The Texas PSF Corporation board of directors sets the asset allocation policy for the Fund, including determining the available asset classes for investment and approving target percentages and ranges for allocation to each asset class, with the goal of delivering a long-term risk-adjusted return through all economic and market environments. 
A formal asset allocation study is conducted at least every two years or more frequently at the direction of the Board.

Asset ClassWeight (%)
Cash2%
Core Bonds10%
High Yield2%
Bank Loans4%
Treasury Inflation-Protected Securities (TIPS)2%
Large Cap U.S. Equity14%
Small/Mid-Cap U.S. Equity6%
Non-U.S. Developed Equity7%
Absolute Return3%
Real Estate12%
Private Equity20%
Private Credit8%
Natural Resources5%
Infrastructure5%

Adopted February 2024