12% ICE BofA U.S. 3-Month Treasury Bill Index | Our copy |
| Minnesota GERF | Core/Core Plus Fixed Income | Fixed Income | 6% | 4–8% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index | Our copy |
| Minnesota GERF | Return-Seeking Fixed Income | Fixed Income | 6% | 4–8% | 25% ICE BofA US Cash Pay High Yield Constrained , 25% S&P UBS Leveraged Loan , 25% JPM EMBI Global Diversified , 25% ICE BofA AA-BBB US Fixed and Floating Rate Asset-Backed Securities25% ICE BofA U.S. Cash Pay High Yield Constrained Index, 25% S&P UBS Leveraged Loan Index, 25% JPM EMBI Global Diversified Index, 25% ICE BofA AA-BBB U.S. Fixed and Floating Rate Asset-Backed Securities Index | Our copy |
| Minnesota GERF | Treasury Protection | Fixed Income | 10% | 5–15% | 80% Bloomberg US Treasury and 20% Bloomberg US Long Treasury80% Bloomberg U.S. Treasury Index and 20% Bloomberg U.S. Long Treasury Index | Our copy |
| Minnesota GERF | U.S. Treasury (Broad Maturity) | Fixed Income | 8% | 5–15% | Bloomberg US TreasuryBloomberg U.S. Treasury Index | Our copy |
| Minnesota GERF | U.S. Treasury - Long | Fixed Income | 2% | 0–5% | Bloomberg US Long TreasuryBloomberg U.S. Long Treasury Index | Our copy |
| Minnesota GERF | Cash Equivalents | Cash | 3% | 0–5% | ICE BofA 3 Mo US T-BillICE BofA U.S. 3-Month Treasury Bill Index | Our copy |
| Minnesota GERF | Private Markets | Multi-Asset / Other | 25% | 20–32% | — | Our copy |
| Minnesota GERF | Private Equity | Private Equity | 18% | 15–25% | MSCI Global Buyout Closed-End Fund (USD), lagged 1 quarterMSCI Global Buyout Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota GERF | Private Credit | Private Credit / Debt | 3% | 0–6% | MSCI Global Private Credit Closed-End Fund (USD), lagged 1 quarterMSCI Global Private Credit Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota GERF | Private Real Assets | Real Assets / Infrastructure | 2% | 0–4% | 75% MSCI Global Private Infrastructure Closed-End Fund (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund (USD), lagged 1 quarter75% MSCI Global Private Infrastructure Closed-End Fund Index (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota GERF | Private Real Estate | Real Estate | 2% | 0–4% | 50% Custom MSCI Global Private Opportunistic Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter and 50% Custom MSCI Global Private Value-Added Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter | Our copy |
| Minnesota GERF | Opportunistic | Multi-Asset / Other | — | 0–10% | Relevant blended benchmark, as applicable | Our copy |
| Minnesota GERF | Uninvested Private Markets | Multi-Asset / Other | — | — | 80% Public Equity Benchmark and 20% Bloomberg US Aggregate Bond80% Public Equity Benchmark and 20% Bloomberg U.S. Aggregate Bond Index | Our copy |
| Minnesota Police and Fire | Public Equity | Public Equity | 50% | 45–55% | 67% Russell 3000 and 33% MSCI ACWI ex USA Net Return (USD)67% Russell 3000 Index and 33% MSCI ACWI ex USA Net Return Index (USD) | Our copy |
| Minnesota Police and Fire | Domestic Equity | Public Equity | 33.5% | 28–39% | Russell 3000Russell 3000 Index | Our copy |
| Minnesota Police and Fire | International Equity | Public Equity | 16.5% | 14–19% | MSCI ACWI ex USA Net Return (USD)MSCI ACWI ex USA Net Return Index (USD) | Our copy |
| Minnesota Police and Fire | Fixed Income and Cash | Fixed Income | 25% | 22.5–27.5% | 24% Bloomberg US Aggregate Bond , 24% Return-Seeking Fixed Income Benchmark, 40% Treasury Protection Benchmark, 12% ICE BofA US 3-Month T-Bill24% Bloomberg U.S. Aggregate Bond Index, 24% Return-Seeking Fixed Income Benchmark, 40% Treasury Protection Benchmark, 12% ICE BofA U.S. 3-Month Treasury Bill Index | Our copy |
| Minnesota Police and Fire | Core/Core Plus Fixed Income | Fixed Income | 6% | 4–8% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index | Our copy |
| Minnesota Police and Fire | Return-Seeking Fixed Income | Fixed Income | 6% | 4–8% | 25% ICE BofA US Cash Pay High Yield Constrained , 25% S&P UBS Leveraged Loan , 25% JPM EMBI Global Diversified , 25% ICE BofA AA-BBB US Fixed and Floating Rate Asset-Backed Securities25% ICE BofA U.S. Cash Pay High Yield Constrained Index, 25% S&P UBS Leveraged Loan Index, 25% JPM EMBI Global Diversified Index, 25% ICE BofA AA-BBB U.S. Fixed and Floating Rate Asset-Backed Securities Index | Our copy |
| Minnesota Police and Fire | Treasury Protection | Fixed Income | 10% | 5–15% | 80% Bloomberg US Treasury and 20% Bloomberg US Long Treasury80% Bloomberg U.S. Treasury Index and 20% Bloomberg U.S. Long Treasury Index | Our copy |
| Minnesota Police and Fire | U.S. Treasury (Broad Maturity) | Fixed Income | 8% | 5–15% | Bloomberg US TreasuryBloomberg U.S. Treasury Index | Our copy |
| Minnesota Police and Fire | U.S. Treasury - Long | Fixed Income | 2% | 0–5% | Bloomberg US Long TreasuryBloomberg U.S. Long Treasury Index | Our copy |
| Minnesota Police and Fire | Cash Equivalents | Cash | 3% | 0–5% | ICE BofA 3 Mo US T-BillICE BofA U.S. 3-Month Treasury Bill Index | Our copy |
| Minnesota Police and Fire | Private Markets | Multi-Asset / Other | 25% | 20–32% | — | Our copy |
| Minnesota Police and Fire | Private Equity | Private Equity | 18% | 15–25% | MSCI Global Buyout Closed-End Fund (USD), lagged 1 quarterMSCI Global Buyout Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota Police and Fire | Private Credit | Private Credit / Debt | 3% | 0–6% | MSCI Global Private Credit Closed-End Fund (USD), lagged 1 quarterMSCI Global Private Credit Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota Police and Fire | Private Real Assets | Real Assets / Infrastructure | 2% | 0–4% | 75% MSCI Global Private Infrastructure Closed-End Fund (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund (USD), lagged 1 quarter75% MSCI Global Private Infrastructure Closed-End Fund Index (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota Police and Fire | Private Real Estate | Real Estate | 2% | 0–4% | 50% Custom MSCI Global Private Opportunistic Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter and 50% Custom MSCI Global Private Value-Added Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter | Our copy |
| Minnesota Police and Fire | Opportunistic | Multi-Asset / Other | — | 0–10% | Relevant blended benchmark, as applicable | Our copy |
| Minnesota Police and Fire | Uninvested Private Markets | Multi-Asset / Other | — | — | 80% Public Equity Benchmark and 20% Bloomberg US Aggregate Bond80% Public Equity Benchmark and 20% Bloomberg U.S. Aggregate Bond Index | Our copy |
| Minnesota State Employees | Public Equity | Public Equity | 50% | 45–55% | 67% Russell 3000 and 33% MSCI ACWI ex USA Net Return (USD)67% Russell 3000 Index and 33% MSCI ACWI ex USA Net Return Index (USD) | Our copy |
| Minnesota State Employees | Domestic Equity | Public Equity | 33.5% | 28–39% | Russell 3000Russell 3000 Index | Our copy |
| Minnesota State Employees | International Equity | Public Equity | 16.5% | 14–19% | MSCI ACWI ex USA Net Return (USD)MSCI ACWI ex USA Net Return Index (USD) | Our copy |
| Minnesota State Employees | Fixed Income and Cash | Fixed Income | 25% | 22.5–27.5% | 24% Bloomberg US Aggregate Bond , 24% Return-Seeking Fixed Income Benchmark, 40% Treasury Protection Benchmark, 12% ICE BofA US 3-Month T-Bill24% Bloomberg U.S. Aggregate Bond Index, 24% Return-Seeking Fixed Income Benchmark, 40% Treasury Protection Benchmark, 12% ICE BofA U.S. 3-Month Treasury Bill Index | Our copy |
| Minnesota State Employees | Core/Core Plus Fixed Income | Fixed Income | 6% | 4–8% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index | Our copy |
| Minnesota State Employees | Return-Seeking Fixed Income | Fixed Income | 6% | 4–8% | 25% ICE BofA US Cash Pay High Yield Constrained , 25% S&P UBS Leveraged Loan , 25% JPM EMBI Global Diversified , 25% ICE BofA AA-BBB US Fixed and Floating Rate Asset-Backed Securities25% ICE BofA U.S. Cash Pay High Yield Constrained Index, 25% S&P UBS Leveraged Loan Index, 25% JPM EMBI Global Diversified Index, 25% ICE BofA AA-BBB U.S. Fixed and Floating Rate Asset-Backed Securities Index | Our copy |
| Minnesota State Employees | Treasury Protection | Fixed Income | 10% | 5–15% | 80% Bloomberg US Treasury and 20% Bloomberg US Long Treasury80% Bloomberg U.S. Treasury Index and 20% Bloomberg U.S. Long Treasury Index | Our copy |
| Minnesota State Employees | U.S. Treasury (Broad Maturity) | Fixed Income | 8% | 5–15% | Bloomberg US TreasuryBloomberg U.S. Treasury Index | Our copy |
| Minnesota State Employees | U.S. Treasury - Long | Fixed Income | 2% | 0–5% | Bloomberg US Long TreasuryBloomberg U.S. Long Treasury Index | Our copy |
| Minnesota State Employees | Cash Equivalents | Cash | 3% | 0–5% | ICE BofA 3 Mo US T-BillICE BofA U.S. 3-Month Treasury Bill Index | Our copy |
| Minnesota State Employees | Private Markets | Multi-Asset / Other | 25% | 20–32% | — | Our copy |
| Minnesota State Employees | Private Equity | Private Equity | 18% | 15–25% | MSCI Global Buyout Closed-End Fund (USD), lagged 1 quarterMSCI Global Buyout Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota State Employees | Private Credit | Private Credit / Debt | 3% | 0–6% | MSCI Global Private Credit Closed-End Fund (USD), lagged 1 quarterMSCI Global Private Credit Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota State Employees | Private Real Assets | Real Assets / Infrastructure | 2% | 0–4% | 75% MSCI Global Private Infrastructure Closed-End Fund (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund (USD), lagged 1 quarter75% MSCI Global Private Infrastructure Closed-End Fund Index (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota State Employees | Private Real Estate | Real Estate | 2% | 0–4% | 50% Custom MSCI Global Private Opportunistic Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter and 50% Custom MSCI Global Private Value-Added Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter | Our copy |
| Minnesota State Employees | Opportunistic | Multi-Asset / Other | — | 0–10% | Relevant blended benchmark, as applicable | Our copy |
| Minnesota State Employees | Uninvested Private Markets | Multi-Asset / Other | — | — | 80% Public Equity Benchmark and 20% Bloomberg US Aggregate Bond80% Public Equity Benchmark and 20% Bloomberg U.S. Aggregate Bond Index | Our copy |
| Minnesota Teachers | Public Equity | Public Equity | 50% | 45–55% | 67% Russell 3000 and 33% MSCI ACWI ex USA Net Return (USD)67% Russell 3000 Index and 33% MSCI ACWI ex USA Net Return Index (USD) | Our copy |
| Minnesota Teachers | Domestic Equity | Public Equity | 33.5% | 28–39% | Russell 3000Russell 3000 Index | Our copy |
| Minnesota Teachers | International Equity | Public Equity | 16.5% | 14–19% | MSCI ACWI ex USA Net Return (USD)MSCI ACWI ex USA Net Return Index (USD) | Our copy |
| Minnesota Teachers | Fixed Income and Cash | Fixed Income | 25% | 22.5–27.5% | — | Our copy |
| Minnesota Teachers | Core/Core Plus Fixed Income | Fixed Income | 6% | 4–8% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index | Our copy |
| Minnesota Teachers | Return-Seeking Fixed Income | Fixed Income | 6% | 4–8% | 25% ICE BofA US Cash Pay High Yield Constrained , 25% S&P UBS Leveraged Loan , 25% JPM EMBI Global Diversified , 25% ICE BofA AA-BBB US Fixed and Floating Rate Asset-Backed Securities25% ICE BofA U.S. Cash Pay High Yield Constrained Index, 25% S&P UBS Leveraged Loan Index, 25% JPM EMBI Global Diversified Index, 25% ICE BofA AA-BBB U.S. Fixed and Floating Rate Asset-Backed Securities Index | Our copy |
| Minnesota Teachers | Treasury Protection | Fixed Income | 10% | 5–15% | 80% Bloomberg US Treasury and 20% Bloomberg US Long Treasury80% Bloomberg U.S. Treasury Index and 20% Bloomberg U.S. Long Treasury Index | Our copy |
| Minnesota Teachers | U.S. Treasury (Broad Maturity) | Fixed Income | 8% | 5–15% | Bloomberg US TreasuryBloomberg U.S. Treasury Index | Our copy |
| Minnesota Teachers | U.S. Treasury - Long | Fixed Income | 2% | 0–5% | Bloomberg US Long TreasuryBloomberg U.S. Long Treasury Index | Our copy |
| Minnesota Teachers | Cash Equivalents | Cash | 3% | 0–5% | ICE BofA 3 Mo US T-BillICE BofA U.S. 3-Month Treasury Bill Index | Our copy |
| Minnesota Teachers | Private Markets | Multi-Asset / Other | 25% | 20–32% | — | Our copy |
| Minnesota Teachers | Private Equity | Private Equity | 18% | 15–25% | MSCI Global Buyout Closed-End Fund (USD), lagged 1 quarterMSCI Global Buyout Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota Teachers | Private Credit | Private Credit / Debt | 3% | 0–6% | MSCI Global Private Credit Closed-End Fund (USD), lagged 1 quarterMSCI Global Private Credit Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota Teachers | Private Real Assets | Real Assets / Infrastructure | 2% | 0–4% | 75% MSCI Global Private Infrastructure Closed-End Fund (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund (USD), lagged 1 quarter75% MSCI Global Private Infrastructure Closed-End Fund Index (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund Index (USD), lagged 1 quarter | Our copy |
| Minnesota Teachers | Private Real Estate | Real Estate | 2% | 0–4% | 50% Custom MSCI Global Private Opportunistic Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter and 50% Custom MSCI Global Private Value-Added Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter | Our copy |
| Minnesota Teachers | Opportunistic | Multi-Asset / Other | — | 0–10% | Relevant blended benchmark, as applicable | Our copy |
| Minnesota Teachers | Uninvested Private Markets | Multi-Asset / Other | — | — | 80% Public Equity Benchmark and 20% Bloomberg US Aggregate Bond80% Public Equity Benchmark and 20% Bloomberg U.S. Aggregate Bond Index | Our copy |
| Nashville-Davidson ERS | Domestic Equity | Public Equity | 17% | 12–22% | — | Our copy |
| Nashville-Davidson ERS | International Equity | Public Equity | 12% | 7–17% | ACWI ex USMSCI All Country World ex USA (net) | Our copy |
| Nashville-Davidson ERS | Fixed Income | Fixed Income | 25% | 17–33% | Bloomberg US AggregateBloomberg Barclays U.S. Aggregate TR | Our copy |
| Nashville-Davidson ERS | Private Debt | Private Credit / Debt | 17% | 12–20% | ICE BofA High Yield Master IIBank of America Merrill Lynch High Yield Master II | Our copy |
| Nashville-Davidson ERS | Real Assets | Real Assets / Infrastructure | 9% | 5–12% | — | Our copy |
| Nashville-Davidson ERS | Private Equity | Private Equity | 20% | 15–23% | Russell 2000 | Our copy |
| Nashville-Davidson ERS | Cash | Cash | 0% | 0–5% | 3-Month T-BillFinancial Times Stock Exchange (FTSE) T-Bill 3 Months TR | Our copy |
| Nashville-Davidson ERS | Total Domestic Equity | Public Equity | — | — | Russell 3000 | Our copy |
| Nashville-Davidson ERS | Real Estate | Real Estate | — | — | NCREIFNational Council of Real Estate Investment Fiduciaries Property Index (NCREIF) | Our copy |
| Nevada Regular Employees | U.S. Equity | Public Equity | 42% | 45.3–52.4% | S&P 500S&P 500 Index | Our copy |
| Nevada Regular Employees | International Equity | Public Equity | 18% | 18.6–22.9% | MSCI World ex USAMSCI World ex USA Index | Our copy |
| Nevada Regular Employees | U.S. Bonds | Fixed Income | 28% | 26.8% minimum | Barclays US TreasuryBarclays U.S. Treasury Index | Our copy |
| Nevada Regular Employees | Private Markets | Multi-Asset / Other | 12% | 8–16% | — | Our copy |
| Nevada Regular Employees | Private Equity | Private Equity | 6% | 4–8% | S&P 500 +3% per yearS&P 500 Index +3% per year | Our copy |
| Nevada Regular Employees | Private Real Estate | Real Estate | 6% | 4–8% | NCREIF NPI less 0.75% per yearNCREIF Property Index less 0.75% per year | Our copy |
| New Mexico Educational | Domestic Equities | Public Equity | 17% | 8–30% | — | Our copy |
| New Mexico Educational | International Equities | Public Equity | 14% | 5–25% | — | Our copy |
| New Mexico Educational | Opportunistic Credit | Private Credit / Debt | 16% | 0–30% | 50% ICE BofA US High Yield BB-B (2% constrained) / 50% CSFB Leveraged Loan50% Merrill Lynch U.S. High Yield BB-B (2% constrained)/50% CSFB Levered Loan Index | Our copy |
| New Mexico Educational | Core Bonds | Fixed Income | 6% | 0–20% | Bloomberg US AggregateBarclays Capital Aggregate Bond Index | Our copy |
| New Mexico Educational | Emerging Market Debt | Fixed Income | 2% | 0–8% | JPM GBI-EM Global Diversified (Unhedged)JP Morgan GBI-EM Global Diversified (Unhedged) | Our copy |
| New Mexico Educational | Real Estate/REITs | Real Estate | 8% | 0–15% | NCREIF NPI/Wilshire REITNCREIF Property Index/Wilshire REIT Index | Our copy |
| New Mexico Educational | Real Assets | Real Assets / Infrastructure | 9% | 0–16% | CPI + 4% | Our copy |
| New Mexico Educational | Private Equity | Private Equity | 15% | 0–24% | State Street Private Equity (All PE)State Street Private Equity Index (All PE) | Our copy |
| New Mexico Educational | Global Tactical Asset Allocation | Hedge Funds / Absolute Return | 2% | 0–6% | LIBOR + 2%LIBOR +200 basis points | Our copy |
| New Mexico Educational | Risk Parity | Hedge Funds / Absolute Return | 3% | 0–6% | LIBOR + 2%LIBOR +200 basis points | Our copy |
| New Mexico Educational | Other Diversifying Assets | Hedge Funds / Absolute Return | 7% | 0–12% | — | Our copy |
| New Mexico Educational | Cash | Cash | 1% | 0–25% | — | Our copy |
| New Mexico Educational | Total Equities | Public Equity | — | 15–55% | — | Our copy |
| New Mexico Educational | Total Fixed Income | Fixed Income | — | 10–58% | — | Our copy |
| New Mexico Educational | Total Alternatives | Multi-Asset / Other | — | 10–65% | — | Our copy |
| New Mexico Educational | Domestic Equities - Large Cap | Public Equity | — | — | S&P 500 | Our copy |
| New Mexico Educational | Domestic Equities - Small/mid Cap | Public Equity | — | — | Russell 2500 | Our copy |
| New Mexico Educational | International Equities - Developed | Public Equity | — | — | MSCI EAFE | Our copy |
| New Mexico Educational | International Equities - Emerging Markets | Public Equity | — | — | MSCI Emerging Markets | Our copy |
| New Mexico Educational | Other | Multi-Asset / Other | — | — | LIBOR + 2%LIBOR +200 basis points | Our copy |
| New York City ERS | Domestic Equity | Public Equity | 32.6% | 28.6–36.6%+/-4 | — | Our copy |
| New York City ERS | International - EAFE | Public Equity | 10% | 7–13%+/-3 | — | Our copy |
| New York City ERS | International - Emerging Markets | Public Equity | 6.9% | 4.9–8.9%+/-2 | — | Our copy |
| New York City ERS | Hedge Funds | Hedge Funds / Absolute Return | 4% | 2–6%+/-2 | — | Our copy |
| New York City ERS | Private Equity | Private Equity | 7% | 5–9%+/-2 | — | Our copy |
| New York City ERS | Real Assets | Real Assets / Infrastructure | 6% | 4–8%+/-2 | — | Our copy |
| New York City ERS | Core +5 Fixed-Income | Fixed Income | 19% | 14–24%+/-5 | — | Our copy |
| New York City ERS | Enhanced Yield | Fixed Income | 4% | 2–6%+/-2 | Citi BB & B Fixed IncomeCitigroup BB & B Fixed Income Index | Our copy |
| New York City ERS | Opportunistic Fixed Income | Fixed Income | 5% | +2/-5 | — | Our copy |
| New York City ERS | TIPS | Fixed Income | 4.5% | 3–6%+/-1.5 | — | Our copy |
| New York City ERS | Convertible Bonds | Fixed Income | 1% | 0–2%+/-1 | — | Our copy |
| New York City ERS | Total Equity | Public Equity | — | +/-5 | — | Our copy |
| New York City ERS | Total Fixed-Income | Fixed Income | — | +/-5% | — | Our copy |
| New York City ERS | US Equity | Public Equity | — | — | Russell 3000Russell 3000 Index | Our copy |
| New York City ERS | EAFE | Public Equity | — | — | MSCI EAFEMorgan Stanley Capital International EAFE Index (Net) | Our copy |
| New York City ERS | EAFE Small Cap | Public Equity | — | — | S&P EPAC Small CapS&P EPAC Small Cap Index | Our copy |
| New York City ERS | Emerging Markets Equities | Public Equity | — | — | NYCERS FTSE Custom Emerging MarketsNYCERS FTSE Custom Emerging Markets Index | Our copy |
| New York City ERS | Core+ 5 | Fixed Income | — | — | Citi Core +5 Fixed IncomeCitigroup Core +5 Fixed Income Index | Our copy |
| New York State Teachers | Domestic Equity | Public Equity | 33% | 29–37% | S&P Composite 1500S&P Composite 1500 Index | Our copy |
| New York State Teachers | International Equity | Public Equity | 15% | 11–19% | MSCI ACWI ex-USMSCI ACWI Ex-U.S. Index | Our copy |
| New York State Teachers | Global Equity | Public Equity | 4% | 0–8% | MSCI ACWIMSCI ACWI Index | Our copy |
| New York State Teachers | Domestic Fixed Income | Fixed Income | 16% | 12–20% | Bloomberg US Aggregate Float Adjusted BondBloomberg U.S. Aggregate Float Adjusted Bond Index | Our copy |
| New York State Teachers | Real Estate Equity | Real Estate | 11% | 6–16% | NCREIF-ODCENCREIF-ODCE Index | Our copy |
| New York State Teachers | Real Estate Debt | Real Estate | 6% | 2–10% | Giliberto-Levy CustomGiliberto-Levy Custom Index | Our copy |
| New York State Teachers | Private Equity | Private Equity | 9% | 4–14% | S&P 500 (Plus 5%)S&P 500 Index (Plus 5%) | Our copy |
| New York State Teachers | Private Debt | Private Credit / Debt | 2% | 0.5–5% | Morningstar LSTA US Leveraged Loan (Plus 3%)Morningstar LSTA US Leveraged Loan Index (Plus 3%) | Our copy |
| New York State Teachers | Global Bonds | Fixed Income | 2% | 0–4% | Bloomberg Global Aggregate Float Adjusted Ex-CNY Bond (hedged to USD)Bloomberg Global Aggregate Float Adjusted Ex-CNY Bond Index (hedged to USD) | Our copy |
| New York State Teachers | High Yield Bonds | Fixed Income | 1% | 0–3% | ICE BofA BB-B US High Yield ConstrainedICE BofA BB-B US High Yield Constrained Index | Our copy |
| New York State Teachers | Short Term Investments | Cash | 1% | 0–4% | — | Our copy |
| New York State Teachers | Short Term Investments (Cash Equivalents) | Cash | — | — | iMoneyNet Money Fund Average™/All Taxable | Our copy |
| North Dakota PERS | Global Equity | Public Equity | 58% | 46–66% | — | Our copy |
| North Dakota PERS | Public Equity | Public Equity | 51% | 42–57% | — | Our copy |
| North Dakota PERS | Private Equity | Private Equity | 7% | 4–9% | — | Our copy |
| North Dakota PERS | Global Fixed Income | Fixed Income | 23% | 16–30% | — | Our copy |
| North Dakota PERS | Investment Grade | Fixed Income | 16% | 11–21% | — | Our copy |
| North Dakota PERS | Non-Investment Grade | Fixed Income | 7% | 5–9% | — | Our copy |
| North Dakota PERS | Global Real Assets | Real Assets / Infrastructure | 19% | 10–25% | — | Our copy |
| North Dakota PERS | Global Real Estate | Real Estate | 11% | 5–15% | — | Our copy |
| North Dakota PERS | Other (Infrastructure/Timber) | Real Assets / Infrastructure | 8% | 0–10% | — | Our copy |
| North Dakota PERS | Global Alternatives | Multi-Asset / Other | — | 0–10% | — | Our copy |
| North Dakota PERS | Cash | Cash | 0% | 0–2% | — | Our copy |
| Ohio PERS | Public Equity | Public Equity | 40% | 32–48% | — | Our copy |
| Ohio PERS | Fixed Income | Fixed Income | 15% | 11–20% | — | Our copy |
| Ohio PERS | Alternatives | Multi-Asset / Other | 34% | 24–44% | — | Our copy |
| Ohio PERS | Risk Mitigation Strategies | Multi-Asset / Other | 10% | 0–15% | Custom benchmark based on target weights of underlying sub-asset class allocationsCustom benchmark based on the target weights of the underlying sub-asset class allocations | Our copy |
| Ohio PERS | Risk Parity | Hedge Funds / Absolute Return | 1% | 0–5% | S&P Risk Parity 10% Vol Target (USD)S&P Risk Parity Total Return Index 10% Vol Target (USD) | Our copy |
| Ohio PERS | Operating Cash | Cash | 0% | 0–5% | — | Our copy |
| Ohio PERS | U.S. Equity | Public Equity | — | — | Russell 3000Russell 3000 Index | Our copy |
| Ohio PERS | Non-U.S. Equity | Public Equity | — | — | Custom benchmark of 55% MSCI World ex US Standard, 10% MSCI World ex US Small Cap, 31% MSCI Emerging Markets Standard, 4% MSCI Emerging Markets Small CapCustom benchmark of 55% MSCI World Index ex U.S. Standard, 10% MSCI World Index ex U.S. Small Cap, 31% MSCI Emerging Markets Standard, 4% MSCI Emerging Markets Small Cap | Our copy |
| Ohio PERS | Core Fixed | Fixed Income | — | — | Bloomberg US AggregateBloomberg U.S. Aggregate Index | Our copy |
| Ohio PERS | Investment Grade Credit | Fixed Income | — | — | Bloomberg US CorporateBloomberg U.S. Corporate Bond Index | Our copy |
| Ohio PERS | Emerging Markets Debt | Fixed Income | — | — | Custom benchmark of 50% JP Morgan Emerging Markets Bond Global, 50% JP Morgan Government Bond -Emerging Markets Global DiversifiedCustom benchmark of 50% JP Morgan Emerging Markets Bond Index Global, 50% JP Morgan Government Bond Index-Emerging Markets Global Diversified | Our copy |
| Ohio PERS | Securitized Debt | Fixed Income | — | — | Custom benchmark of 50% Bloomberg Non-Agency Investment Grade CMBS: BBB Unhedged USD, 50% Bloomberg Non-Agency CMBS Agg Eligible Value Unhedged USDCustom benchmark of 50% Bloomberg Non-Agency Investment Grade CMBS: BBB Total Return Index Unhedged USD, 50% Bloomberg Non-Agency CMBS Agg Eligible Total Return Index Value Unhedged USD | Our copy |
| Ohio PERS | TIPS | Fixed Income | — | — | Bloomberg US TIPSBloomberg U.S. TIPS Index | Our copy |
| Ohio PERS | High Yield | Fixed Income | — | — | Bloomberg US Corporate High YieldBloomberg U.S. Corporate High Yield Index | Our copy |
| Ohio PERS | U.S. Treasury | Fixed Income | — | — | Bloomberg US Treasury 1-5 YearBloomberg U.S. Treasury 1-5 Year Index | Our copy |
| Ohio PERS | Private Equity | Private Equity | — | — | State Street Private Equity (SSPEI)State Street Private Equity Index (SSPEI) | Our copy |
| Ohio PERS | Real Estate | Real Estate | — | — | Net NCREIF ODCE + 85 bpsNet NFI-ODCE plus 85 basis points | Our copy |
| Ohio PERS | REITs | Real Estate | — | — | Dow Jones US Select Real Estate SecuritiesDow Jones U.S. Select Real Estate Securities | Our copy |
| Ohio PERS | Hedge Funds | Hedge Funds / Absolute Return | — | — | Custom benchmark (HFRI single strategy indices weighted per AIP)Custom benchmark using the HFRI single strategy indices weighted by the target allocations listed in the AIP | Our copy |
| Ohio PERS | Opportunistic | Multi-Asset / Other | — | — | Market value weight of underlying portfolio benchmarks | Our copy |
| Ohio PERS | Commodities-All | Real Assets / Infrastructure | — | — | Bloomberg CommodityBloomberg Commodity Index | Our copy |
| Ohio PERS | Gold | Real Assets / Infrastructure | — | — | Bloomberg Gold SubindexBloomberg Gold Subindex Total Return | Our copy |
| Ohio PERS | Private Credit | Private Credit / Debt | — | — | S&P UBS Leveraged LoanS&P UBS Leveraged Loan Index | Our copy |
| Ohio Police & Fire | Domestic Equity | Public Equity | 18.6% | 13–24.2%±5.6% | FT Wilshire 5000FT Wilshire 5000 Total Return Index | Our copy |
| Ohio Police & Fire | Non-U.S. Equity | Public Equity | 12.4% | 8.7–16.1%±3.7% | Morgan Stanley Capital International All Country World ex-US Investible Market (MSCI ACWI ex-US IMI )Morgan Stanley Capital International All Country World Index ex-U.S. Investible Market Index (MSCI ACWI ex-U.S. IMI Index) | Our copy |
| Ohio Police & Fire | Private Markets | Multi-Asset / Other | 10% | +3.0% | — | Our copy |
| Ohio Police & Fire | High Yield | Fixed Income | 7% | 4.9–9.1%±2.1% | ICE ICE BofA US High Yield Master II ConstrainedICE Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index | Our copy |
| Ohio Police & Fire | Private Credit | Private Credit / Debt | 5% | 3.5–6.5%±1.5% | — | Our copy |
| Ohio Police & Fire | Core Fixed Income | Fixed Income | 25% | 20–30%±5.0% | Bloomberg US AggregateBloomberg U.S. Aggregate Index | Our copy |
| Ohio Police & Fire | Cash | Cash | 0% | +6.3% | 3-Month T-Bill90 Day U.S. Treasury Bill | Our copy |
| Ohio Police & Fire | U.S. Inflation Linked Bonds | Fixed Income | 15% | 12–18%±3.0% | — | Our copy |
| Ohio Police & Fire | Real Estate | Real Estate | 12% | 8.4–15.6%±3.6% | — | Our copy |
| Ohio Police & Fire | Real Assets | Real Assets / Infrastructure | 8% | 5.6–10.4%±2.4% | — | Our copy |
| Ohio Police & Fire | Midstream Energy Infrastructure | Real Assets / Infrastructure | 5% | 3.5–6.5%±1.5% | Alerian Midstream EnergyAlerian Midstream Energy Total Return Index | Our copy |
| Ohio Police & Fire | Commodities | Real Assets / Infrastructure | 2% | +0.6% | Bloomberg CommodityBloomberg Commodity Index Total Return | Our copy |
| Ohio Police & Fire | Gold | Real Assets / Infrastructure | 5% | 3.5–6.5%±1.5% | S&P GSCI GoldS&P GSCI Gold Index Total Return | Our copy |
| Ohio Police & Fire | U.S. Inflation Linked Bonds (TIPS) | Fixed Income | — | — | Bloomberg US Government Inflation-Linked BondBloomberg U.S. Government Inflation-Linked Bond Index | Our copy |
| Ohio School Employees | Global Equities | Public Equity | 40% | 35–45% | MSCI ACWI Net (USD)MSCI All Country World Net Total Return Index (USD) | Our copy |
| Ohio School Employees | Global Private Equity | Private Equity | 14% | 11–17% | MSCI-Burgiss Global Private Equity FundsMSCI-Burgiss Global Private Equity Funds Index | Our copy |
| Ohio School Employees | Global Fixed Income | Fixed Income | 18% | 13–23% | Bloomberg US Universal BondBloomberg US Universal Bond Index | Our copy |
| Ohio School Employees | Global Private Credit | Private Credit / Debt | 5% | 3–7% | 90-Day SOFR rate+4.5% (one quarter in arrears)90 day SOFR rate+4.5% (one quarter in arrears) | Our copy |
| Ohio School Employees | Cash Equivalents | Cash | 3% | 1–5% | FTSE 30 Day T-BillFTSE 30 Day Treasury Bill | Our copy |
| Ohio School Employees | Real Estate | Real Estate | 13% | 10–15% | — | Our copy |
| Ohio School Employees | Infrastructure | Real Assets / Infrastructure | 7% | 5–10% | — | Our copy |
| Ohio School Employees | Opportunistic and Tactical Investments | Multi-Asset / Other | 0% | 0–5% | Bloomberg US Aggregate + 2%Bloomberg US Aggregate Bond Index + 2% | Our copy |
| Ohio School Employees | Leverage | Multi-Asset / Other | 0% | 0–10% | — | Our copy |
| Ohio School Employees | Global Real Assets | Real Assets / Infrastructure | — | — | Expanded NCREIF NPI (one quarter in arrears)Expanded NCREIF Property Index (one quarter in arrears) | Our copy |
| Ohio School Employees | Global Infrastructure | Real Assets / Infrastructure | — | — | Quarterly (4 qtrs.) smoothed CPI +1.20% per quarter | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | U.S. Equities | Public Equity | 40% | — | — | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | International Equities | Public Equity | 28% | — | — | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | Domestic Fixed Income | Fixed Income | 32% | — | — | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | Cash | Cash | 0% | — | — | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | U.S. Large Cap Equity | Public Equity | — | 31.2–36.8% | — | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | U.S. Small Cap Equity | Public Equity | — | 3.2–8.8% | — | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | International Equity | Public Equity | — | 25–31% | MSCI ACWI ex-USMSCI ACWI ex-US Index | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | U.S. Fixed Income | Fixed Income | — | 27.5–36.5% | — | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | US Fixed Income - Core | Fixed Income | — | — | Bloomberg Aggregate BondBloomberg Aggregate Bond Index | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | US Fixed Income - Core Plus | Fixed Income | — | — | Bloomberg Aggregate BondBloomberg Aggregate Bond Index | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | US Fixed Income - Constrained Core | Fixed Income | — | — | Bloomberg Aggregate BondBloomberg Aggregate Bond Index | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | US Fixed Income - Rate Anticipation | Fixed Income | — | — | Bloomberg UST 20+ Yr TreasuryBloomberg UST 20+ Yr Treasury Index | Our copy |
| Oklahoma PERSOPERS · one of 2 portfolios in the document | US Fixed Income - TIPS | Fixed Income | — | — | Bloomberg US TIPSBloomberg US TIPS Index | Our copy |
| Omaha School | U.S. Equities | Public Equity | 27% | 22–32% | DJ US Total Stock MarketDJ US Total Stock Market Index | Our copy |
| Omaha School | International Equities | Public Equity | 11.5% | 6.5–16.5% | MSCI ACWI ex US IMIMSCI All Country World Index ex-U.S. IMI | Our copy |
| Omaha School | Global Equities | Public Equity | 19% | 14–24% | MSCI ACWI IMIMSCI All Country World IMI | Our copy |
| Omaha School | Fixed Income | Fixed Income | 30% | 25–35% | Bloomberg US Universal BondBloomberg Barclays Universal Index | Our copy |
| Omaha School | Real Estate | Real Estate | 7.5% | — | NCREIF ODCENFI-ODCE Index | Our copy |
| Omaha School | Private Equity | Private Equity | 5% | — | DJ US Total Stock Market + 3% netDJ US Total Stock Market Index + 3% net | Our copy |
| Omaha School | individual managers | Multi-Asset / Other | — | ±3% of target allocation | — | Our copy |
| Orange County ERS | Global Public Equity | Public Equity | 45% | 38–52% | MSCI ACWI IMI Net | Our copy |
| Orange County ERS | Private Equity | Private Equity | 15% | 10–20% | MSCI Global PEMSCI Global PE (1Q lag) | Our copy |
| Orange County ERS | Income Strategies | Multi-Asset / Other | 17% | 12–22% | Income Strategies CustomIncome Strategies Custom Index | Our copy |
| Orange County ERS | Real Assets | Real Assets / Infrastructure | 13% | 8–18% | Real Assets CustomReal Assets Custom Index | Our copy |
| Orange County ERS | Risk Mitigation | Multi-Asset / Other | 10% | 6–14% | Risk Mitigation CustomRisk Mitigation Custom Index | Our copy |
| Orange County ERS | Cash | Cash | 0% | 0–5% | 91-Day T-Bill91-Day T-bills | Our copy |
| Orange County ERS | Unique Strategies | Multi-Asset / Other | 0% | 0–5% | — | Our copy |
| Orange County ERS | Income Strategies - Public | Multi-Asset / Other | — | — | 85% Bloomberg US Aggregate / 15% Bloomberg US TIPS85% Bloomberg U.S. Aggregate / 15% Bloomberg U.S. TIPS Index | Our copy |
| Orange County ERS | Income Strategies - Private | Multi-Asset / Other | — | — | 60% S&P UBS Leveraged Loan / 40% S&P UBS Western European Leveraged Loan | Our copy |
| Orange County ERS | Real Assets - Real Estate | Real Estate | — | — | NCREIF ODCE | Our copy |
| Orange County ERS | Real Assets - Energy | Real Assets / Infrastructure | — | — | MSCI Global Natural ResourcesMSCI Global Natural Resources (1Q lag) | Our copy |
| Orange County ERS | Real Assets - Infrastructure | Real Assets / Infrastructure | — | — | MSCI Global InfrastructureMSCI Global Infrastructure (1Q lag) | Our copy |
| Orange County ERS | Risk Mitigation - First Responders | Multi-Asset / Other | — | — | Bloomberg Long-Term US TreasuryBloomberg Long-Term U.S. Treasury | Our copy |
| Orange County ERS | Risk Mitigation - Second Responders | Multi-Asset / Other | — | — | Soc Gen Trend | Our copy |
| Orange County ERS | Risk Mitigation - Diversifiers | Multi-Asset / Other | — | — | 50% Soc Gen Multi Alt Risk Premia / 50% HFRI Macro (Total)50% Soc Gen Multi Alt Risk Premia / 50% HFRI Macro (Total) Index | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Equity Exposure | Public Equity | 42% | 37–47%+/- 5% | — | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Public Equity | Public Equity | 30% | 25–35%+/- 5% | — | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Private Equity | Private Equity | 12% | 8–16%+/- 4% | Burgiss oneBurgiss TR, one-quarter lagged | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Fixed Income Exposure | Fixed Income | 33.5% | 28.5–38.5%+/- 5% | — | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Real Asset Exposure | Real Assets / Infrastructure | 24.5% | 19.5–29.5%+/- 5% | — | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Absolute Return | Hedge Funds / Absolute Return | 0% | 0–5% | — | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Cash | Cash | 4.5% | — | ICE BofA 0-3-Month US T-BillICE BofAML 0-3 Month US Treasury Bill Index | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Net Leverage | Multi-Asset / Other | 0% | 10% to -10% | — | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Public Fixed Income | Fixed Income | — | +/- 5% | — | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Private Credit | Private Credit / Debt | — | +/- 2% | S&P LSTA Leveraged Loan + 2%, oneS&P LSTA Leveraged Loan TR Index + 200bps, one-quarter lagged | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Public Real Assets | Real Assets / Infrastructure | — | +/- 3% | — | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Private Real Assets | Real Assets / Infrastructure | — | +/- 3% | — | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | U.S. Equity | Public Equity | — | — | S&P 1500S&P 1500 TR Index | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Non-U.S. Equity | Public Equity | — | — | MSCI ACWI ex USA IMI Net (Developed Market Currencies 50% Hedged to USD)MSCI ACWI ex USA IMI Net TR Index (Developed Market Currencies 50% Hedged to USD) | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Investment Grade | Fixed Income | — | — | Bloomberg US Aggregate Bond and Bloomberg US Long TreasuryBloomberg US Aggregate Bond TR Index and Bloomberg U.S. Long Treasury TR Index | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Credit-Related (Public) | Fixed Income | — | — | J.P. Morgan EMD Aggregate and Bloomberg US Corporate High Yield BondJ.P. Morgan EMD Aggregate Total Return Index and Bloomberg US Corporate High Yield Bond Index | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Inflation Protected | Real Assets / Infrastructure | — | — | Bloomberg US Government Inflation-Linked Bond All MaturitiesBloomberg US Government Inflation-Linked Bond All Maturities TR Index | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Public Infrastructure | Real Assets / Infrastructure | — | — | FTSE Developed Core Infrastructure 50/50 Net (Hedged to USD)FTSE Developed Core Infrastructure 50/50 Net TR Index (Hedged to USD) | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Commodities | Real Assets / Infrastructure | — | — | Bloomberg Commodity and Bloomberg Gold SubindexBloomberg Commodity TR Index and Bloomberg Gold TR Subindex | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Public Real Estate | Real Estate | — | — | FTSE EPRA/NAREIT Developed Net (Hedged to USD)FTSE EPRA/NAREIT Developed, Net TR Index (Hedged to USD) | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Private Infrastructure | Real Assets / Infrastructure | — | — | FTSE Developed Core Infrastructure 50/50 Net (Hedged to USD), oneFTSE Developed Core Infrastructure 50/50 Net TR Index (Hedged to USD), one-quarter lagged | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Private Real Estate | Real Estate | — | — | NFI and Burgiss , oneNFI and Burgiss TR, one-quarter lagged | Our copy |
| Pennsylvania School Employeescurrent effective oct 1 2023 · one of 2 portfolios in the document | Financing Cost of Leverage | Multi-Asset / Other | — | — | 3-Month Term SOFR | Our copy |
| Providence ERS | Domestic Equities | Public Equity | 39.25% | 34.25–44.25% | — | Our copy |
| Providence ERS | International Equities (Developed Markets) | Public Equity | 13.25% | 8.25–18.25% | — | Our copy |
| Providence ERS | International Equities (Emerging Markets) | Public Equity | 1.5% | 0–3% | — | Our copy |
| Providence ERS | Fixed Income (including International) | Fixed Income | 29% | 24–34% | Customized | Our copy |
| Providence ERS | Hedge Funds | Hedge Funds / Absolute Return | 13% | 8–18% | T-Bill + 4%T-Bills plus 4% | Our copy |
| Providence ERS | Private Equity | Private Equity | 4% | 0–6% | S&P 500 + 3%S&P 500 plus 3% | Our copy |
| Providence ERS | Domestic Equity | Public Equity | — | — | Customized | Our copy |
| Providence ERS | International Equity | Public Equity | — | — | Customized | Our copy |
| Rhode Island Municipal | Growth | Multi-Asset / Other | 55% | — | — | Our copy |
| Rhode Island Municipal | Public Growth | Multi-Asset / Other | 40% | 38–42%+/- 2% | MSCI ACWIMSCI All Country World Index (Net Dividends) | Our copy |
| Rhode Island Municipal | Private Growth | Multi-Asset / Other | 15% | 11–19%+/- 4% | — | Our copy |
| Rhode Island Municipal | Private Equity | Private Equity | 12.5% | — | Cambridge Private Equity and Venture Capital AggregatedCambridge Associates Private Equity and Venture Capital Aggregated Index, 1Q Lag | Our copy |
| Rhode Island Municipal | Non Core Real Estate | Real Estate | 2.5% | — | — | Our copy |
| Rhode Island Municipal | Income | Multi-Asset / Other | 12% | 10–14%+/- 2% | — | Our copy |
| Rhode Island Municipal | Equity Options | Public Equity | 2% | — | CBOE Put-WriteCBOE Put-Write Index | Our copy |
| Rhode Island Municipal | CLOs | Fixed Income | 2% | — | — | Our copy |
| Rhode Island Municipal | Liquid Credit | Fixed Income | 5% | — | Bloomberg US High YieldBank of America US HY Index | Our copy |
| Rhode Island Municipal | Private Credit | Private Credit / Debt | 3% | — | Cambridge Senior DebtCambridge Associates Senior Debt Index, 1Q Lag | Our copy |
| Rhode Island Municipal | Stability | Multi-Asset / Other | 33% | — | — | Our copy |
| Rhode Island Municipal | Crisis Protection Class | Multi-Asset / Other | 10% | 8–12%+/- 2% | — | Our copy |
| Rhode Island Municipal | Systematic Trend Following | Hedge Funds / Absolute Return | 5% | — | Credit Suisse Managed Futures (18% Target Volatility)Credit Suisse Managed Futures Index (18% Target Volatility) | Our copy |
| Rhode Island Municipal | Long Duration Treasuries | Fixed Income | 5% | — | Bloomberg Long TreasuryBloomberg Barclays Long Duration US Treasury Bond Index | Our copy |
| Rhode Island Municipal | Inflation Protection | Real Assets / Infrastructure | 8% | 5–11%+/- 3% | — | Our copy |
| Rhode Island Municipal | Private Real Assets | Real Assets / Infrastructure | 4% | — | — | Our copy |
| Rhode Island Municipal | Core Real Estate | Real Estate | 4% | — | NCREIF ODCENFI-ODCE Index, 1Q Lag | Our copy |
| Rhode Island Municipal | Volatility Protection | Multi-Asset / Other | 15% | 13–17%+/- 2% | — | Our copy |
| Rhode Island Municipal | Absolute Return | Hedge Funds / Absolute Return | 6.5% | — | HFRI Fund of FundsHFRI Fund of Funds Index | Our copy |
| Rhode Island Municipal | Investment Grade Fixed Income | Fixed Income | 6.5% | — | — | Our copy |
| Rhode Island Municipal | Strategic Cash | Cash | 2% | — | ICE BofA 0-1 Year US TreasuryBank of America Merrill Lynch 0-1 Year U.S. Treasury Index | Our copy |
| Rhode Island Municipal | Non-Core Real Estate | Real Estate | — | — | Cambridge Value Add Real EstateCambridge Associates Value Add Real Estate Index, 1Q Lag | Our copy |
| Rhode Island Municipal | Collateralized Loan Obligations (CLOs) | Fixed Income | — | — | JPM CLOIE BBJPM CLOIE BB Index | Our copy |
| Rhode Island Municipal | Private Real Assets (ex-Real Estate) | Real Assets / Infrastructure | — | — | Cambridge Private InfrastructureCambridge Associates Private Infrastructure Index, 1Q Lag | Our copy |
| Rhode Island Municipal | Investment Grade Fixed Income (ex-Treasuries) | Fixed Income | — | — | 50% Bloomberg US Corporate + 50% Bloomberg Securitized MBS/ABS/CMBS50% Bloomberg Barclays US Corporate Bond Index + 50% Bloomberg Barclays Securitized MBS/ABS/CMBS Index | Our copy |
| Rhode Island State and Teacher | Growth | Multi-Asset / Other | 0.55% | — | — | Our copy |
| Rhode Island State and Teacher | Public Growth | Multi-Asset / Other | 0.4% | 0–2.4%+/- 2% | MSCI ACWIMSCI All Country World Index (Net Dividends) | Our copy |
| Rhode Island State and Teacher | Private Growth | Multi-Asset / Other | 0.15% | 0–4.15%+/- 4% | — | Our copy |
| Rhode Island State and Teacher | Private Equity | Private Equity | 0.125% | — | Cambridge Private Equity and Venture Capital AggregatedCambridge Associates Private Equity and Venture Capital Aggregated Index, 1Q Lag | Our copy |
| Rhode Island State and Teacher | Non Core Real Estate | Real Estate | 0.025% | — | — | Our copy |
| Rhode Island State and Teacher | Income | Multi-Asset / Other | 0.12% | 0–2.12%+/- 2% | — | Our copy |
| Rhode Island State and Teacher | Equity Options | Public Equity | 0.02% | — | CBOE Put-WriteCBOE Put-Write Index | Our copy |
| Rhode Island State and Teacher | CLOs | Fixed Income | 0.02% | — | — | Our copy |
| Rhode Island State and Teacher | Liquid Credit | Fixed Income | 0.05% | — | Bloomberg US High YieldBank of America US HY Index | Our copy |
| Rhode Island State and Teacher | Private Credit | Private Credit / Debt | 0.03% | — | Cambridge Senior DebtCambridge Associates Senior Debt Index, 1Q Lag | Our copy |
| Rhode Island State and Teacher | Stability | Multi-Asset / Other | 0.33% | — | — | Our copy |
| Rhode Island State and Teacher | Crisis Protection Class | Multi-Asset / Other | 0.1% | 0–2.1%+/- 2% | — | Our copy |
| Rhode Island State and Teacher | Systematic Trend Following | Hedge Funds / Absolute Return | 0.05% | — | Credit Suisse Managed Futures (18% Target Volatility)Credit Suisse Managed Futures Index (18% Target Volatility) | Our copy |
| Rhode Island State and Teacher | Long Duration Treasuries | Fixed Income | 0.05% | — | Bloomberg Long TreasuryBloomberg Barclays Long Duration US Treasury Bond Index | Our copy |
| Rhode Island State and Teacher | Inflation Protection | Real Assets / Infrastructure | 0.08% | 0–3.08%+/- 3% | — | Our copy |
| Rhode Island State and Teacher | Private Real Assets | Real Assets / Infrastructure | 0.04% | — | — | Our copy |
| Rhode Island State and Teacher | Core Real Estate | Real Estate | 0.04% | — | NCREIF ODCENFI-ODCE Index, 1Q Lag | Our copy |
| Rhode Island State and Teacher | Volatility Protection | Multi-Asset / Other | 0.15% | 0–2.15%+/- 2% | — | Our copy |
| Rhode Island State and Teacher | Absolute Return | Hedge Funds / Absolute Return | 0.065% | — | HFRI Fund of FundsHFRI Fund of Funds Index | Our copy |
| Rhode Island State and Teacher | Investment Grade Fixed Income | Fixed Income | 0.065% | — | — | Our copy |
| Rhode Island State and Teacher | Strategic Cash | Cash | 0.02% | — | ICE BofA 0-1 Year US TreasuryBank of America Merrill Lynch 0-1 Year U.S. Treasury Index | Our copy |
| Rhode Island State and Teacher | Non-Core Real Estate | Real Estate | — | — | Cambridge Value Add Real EstateCambridge Associates Value Add Real Estate Index, 1Q Lag | Our copy |
| Rhode Island State and Teacher | Collateralized Loan Obligations (CLOs) | Fixed Income | — | — | JPM CLOIE BBJPM CLOIE BB Index | Our copy |
| Rhode Island State and Teacher | Private Real Assets (ex-Real Estate) | Real Assets / Infrastructure | — | — | Cambridge Private InfrastructureCambridge Associates Private Infrastructure Index, 1Q Lag | Our copy |
| Rhode Island State and Teacher | Investment Grade Fixed Income (ex-Treasuries) | Fixed Income | — | — | 50% Bloomberg US Corporate + 50% Bloomberg Securitized MBS/ABS/CMBS50% Bloomberg Barclays US Corporate Bond Index + 50% Bloomberg Barclays Securitized MBS/ABS/CMBS Index | Our copy |
| Sacramento County ERS | Growth | Multi-Asset / Other | 58% | — | — | Our copy |
| Sacramento County ERS | Global Equity | Public Equity | 40% | 36–44% | MSCI ACWI IMI | Our copy |
| Sacramento County ERS | Private Equity | Private Equity | 11% | 8–14% | Cambridge PE/VCCambridge Associates PE/VC Index | Our copy |
| Sacramento County ERS | Public Credit | Fixed Income | 2% | 1–3% | 50% BofA High Yield + 50% CS Leveraged Loan50% BofA High Yield/50% CS Leveraged Loan | Our copy |
| Sacramento County ERS | Private Credit | Private Credit / Debt | 5% | 3–7% | CS Leveraged Loan + 2%CS Leveraged Loan Index + 2% | Our copy |
| Sacramento County ERS | Diversifying | Hedge Funds / Absolute Return | 24% | — | — | Our copy |
| Sacramento County ERS | Fixed Income | Fixed Income | 16% | 12–20% | 75% Bloomberg Aggregate + 25% Bloomberg US Treasury75% Bloomberg Barclays Aggregate Index/25% Bloomberg US Treasury Index | Our copy |
| Sacramento County ERS | Absolute Return | Hedge Funds / Absolute Return | 7% | 5–9% | HFRI FoF ConservativeHFRI FoF Conservative Index | Our copy |
| Sacramento County ERS | Cash | Cash | 1% | 0–2% | Overnight LIBOR/SOFR | Our copy |
| Sacramento County ERS | Real Return | Real Assets / Infrastructure | 18% | — | — | Our copy |
| Sacramento County ERS | Real Estate | Real Estate | 9% | 7–11% | 60% NCREIF ODCE/40% NCREIF ODCE + 1%60% NFI-ODCE/40% NFI-ODCE + 1% | Our copy |
| Sacramento County ERS | Real Assets | Real Assets / Infrastructure | 7% | 5–9% | 60% Cambridge Private Infrastructure , 30% Cambridge Private Energy , 10% NCREIF Farmland60% Cambridge Associates Private Infrastructure Index, 30% Cambridge Associates Private Energy Index, 10% NCREIF Farmland Index | Our copy |
| Sacramento County ERS | Liquid Real Return | Real Assets / Infrastructure | 2% | 0–3% | 15% FTSE EPRA/NAREIT Developed Liquid , 25% S&P Global Infrastructure , 10% S&P Global Large Mid Cap Commodity and Resources , 10% Bloomberg Roll select Commodity , 30% Bloomberg 1-10 year US TIPS , 10% Bloomberg US Dollar Floating Rate <5 Year15% FTSE EPRA/NAREIT Developed Liquid Index, 25% S&P Global Infrastructure Index, 10% S&P Global Large Mid Cap Commodity and Resources Index, 10% Bloomberg Roll select Commodity Index, 30% Bloomberg Barclays 1-10 year US TIPS Index, 10% Bloomberg Barclays US Dollar Floating Rate <5 Year Index | Our copy |
| San Francisco City & County ERS | Growth/Capital Appreciation | Multi-Asset / Other | 60% | 45–75% | — | Our copy |
| San Francisco City & County ERS | Public Equity | Public Equity | 37% | 25–50% | MSCI ACWI IMIMSCI ACWI Investable Market Index ($, ND) | Our copy |
| San Francisco City & County ERS | Private Equity | Private Equity | 23% | 15–30% | 75% Russell 3000 / 25% MSCI ACWI ex-US IMI + 3%75% Russell 3000 / 25% MSCI ACWI ex-US Investable Market Index ($, ND) + 300 bps | Our copy |
| San Francisco City & County ERS | Diversifying Assets | Hedge Funds / Absolute Return | 20% | 15–30% | — | Our copy |
| San Francisco City & County ERS | Real Assets | Real Assets / Infrastructure | 10% | 8–15% | 70% NCREIF ODCE for Core and Cambridge Real Estate for Non-Core / 20% Cambridge Infrastructure / 10% Cambridge Natural Resources70% NCREIF ODCE for Core and Cambridge Associates Real Estate for Non-Core / 20% Cambridge Associates Infrastructure / 10% Cambridge Associates Natural Resources | Our copy |
| San Francisco City & County ERS | Absolute Return | Hedge Funds / Absolute Return | 10% | 5–15% | 90-Day T-Bill + 3%90 Day U.S. T-Bill + 3% | Our copy |
| San Francisco City & County ERS | Income/Capital Preservation | Multi-Asset / Other | 23% | 6–40% | — | Our copy |
| San Francisco City & County ERS | Liquid Credit | Fixed Income | 5% | 0–10% | 33.34% Bloomberg US Corporate / 33.33% Bloomberg US Corporate High Yield / 33.33% JPM EMBI GD33.34% Bloomberg US Corporate Bond Index / 33.33% Bloomberg US Corporate High Yield Index / 33.33% J.P. Morgan EMBI Global Diversified Index | Our copy |
| San Francisco City & County ERS | Private Credit | Private Credit / Debt | 10% | 3–15% | 50% Credit Suisse Leveraged Loan / 50% BofA ML US High Yield BB-B Constrained + 1.5%50% Credit Suisse Leveraged Loan Index / 50% BofA ML US HY BB-B constrained + 150 bps | Our copy |
| San Francisco City & County ERS | U.S. Treasuries | Fixed Income | 8% | 3–12% | Bloomberg Intermediate US TreasuryBloomberg Barclays Intermediate U.S. Treasury Index | Our copy |
| San Francisco City & County ERS | Cash | Cash | 0% | 0–5% | 3-Month T-Bill90 day T-Bill | Our copy |
| Seattle ERS | Public Equity | Public Equity | 46% | 39–53% | MSCI ACWI IMIMSCI All Country World Investable Market Index | Our copy |
| Seattle ERS | Private Equity | Private Equity | 11% | 6–16% | Custom Private Equity (Burgiss Private Equity Eligible Universe pooled time-weighted return; vintage years 2014 to present)Custom Private Equity Index (Burgiss Private Equity Eligible Universe pooled time-weighted return, vintage years 2014 to present) | Our copy |
| Seattle ERS | Core Fixed Income | Fixed Income | 14% | 10–18% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index | Our copy |
| Seattle ERS | Long-Term Fixed Income | Fixed Income | 5% | 2–8% | Custom Long-Term Fixed Income (60% Bloomberg US Treasury Long and 40% Bloomberg US TIPS 10+ Year )Custom Long-Term Fixed Income Index (60% Bloomberg U.S. Treasury Long Index and 40% Bloomberg U.S. TIPS 10+ Year Index) | Our copy |
| Seattle ERS | Credit Fixed Income | Fixed Income | 7% | 4–10% | Custom Credit (40% ICE BofA High Yield Master II , 40% Credit Suisse Leveraged Loan , 20% JPM EMBI Global Diversified )Custom Credit Index (40% Merrill Lynch High Yield Master II Index, 40% Credit Suisse Leveraged Loan Index, 20% JPM EMBI Global Diversified Index) | Our copy |
| Seattle ERS | Real Estate | Real Estate | 12% | 8–16% | NCREIF ODCENCREIF ODCE Index | Our copy |
| Seattle ERS | Infrastructure | Real Assets / Infrastructure | 5% | 2–8% | Custom Infrastructure (Burgiss Infrastructure Universe pooled time-weighted return; vintage years 2016 to present)Custom Infrastructure Index (Burgiss Infrastructure Universe pooled time-weighted return, vintage years 2016 to present) | Our copy |
| St. Paul Teachers | Global/Domestic Equity | Public Equity | 55% | — | — | Our copy |
| St. Paul Teachers | Global/Domestic Fixed Income | Fixed Income | 20% | — | — | Our copy |
| St. Paul Teachers | Inflation Hedged/Real Assets | Real Assets / Infrastructure | 11% | — | — | Our copy |
| St. Paul Teachers | Private Equity/Alternatives | Private Equity | 9% | — | — | Our copy |
| St. Paul Teachers | Hedge Funds | Hedge Funds / Absolute Return | 5% | — | — | Our copy |
| St. Paul Teachers | Global/Domestic Equity (broad cap U.S.) | Public Equity | — | — | Russell 3000 | Our copy |
| St. Paul Teachers | Global Equity | Public Equity | — | — | MSCI ACWIMSCI-ACWI | Our copy |
| St. Paul Teachers | Non-US Developed Markets Equity | Public Equity | — | — | MSCI EAFE (Europe, Australia, Far East)MSCI EAFE (Europe, Australia, Far East) Index | Our copy |
| St. Paul Teachers | Non-US Equity with Emerging Markets | Public Equity | — | — | ACWI ex USMSCI-ACWI Ex-US | Our copy |
| St. Paul Teachers | US Fixed Income | Fixed Income | — | — | Barclays Aggregate or Barclays Government CreditBarclays Aggregate Index or Barclays Government Credit Index | Our copy |
| St. Paul Teachers | Global Fixed Income | Fixed Income | — | — | Barclays Global Aggregate | Our copy |
| Tennessee Political Subdivisions | Equity - United States | Public Equity | 31% | — | — | Our copy |
| Tennessee Political Subdivisions | Equity - Canadian | Public Equity | 2% | — | — | Our copy |
| Tennessee Political Subdivisions | Equity - International Developed Markets | Public Equity | 12% | — | — | Our copy |
| Tennessee Political Subdivisions | Equity - Emerging Markets | Public Equity | 4% | — | — | Our copy |
| Tennessee Political Subdivisions | Core Fixed Income Securities | Fixed Income | 20% | 0–60% | FTSE US Large Pension Fund Baseline BondFTSE US Large Pension Fund Baseline Bond Index | Our copy |
| Tennessee Political Subdivisions | Inflation Indexed Bonds | Fixed Income | 0% | 0%-15% (statutory max 75%) | Citi TIPSCitigroup TIPS Index | Our copy |
| Tennessee Political Subdivisions | Private Equity - Traditional | Private Equity | 10% | — | — | Our copy |
| Tennessee Political Subdivisions | Private Equity - Strategic Lending | Private Credit / Debt | 10% | — | — | Our copy |
| Tennessee Political Subdivisions | Real Estate | Real Estate | 10% | 0–20% | NCREIF ODCE (ODCE)NCREIF Open End Diversified Core Equity Index (ODCE) | Our copy |
| Tennessee Political Subdivisions | Cash and Cash Equivalents | Cash | 1% | 0–10% | Blackrock Treasury Strategies Institutional Fund (MLIXX) | Our copy |
| Tennessee Political Subdivisions | Domestic Equity | Public Equity | — | 25–50% | — | Our copy |
| Tennessee Political Subdivisions | Emerging Markets Equity | Public Equity | — | 0–10% | — | Our copy |
| Tennessee Political Subdivisions | International Fixed Income Securities | Fixed Income | — | 0–10% | — | Our copy |
| Tennessee Political Subdivisions | Private Equity | Private Equity | — | 0–40% | Cambridge Custom Private Equity BenchmarkCambridge Associates Custom Private Equity Benchmark | Our copy |
| Tennessee Political Subdivisions | Equity — United States | Public Equity | — | — | S&P 1500 | Our copy |
| Tennessee Political Subdivisions | Equity — Canadian | Public Equity | — | — | S&P / TSX 60S&P / TSX 60 Index | Our copy |
| Tennessee Political Subdivisions | Equity — International Developed Markets | Public Equity | — | — | MSCI EAFE IMI (IMI)MSCI EAFE Investable Market Index (IMI) | Our copy |
| Tennessee Political Subdivisions | Equity — Emerging Markets | Public Equity | — | — | MSCI Emerging MarketsMSCI Emerging Markets Index | Our copy |
| Tennessee Political Subdivisions | Strategic Lending | Private Credit / Debt | — | — | Custom : 50% Barclay's High Yield 2% Issuer Capped + 50% Credit Suisse Leveraged LoanCustom Index: 50% Barclay's High Yield 2% Issuer Capped Index + 50% Credit Suisse Leveraged Loan Index | Our copy |
| Tennessee State and Teachers | Equity - United States | Public Equity | 31% | — | — | Our copy |
| Tennessee State and Teachers | Equity - Canadian | Public Equity | 2% | — | — | Our copy |
| Tennessee State and Teachers | Equity - International Developed Markets | Public Equity | 12% | — | — | Our copy |
| Tennessee State and Teachers | Equity - Emerging Markets | Public Equity | 4% | — | — | Our copy |
| Tennessee State and Teachers | Core Fixed Income Securities | Fixed Income | 20% | 0–60% | FTSE US Large Pension Fund Baseline BondFTSE US Large Pension Fund Baseline Bond Index | Our copy |
| Tennessee State and Teachers | Inflation Indexed Bonds | Fixed Income | 0% | 0%-15% (statutory max 75%) | Citi TIPSCitigroup TIPS Index | Our copy |
| Tennessee State and Teachers | Private Equity - Traditional | Private Equity | 10% | — | — | Our copy |
| Tennessee State and Teachers | Private Equity - Strategic Lending | Private Credit / Debt | 10% | — | — | Our copy |
| Tennessee State and Teachers | Real Estate | Real Estate | 10% | 0–20% | NCREIF ODCE (ODCE)NCREIF Open End Diversified Core Equity Index (ODCE) | Our copy |
| Tennessee State and Teachers | Cash and Cash Equivalents | Cash | 1% | 0–10% | Blackrock Treasury Strategies Institutional Fund (MLIXX) | Our copy |
| Tennessee State and Teachers | Domestic Equity | Public Equity | — | 25–50% | — | Our copy |
| Tennessee State and Teachers | Emerging Markets Equity | Public Equity | — | 0–10% | — | Our copy |
| Tennessee State and Teachers | International Fixed Income Securities | Fixed Income | — | 0–10% | — | Our copy |
| Tennessee State and Teachers | Private Equity | Private Equity | — | 0–40% | Cambridge Custom Private Equity BenchmarkCambridge Associates Custom Private Equity Benchmark | Our copy |
| Tennessee State and Teachers | Equity — United States | Public Equity | — | — | S&P 1500 | Our copy |
| Tennessee State and Teachers | Equity — Canadian | Public Equity | — | — | S&P / TSX 60S&P / TSX 60 Index | Our copy |
| Tennessee State and Teachers | Equity — International Developed Markets | Public Equity | — | — | MSCI EAFE IMI (IMI)MSCI EAFE Investable Market Index (IMI) | Our copy |
| Tennessee State and Teachers | Equity — Emerging Markets | Public Equity | — | — | MSCI Emerging MarketsMSCI Emerging Markets Index | Our copy |
| Tennessee State and Teachers | Strategic Lending | Private Credit / Debt | — | — | Custom : 50% Barclay's High Yield 2% Issuer Capped + 50% Credit Suisse Leveraged LoanCustom Index: 50% Barclay's High Yield 2% Issuer Capped Index + 50% Credit Suisse Leveraged Loan Index | Our copy |
| Texas ERS | Return Seeking Assets | Multi-Asset / Other | 80% | 70–88% | — | Our copy |
| Texas ERS | Global Equity | Public Equity | 52% | 42–61% | — | Our copy |
| Texas ERS | Public Equity | Public Equity | 36% | 26–46% | — | Our copy |
| Texas ERS | Private Equity | Private Equity | 16% | 11–21% | — | Our copy |
| Texas ERS | Global Credit | Fixed Income | 12% | 6–21% | — | Our copy |
| Texas ERS | Public Credit | Fixed Income | 9% | 4–14% | — | Our copy |
| Texas ERS | Private Credit | Private Credit / Debt | 3% | 0–8% | — | Our copy |
| Texas ERS | Real Assets | Real Assets / Infrastructure | 16% | 11–21% | — | Our copy |
| Texas ERS | Private Real Estate | Real Estate | 10% | 5–15% | — | Our copy |
| Texas ERS | Private Infrastructure | Real Assets / Infrastructure | 6% | 1–11% | — | Our copy |
| Texas ERS | Risk Reducing Assets | Multi-Asset / Other | 20% | 12–30% | — | Our copy |
| Texas ERS | Liquidity Assets | Cash | 14% | 8–22% | — | Our copy |
| Texas ERS | Rates | Fixed Income | 12% | 7–17% | — | Our copy |
| Texas ERS | Cash & Equivalents | Cash | 2% | 1–10% | — | Our copy |
| Texas ERS | Diversifying Assets | Hedge Funds / Absolute Return | 6% | 4–10% | — | Our copy |
| Texas ERS | Hedge Funds | Hedge Funds / Absolute Return | 6% | 0–11% | — | Our copy |
| Texas ERS | Special Situations | Multi-Asset / Other | 0% | 0–5% | — | Our copy |
| Texas LECOS | Return Seeking Assets | Multi-Asset / Other | 80% | 70–88% | — | Our copy |
| Texas LECOS | Global Equity | Public Equity | 52% | 42–61% | — | Our copy |
| Texas LECOS | Public Equity | Public Equity | 36% | 26–46% | — | Our copy |
| Texas LECOS | Private Equity | Private Equity | 16% | 11–21% | — | Our copy |
| Texas LECOS | Global Credit | Fixed Income | 12% | 6–21% | — | Our copy |
| Texas LECOS | Public Credit | Fixed Income | 9% | 4–14% | — | Our copy |
| Texas LECOS | Private Credit | Private Credit / Debt | 3% | 0–8% | — | Our copy |
| Texas LECOS | Real Assets | Real Assets / Infrastructure | 16% | 11–21% | — | Our copy |
| Texas LECOS | Private Real Estate | Real Estate | 10% | 5–15% | — | Our copy |
| Texas LECOS | Private Infrastructure | Real Assets / Infrastructure | 6% | 1–11% | — | Our copy |
| Texas LECOS | Risk Reducing Assets | Multi-Asset / Other | 20% | 12–30% | — | Our copy |
| Texas LECOS | Liquidity Assets | Cash | 14% | 8–22% | — | Our copy |
| Texas LECOS | Rates | Fixed Income | 12% | 7–17% | — | Our copy |
| Texas LECOS | Cash & Equivalents | Cash | 2% | 1–10% | — | Our copy |
| Texas LECOS | Diversifying Assets | Hedge Funds / Absolute Return | 6% | 4–10% | — | Our copy |
| Texas LECOS | Hedge Funds | Hedge Funds / Absolute Return | 6% | 0–11% | — | Our copy |
| Texas LECOS | Special Situations | Multi-Asset / Other | 0% | 0–5% | — | Our copy |
| Texas Teachers | Global Equity | Public Equity | 57% | 50–64% | — | Our copy |
| Texas Teachers | Stable Value | Multi-Asset / Other | 21% | 14–28% | — | Our copy |
| Texas Teachers | Real Return | Real Assets / Infrastructure | 21% | 14–28% | — | Our copy |
| Texas Teachers | Risk Parity | Hedge Funds / Absolute Return | 5% | 0–10% | HFR Risk Parity Vol 12 InstitutionalHFR Risk Parity Vol 12 Institutional Index | Our copy |
| Texas Teachers | All Country | Public Equity | — | — | MSCI ACWI Investible Market ex China and Hong KongMSCI All Country World Investible Market ex China and Hong Kong | Our copy |
| Texas Teachers | USA | Public Equity | — | — | MSCI USA Investible Market | Our copy |
| Texas Teachers | Non-US Developed | Public Equity | — | — | MSCI EAFE and Canada Investible Market ex Hong Kong | Our copy |
| Texas Teachers | Emerging Markets | Public Equity | — | — | MSCI EM Investible Market ex China | Our copy |
| Texas Teachers | Private Equity | Private Equity | — | — | Customized State Street Private Equity – lagged one quarterCustomized State Street Private Equity Index – lagged one quarter | Our copy |
| Texas Teachers | Government Bonds – Nominal | Fixed Income | — | — | Bloomberg US Long TreasuryBloomberg US Long Treasury Index | Our copy |
| Texas Teachers | Government Bonds – Real | Fixed Income | — | — | Bloomberg US TIPSBloomberg US Treasury TIPS Index | Our copy |
| Texas Teachers | Absolute Return (Including Credit Sensitive Investments) | Hedge Funds / Absolute Return | — | — | SOFR + 4% | Our copy |
| Texas Teachers | Stable Value Hedge Funds | Hedge Funds / Absolute Return | — | — | SOFR + 2.5% | Our copy |
| Texas Teachers | Real Estate | Real Estate | — | — | NCREIF ODCE (1 Qtr Arrears)NCREIF ODCE – lagged one quarter | Our copy |
| Texas Teachers | Energy, Natural Resources and Infrastructure | Real Assets / Infrastructure | — | — | 40% Cambridge Natural Resources/40% Cambridge Infrastructure/20% quarterly Consumer Price40% Cambridge Associates Natural Resources/40% Cambridge Associates Infrastructure/20% quarterly Consumer Price Index | Our copy |
| Texas Teachers | Commodities | Real Assets / Infrastructure | — | — | Goldman Sachs CommodityGoldman Sachs Commodity Index | Our copy |
| Texas Teachers | Cash | Cash | — | — | 3-Month T-BillFTSE 3 Month Treasury Bill | Our copy |
| Texas Teachers | Asset Allocation Leverage | Multi-Asset / Other | — | — | SOFR + 0.26161%SOFR + 26.161 bp | Our copy |
| University of California | Public Equity | Public Equity | 57% | 40–70% | MSCI ACWI IMI Tobacco and Fossil Fuel FreeMSCI All Country World Index (ACWI) Investable Market Index (IMI) Tobacco and Fossil Fuel Free - Net Dividends | Our copy |
| University of California | Core Fixed Income | Fixed Income | 14% | 8–20% | Bloomberg 1-5 Year US Government/CreditBloomberg 1-5 Year US Government/Credit Index | Our copy |
| University of California | High Yield Fixed Income | Fixed Income | 3% | 0–10% | ICE BofA High Yield Cash Pay Fossil FreeICE BofA High Yield Cash Pay Index Fossil Free | Our copy |
| University of California | Private Equity | Private Equity | 12% | 5–20% | Russell 3000 + 3% | Our copy |
| University of California | Real Estate | Real Estate | 7% | 2–20% | NCREIF ODCE non-laggedNCREIF Fund Index – Open End Diversified Core Equity (ODCE) non-lagged | Our copy |
| University of California | Real Assets | Real Assets / Infrastructure | 3% | 0–10% | Actual Real Assets Portfolio Return | Our copy |
| University of California | Private Credit | Private Credit / Debt | 3% | 0–10% | 75% S&P UBS Leveraged Loan + 25% ICE BofA BB-B US High Yield Constrained Fossil Free + 1.5%75% S&P UBS Leveraged Loan Index + 25% ICE BofA BB-B US High Yield Constrained Fossil Free Index +1.5% | Our copy |
| University of California | Cash | Cash | 1% | 0–5% | ICE BofA 3 Mo US T-BillICE BofA 3-Month US Treasury Bill Index | Our copy |
| Vermont Municipal Employees | Global Equity | Public Equity | — | — | MSCI ACWI IMI | Our copy |
| Vermont Municipal Employees | U.S. Large Cap Core Equity | Public Equity | — | — | S&P 500S & P 500 (Cap Wtd) | Our copy |
| Vermont Municipal Employees | Small/Mid Cap Core Equity | Public Equity | — | — | Russell 2500 | Our copy |
| Vermont Municipal Employees | International Equity | Public Equity | — | — | ACWI ex US | Our copy |
| Vermont Municipal Employees | Emerging Market Equity | Public Equity | — | — | MSCI EM | Our copy |
| Vermont Municipal Employees | Core Fixed Income | Fixed Income | — | — | Bloomberg US AggregateBloomberg Barclays US Aggregate Bond | Our copy |
| Vermont Municipal Employees | Global Fixed Income | Fixed Income | — | — | Citi WGBI | Our copy |
| Vermont Municipal Employees | Emerging Market Debt | Fixed Income | — | — | JP Morgan EMBI Global | Our copy |
| Vermont Municipal Employees | TIPS | Fixed Income | — | — | Bloomberg US TIPSBloomberg Barclays US TIPS | Our copy |
| Vermont Municipal Employees | Core Real Estate | Real Estate | — | — | NCREIF ODCE | Our copy |
| Vermont Municipal Employees | Non-Core Real Estate | Real Estate | — | — | NCREIF ODCE + 2% | Our copy |
| Vermont Municipal Employees | Hedge Fund of Funds | Hedge Funds / Absolute Return | — | — | HFRI Fund of Funds | Our copy |
| Vermont Municipal Employees | Commodities | Real Assets / Infrastructure | — | — | Bloomberg CommodityBloomberg Commodity Index | Our copy |
| Vermont Municipal Employees | Private Infrastructure/Land | Real Assets / Infrastructure | — | — | NCREIF Farmland | Our copy |
| Vermont Municipal Employees | Private Equity | Private Equity | — | — | Cambridge Private Equity | Our copy |
| Vermont Municipal Employees | Private Debt | Private Credit / Debt | — | — | CS Leveraged Loan + 2% (Spliced) | Our copy |
| Vermont Municipal Employees | Cash Equivalents | Cash | — | — | ICE BofA 3 Mo US T-BillICE BofAML 3 Mo US T-Bill | Our copy |
| Vermont Municipal Employees | High-Yield Fixed Income | Fixed Income | — | — | Bloomberg US High YieldBloomberg Barclays High Yield | Our copy |
| Vermont Municipal Employees | Infrastructure | Real Assets / Infrastructure | — | — | CPI + 3% | Our copy |
| Vermont State Employees | Global Equity | Public Equity | — | — | MSCI ACWI IMI | Our copy |
| Vermont State Employees | U.S. Large Cap Core Equity | Public Equity | — | — | S&P 500S & P 500 (Cap Wtd) | Our copy |
| Vermont State Employees | Small/Mid Cap Core Equity | Public Equity | — | — | Russell 2500 | Our copy |
| Vermont State Employees | International Equity | Public Equity | — | — | ACWI ex US | Our copy |
| Vermont State Employees | Emerging Market Equity | Public Equity | — | — | MSCI EM | Our copy |
| Vermont State Employees | Core Fixed Income | Fixed Income | — | — | Bloomberg US AggregateBloomberg Barclays US Aggregate Bond | Our copy |
| Vermont State Employees | Global Fixed Income | Fixed Income | — | — | Citi WGBI | Our copy |
| Vermont State Employees | Emerging Market Debt | Fixed Income | — | — | JP Morgan EMBI Global | Our copy |
| Vermont State Employees | TIPS | Fixed Income | — | — | Bloomberg US TIPSBloomberg Barclays US TIPS | Our copy |
| Vermont State Employees | Core Real Estate | Real Estate | — | — | NCREIF ODCE | Our copy |
| Vermont State Employees | Non-Core Real Estate | Real Estate | — | — | NCREIF ODCE + 2% | Our copy |
| Vermont State Employees | Hedge Fund of Funds | Hedge Funds / Absolute Return | — | — | HFRI Fund of Funds | Our copy |
| Vermont State Employees | Commodities | Real Assets / Infrastructure | — | — | Bloomberg CommodityBloomberg Commodity Index | Our copy |
| Vermont State Employees | Private Infrastructure/Land | Real Assets / Infrastructure | — | — | NCREIF Farmland | Our copy |
| Vermont State Employees | Private Equity | Private Equity | — | — | Cambridge Private Equity | Our copy |
| Vermont State Employees | Private Debt | Private Credit / Debt | — | — | CS Leveraged Loan + 2% (Spliced) | Our copy |
| Vermont State Employees | Cash Equivalents | Cash | — | — | ICE BofA 3 Mo US T-BillICE BofAML 3 Mo US T-Bill | Our copy |
| Vermont State Employees | High-Yield Fixed Income | Fixed Income | — | — | Bloomberg US High YieldBloomberg Barclays High Yield | Our copy |
| Vermont State Employees | Infrastructure | Real Assets / Infrastructure | — | — | CPI + 3% | Our copy |
| Vermont Teachers | Global Equity | Public Equity | — | — | MSCI ACWI IMI | Our copy |
| Vermont Teachers | U.S. Large Cap Core Equity | Public Equity | — | — | S&P 500S & P 500 (Cap Wtd) | Our copy |
| Vermont Teachers | Small/Mid Cap Core Equity | Public Equity | — | — | Russell 2500 | Our copy |
| Vermont Teachers | International Equity | Public Equity | — | — | ACWI ex US | Our copy |
| Vermont Teachers | Emerging Market Equity | Public Equity | — | — | MSCI EM | Our copy |
| Vermont Teachers | Core Fixed Income | Fixed Income | — | — | Bloomberg US AggregateBloomberg Barclays US Aggregate Bond | Our copy |
| Vermont Teachers | Global Fixed Income | Fixed Income | — | — | Citi WGBI | Our copy |
| Vermont Teachers | Emerging Market Debt | Fixed Income | — | — | JP Morgan EMBI Global | Our copy |
| Vermont Teachers | TIPS | Fixed Income | — | — | Bloomberg US TIPSBloomberg Barclays US TIPS | Our copy |
| Vermont Teachers | Core Real Estate | Real Estate | — | — | NCREIF ODCE | Our copy |
| Vermont Teachers | Non-Core Real Estate | Real Estate | — | — | NCREIF ODCE + 2% | Our copy |
| Vermont Teachers | Hedge Fund of Funds | Hedge Funds / Absolute Return | — | — | HFRI Fund of Funds | Our copy |
| Vermont Teachers | Commodities | Real Assets / Infrastructure | — | — | Bloomberg CommodityBloomberg Commodity Index | Our copy |
| Vermont Teachers | Private Infrastructure/Land | Real Assets / Infrastructure | — | — | NCREIF Farmland | Our copy |
| Vermont Teachers | Private Equity | Private Equity | — | — | Cambridge Private Equity | Our copy |
| Vermont Teachers | Private Debt | Private Credit / Debt | — | — | CS Leveraged Loan + 2% (Spliced) | Our copy |
| Vermont Teachers | Cash Equivalents | Cash | — | — | ICE BofA 3 Mo US T-BillICE BofAML 3 Mo US T-Bill | Our copy |
| Vermont Teachers | High-Yield Fixed Income | Fixed Income | — | — | Bloomberg US High YieldBloomberg Barclays High Yield | Our copy |
| Vermont Teachers | Infrastructure | Real Assets / Infrastructure | — | — | CPI + 3% | Our copy |
| Virginia RS | Public Equity | Public Equity | 32% | 25–39% | MSCI ACWI IMI ex Selected Countries (net VRS taxes) (85%) and MSCI World Min Vol ex Selected Countries (net VRS taxes) (15%)MSCI ACWI IMI Index ex Selected Countries (net VRS taxes) (85%) and MSCI World Min Vol Index ex Selected Countries (net VRS taxes) (15%) | Our copy |
| Virginia RS | Private Equity | Private Equity | 16% | 9–23% | Regional benchmarks of MSCI ACWI IMI ex Selected Countries (net VRS taxes) lagged by three months, weighted 75% North America, 20% Europe, 5% Asia and Emerging MarketsRegional benchmarks of MSCI ACWI IMI Index ex Selected Countries (net VRS taxes) lagged by three months, weighted 75% North America, 20% Europe, 5% Asia and Emerging Markets | Our copy |
| Virginia RS | Real Assets | Real Assets / Infrastructure | 14% | 7–21% | Market value weighted blend of NCREIF Private Real Estate Benchmark (ODCE lagged by three months) and Other Real Assets Custom Benchmark (CPI-U plus 400 basis points per annum lagged by three months)Market value weighted blend of NCREIF Private Real Estate Benchmark (ODCE Index (net) lagged by three months) and Other Real Assets Custom Benchmark (CPI-U Index plus 400 basis points per annum lagged by three months) | Our copy |
| Virginia RS | Credit Strategies | Fixed Income | 16% | 9–23% | Morningstar LSTA Performing Loan (50%) and Bloomberg US High Yield Ba/B 2% Issuer Cap (50%)Morningstar LSTA Performing Loan Index (50%) and Bloomberg U.S. High Yield Ba/B 2% Issuer Cap Index (50%) | Our copy |
| Virginia RS | Diversifying Strategies | Hedge Funds / Absolute Return | 5% | 2–10% | ICE BofA US 3-Month T-Bill plus 250 basis points per annumICE BofA U.S. 3-Month Treasury Bill Index plus 250 basis points per annum | Our copy |
| Virginia RS | Private Investment Partnerships | Multi-Asset / Other | 2% | 0–4% | Weighted average of Private Equity Custom Benchmark (33%), NCREIF Private Real Estate Benchmark (25%), Other Real Assets Custom Benchmark (8%), Bloomberg US High Yield Ba/B 2% Issuer Cap (17%), and Morningstar LSTA Performing Loan (17%)Weighted average of Private Equity Custom Benchmark (33%), NCREIF Private Real Estate Benchmark (25%), Other Real Assets Custom Benchmark (8%), Bloomberg U.S. High Yield Ba/B 2% Issuer Cap Index (17%), and Morningstar LSTA Performing Loan Index (17%) | Our copy |
| Virginia RS | Exposure Management Portfolio | Multi-Asset / Other | 0% | 0–6% | No specific benchmark defined | Our copy |
| Virginia RS | Fixed Income | Fixed Income | 16% | 12–23% | Bloomberg US Aggregate Bond (90%), Bloomberg US High Yield Ba/B 2% Issuer Cap (5%), and JP Morgan EMBI Global Core (5%)Bloomberg U.S. Aggregate Bond Index (90%), Bloomberg U.S. High Yield Ba/B 2% Issuer Cap Index (5%), and JP Morgan EMBI Global Core Index (5%) | Our copy |
| Virginia RS | Cash | Cash | 2% | 0–7% | ICE BofA 3 Mo US T-BillICE BofA U.S. 3-Month Treasury Bill Index | Our copy |
| Wisconsin RScore fund · one of 2 portfolios in the document | public equity | Public Equity | 38% | 32–44% | — | Our copy |
| Wisconsin RScore fund · one of 2 portfolios in the document | public fixed income | Fixed Income | 27% | 21–33% | — | Our copy |
| Wisconsin RScore fund · one of 2 portfolios in the document | inflation sensitive assets | Real Assets / Infrastructure | 19% | 14–24% | — | Our copy |
| Wisconsin RScore fund · one of 2 portfolios in the document | private equity debt | Private Equity | 20% | 12–28% | — | Our copy |
| Wisconsin RScore fund · one of 2 portfolios in the document | real estate | Real Estate | 8% | 4–12% | — | Our copy |