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The Texas PSF 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 (%)
Large Cap US Equity15%
Small/Mid-Cap US Equity6%
Non-US Developed Equity10%
Emerging Market Equity6%
Core Bonds11%
Non-Core Bonds (High Yield & Bank Loans)3%
Emerging Market Debt (Local Currency)2%
U.S. Treasuries2%
Absolute Return6%
Private Equity15%
Real Estate12%
Emerging Manager Program (Private Equity/Real Estate)1%
Real Return (Commodities & U.S. Treasury Inflation Protected Securities (TIPS))4%
Private Real Assets – Natural Resources3%
Private Real Assets – Infrastructure4%
Adopted June 2022