Benchmarks

Contact: Treasurer of the Regents, 1111 Broadway, 14th Floor, Oakland, CA 94607, tel (510) 987-9600, fax (510) 987-9651

Policy Benchmarks

University of California Retirement Plan (UCRP)
Policy Benchmark

Since 7/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP	0	0
US Equity	Russell 3000 TF	52% - actual wt (PE) - actual wt (RE) - actual wt (AR)
Non - US Equity Developed	MSCI World ex-US (Net Dividends) TF	18%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	3%
US Core Fixed Income	Citigroup Large Pension Fund (LPF)	12%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non-US Fixed Income	Citigroup World Gov't Bond Index ex-US	3%
Emerging Market Debt	JP Morgan Emerging Market Bond Index "Plus"	3%
TIPS	Lehman Brothers TIPS	6%
Private Equity	Actual PE Returns	actual wt
Absolute Return	30-Day U.S. T-Bill + 4.5%	actual wt
Real Estate	Public: Dow Jones-Wilshire REIT/ Private: NCREIF Property Index	actual wt
Total	0	100%

Since 7/2006 - 6/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP	0	0
US Equity	Russell 3000 TF	51% - actual wt (PE) - actual wt (RE)
Non US Equity-Developed	MSCI World ex-US (Net Dividends) TF	18%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	3%
US Core Fixed Income	Citigroup LPF	13%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non US Fixed Income	Citigroup World Gov't Bond Index ex-US	3%
Emerging Market Fixed Income	JP Morgan Emerging Market Bond Plus Index	3%
TIPS	Lehman Brothers TIPS Index	6%
Private Equity	Actual PE Returns	actual wt
Real Estate	Public: Dow Jones-Wilshire REIT/ Private: NCREIF Property Index (lagged 1qtr.)	actual wt
Total	0	100%

4/2006 - 6/2006

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP	0	0
US Equity	Russell 3000 TF	51% - 0.6 x actual wt (PE) - actual wt (RE)
Non US Equity-Developed	MSCI World ex-US (Net Dividends) TF	18%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	3%
US Core Fixed Income	Citigroup LPF	13% - 0.4 x actual wt (RE)
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non US Fixed Income	Citigroup World Gov't Bond Index ex-US	3%
Emerging Market Fixed Income	JP Morgan Emerging Market Bond Plus Index	3%
TIPS	Lehman Brothers TIPS Index	6%
Private Equity	Actual PE Returns	actual wt
Real Estate	Public: Dow Jones-Wilshire REIT/ Private: NCREIF Property Index	actual wt
Total	0	100%

1/2005 - 3/2006

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP	0	0
US Equity	Russell 3000 TF	58% - actual wt (PE) - 06 x actual wt (RE)
Non US Equity	MSCI ACWI ex-US	7%
Private Equity	Actual PE Returns	actual weight
Fixed Income	Citigroup LPF	30% - 0.4 x actual wt (RE)
TIPS	Lehman Brothers TIPS	5%
Real Estate	Public: Wilshire REIT/ Private: NCREIF Property Index	actual weight
Total	0	100%

7/2003 - 12/2004

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP	0	0
US Equity	Russell 3000 TF	58% - actual wt (PE) - 06 x actual wt (RE)
Non US Equity	MSCI ACWI ex-US	7%
Private Equity	Russell 3000 TF + 3%, lagged 3 mon.	actual weight
Fixed Income	Citigroup LPF	30% - 0.4 x actual wt (RE)
TIPS	Lehman Brothers TIPS	5%
Real Estate	Public: Wilshire REIT/ Private: NCREIF Property Index	actual weight
Total	0	100%

7/2002 - 6/2003

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP	0	0
US Equity	Russell 3000 TF	58% - actual wt (PE)
Non US Equity	MSCI ACWI ex-US	7%
Private Equity	Russell 3000 TF + 3%, lagged 3 mon.	actual weight
Fixed Income	Citigroup LPF	30%
TIPS	Lehman Brothers TIPS	5%
Total	0	100%

1/2001 - 6/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP	0	0
US Equity	Russell 3000 TF	53%
Non US Equity	MSCI ACWI ex-US	7%
Private Equity	Russell 3000 TF + 3%	5%
Fixed Income	Citigroup LPF	35%
Total	0	100%

7/2000 - 12/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP	0	0
US Equity	Russell 3000	53%
Non US Equity	MSCI ACWI ex-US	7%
Private Equity	Russell 3000 TF + 3%	5%
Fixed Income	Citigroup LPF	35%
Total	0	100%

Prior to 6/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP	0	0
US Equity	S&P 500	65%
Fixed Income	Lehman Long-Term Gov/Corp	35%
Total	0	100%

GENERAL ENDOWMENT POOL

Since 7/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000 TF	52% - actual wt (PE) - actual wt (RE) - actual wt (AR)
Non US Equity-Developed	MSCI World ex-US (Net Dividends) TF	20%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	5%
US Core Fixed Income	Lehman Aggregate	8%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non US Fixed Income	Citigroup World Gov't Bond Index ex-US	3%
Emerging Market Fixed Income	JP Morgan Emerging Market Bond Index "Plus"	3%
TIPS	Lehman Brothers TIPS	6%
Private Equity	Actual PE Returns	actual weight
Absolute Return	30-Day US T-Bill+4.5%	actual wt
Real Estate	Public: Dow Jones-Wilshire REIT/ Private: NCREIF Property Index	actual weight
Total	0	100%

Since 4/2007 - 6/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000 TF	37% - actual wt (PE) + actual wt (RE)
Non US Equity-Developed	MSCI World ex-US (Net Dividends) TF	20%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	5%
US Core Fixed Income	Lehman Aggregate Bond Index	8%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non US Fixed Income	Citigroup World Gov't Bond Index ex-US	3%
Emerging Market Fixed Income	JP Morgan Emerging Market Bond Plus Index	3%
TIPS	Lehman Brothers TIPS Index	6%
Private Equity	Actual PE Returns	actual weight
Absolute Return	30-Day US T-Bill+4.5%	15%
Real Estate	Public: Dow Jones-Wilshire REIT/ Private: NCREIF Property Index (lagged 1 qtr.)	actual weight
Total	0	100%

1/2007 - 3/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000 TF	40% - actual wt (PE) + actual wt (RE)
Non US Equity-Developed	MSCI World ex-US (Net Dividends) TF	20%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	5%
US Core Fixed Income	Lehman Aggregate Bond Index	8%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non US Fixed Income	Citigroup World Gov't Bond Index ex-US	3%
Emerging Market Fixed Income	JP Morgan Emerging Market Bond Plus Index	3%
TIPS	Lehman Brothers TIPS Index	6%
Private Equity	Actual PE Returns	actual weight
Absolute Return	30-Day US T-Bill+4.5%	12%
Real Estate	Public: Dow Jones-Wilshire REIT/ Private: NCREIF Property Index (lagged 1 qtr.)	actual weight
Total	0	100%

9/2006 - 12/2006

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000 TF	42% - actual wt (PE) + actual wt (RE)
Non US Equity-Developed	MSCI World ex-US (Net Dividends) TF	20%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	5%
US Core Fixed Income	Lehman Aggregate Bond Index	8%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non US Fixed Income	Citigroup World Gov't Bond Index ex-US	3%
Emerging Market Fixed Income	JP Morgan Emerging Market Bond Plus Index	3%
TIPS	Lehman Brothers TIPS Index	6%
Private Equity	Actual PE Returns	actual weight
Absolute Return	30-Day US T-Bill+4.5%	10%
Real Estate	Public: Dow Jones-Wilshire REIT/ Private: NCREIF Property Index (lagged 1 qtr.)	actual weight
Total	0	100%

7/2006 - 8/2006

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000 TF	37% - actual wt (PE) + actual wt (RE)
Non US Equity-Developed	MSCI World ex-US (Net Dividends) TF	20%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	5%
US Core Fixed Income	Lehman Aggregate Bond Index	8%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non US Fixed Income	Citigroup World Gov't Bond Index ex-US	3%
Emerging Market Fixed Income	JP Morgan Emerging Market Bond Plus Index	3%
TIPS	Lehman Brothers TIPS Index	6%
Private Equity	Actual PE Returns	actual weight
Absolute Return	30-Day US T-Bill+4.5%	15%
Real Estate	Public: Dow Jones-Wilshire REIT/ Private: NCREIF Property Index (lagged 1 qtr.)	actual weight
Total	0	100%

10/2005 - 6/2006

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000 TF	40% - actual wt (PE) - 0.6 x actual wt (RE)
Non US Equity-Developed	MSCI World ex-US (Net Dividends) TF	20%
Emerging Market Equity	MSCI Emerging Market Free (Net Dividends)	5%
Private Equity	Actual PE Returns	actual weight
Fixed Income	Lehman Aggregate Bond Index	20% - 0.4 x actual wt (RE)
TIPS	Lehman Brothers TIPS	5%
Absolute Return	30-Day US T-Bill+2%	10%
Real Estate	Public: Dow Jones-Wilshire REIT/Private: NCREIF Property Index	actual weight
Total	0	100%

7/2005 - 9/2005

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000 TF	40% - actual wt (PE) - 0.6 x actual wt (RE)
Non US Equity-Developed	MSCI World ex-US (Net Dividends) TF	20%
Emerging Market Equity	MSCI Emerging Market Free (Net Dividends)	5%
Private Equity	Actual PE Return	actual weight
Fixed Income	Citigroup LPF	20% - 0.4 x actual wt. (RE)
TIPS	Lehman Brothers TIPS	5%
Absolute Return	30-Day US T-Bill+4.5%0	10%
Real Estate	Public: Wilshire REIT/ Private: NCREIF Property Index	actual weight
Total	0	100%

7/2003 - 6/2005

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000 TF	55% - actual wt (PE) - 0.6 x actual wt (RE)
Non US Equity	MSCI ACWI ex US	10%
Private Equity	Russell 3000 TF + 3%, lagged 3 mon.	actual weight
Fixed Income	Citigroup LPF	30% - 0.4 x actual wt (RE)
Absolute Return	30-Day US T-Bill+4.5%	5%
Real Estate	Public: Wilshire REIT/ Private: NCREIF Property Index	actual weight
Total	0	100%

7/2002 - 6/2003

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000 TF	58% - actual wt (PE)-
Non US Equity	MSCI ACWI ex US	7%
Private Equity	Russell 3000 TF + 3%, lagged 3 mon.	actual weight
Fixed Income	Citigroup LPF	35%
Total	0	100%

1/2001 - 6/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000 TF	53%
Non US Equity	MSCI ACWI ex US	7%
Private Equity	Russell 3000 TF + 3%	5%
Fixed Income	Citigroup LPF	35%
Total	0	100%

7/2000 - 12/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	Russell 3000	53%
Non US Equity	MSCI ACWI ex US	7%
Private Equity	Russell 3000 + 3%	5%
Fixed Income	Lehman Long-Term Gov/Corp	35%
Total	0	100%

Prior to 6/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP	0	0
US Equity	S&P 500	65%
Fixed Income	Citigroup LPF	35%
Total	0	100%

Equity Fund Policy Benchmark

Since 7/2005

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Equity Fund	0	0
US Equity	Russell 3000 TF	85% - actual wt (PE)
Non-U.S. Equity	MSCI ACWI ex U.S. (Net)	15%
Private Equity	Actual PE Returns	actual weight
Total	0	100%

7/2003 - 6/2005

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Equity Fund	0	0
US Equity	Russell 3000 TF	85% - actual wt (PE)
Non US Equity	MSCI ACWI ex US	15%
Private Equity	Russell 3000 TF+3%, lagged 3 mon.	actual weight
Total	0	100%

7/2002 - 6/2003

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Equity Fund	0	0
US Equity	Russell 3000 TF	80%
Non US Equity	MSCI ACWI ex US	15%
Private Equity	Russell 3000 TF+3%, lagged 3 mon.	5%
Total	0	100%

1/2001 - 6/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Equity Fund	0	0
US Equity	Russell 3000 TF	80%
Non US Equity	MSCI ACWI ex US	15%
Private Equity	Russell 3000 TF+3%	5%
Total	0	100%

7/2000 - 12/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Equity Fund	0	0
US Equity	Russell 3000	80%
Non US Equity	MSCI ACWI ex US	15%
Private Equity	Russell 3000 +3%	5%
Total	0	100%

Prior to 6/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Equity Fund	0	0