UC Treasurer of The Regents | Policy Benchmarks

Policy Benchmarks

UCRP	International Equity	ICC
GEP	Bond	HIP
Equity	Balanced Growth	STIP
Domestic Equity	TIPS	TRIP
	Savings

University of California Retirement Plan (UCRP)
Policy Benchmark

Since 12/2008

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP
U.S. Equity	Russell 3000 TF	34.5%
Non-U.S. Equity Developed	MSCI World ex-U.S. (Net Dividends) TF	22%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	4%
Global Equity	MSCI All Country World Index Net - IMI - TF	2%
U.S. Core Fixed Income	Citigroup Large Pension Fund (LPF)	12%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non-U.S. Fixed Income	Citigroup World Gov't Bond Index ex-U.S.	3%
Emerging Market Debt	JP Morgan Emerging Market Bond Index "Plus"	3%
TIPS	Barclays Capital TIPS	6%
Private Equity	Actual PE Returns	4%
Absolute Return	50% HFRX Absolute Return Index + 50% HFRX Market Directional Index	3.5%
Real Estate	Public: 50% times FTSE EPRA NAREIT Global ex-U.S. Index return plus 50% times the FTSE EPRA NAREIT Global ex-U.S. Index and Private: Open End: NCREIF Funds Index (lagged 3 months); Closed End: Actual Closed End Returns	3%
Total		100%

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Since 07/2008

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP
U.S. Equity	Russell 3000 TF	45% - actual wt (PE) - actual wt (RE) - actual wt (AR)
Non-U.S. Equity Developed	MSCI World ex-U.S. (Net Dividends) TF	22%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	4%
Global Equity	MSCI All Country World Index Net - IMI - TF	2%
U.S. Core Fixed Income	Citigroup Large Pension Fund (LPF)	12%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non-U.S. Fixed Income	Citigroup World Gov't Bond Index ex-U.S.	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: FTSE EPRA NAREIT Global ex-U.S. Index return and Private: Open End: NCREIF Property Index (NPI) (lagged 3 months); Closed End: Actual Returns	actual wt
Total		100%

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Since 10/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP
U.S. Equity	Russell 3000 TF	52% - actual wt (PE) - actual wt (RE) - actual wt (AR)
Non-U.S. Equity Developed	MSCI World ex-U.S. (Net Dividends) TF	18%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	3%
U.S. Core Fixed Income	Citigroup Large Pension Fund (LPF)	12%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non-U.S. Fixed Income	Citigroup World Gov't Bond Index ex-U.S.	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	Closed End: Actual RE Returns/Open End: NCREIF Property Index (NPI)	actual wt
Total		100%

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Since 7/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP
U.S. Equity	Russell 3000 TF	52% - actual wt (PE) - actual wt (RE) - actual wt (AR)
Non-U.S. Equity Developed	MSCI World ex-U.S. (Net Dividends) TF	18%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	3%
U.S. Core Fixed Income	Citigroup Large Pension Fund (LPF)	12%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non-U.S. Fixed Income	Citigroup World Gov't Bond Index ex-U.S.	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		100%

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Since 7/2006 - 6/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP
U.S. Equity	Russell 3000 TF	51% - actual wt (PE) - actual wt (RE)
Non U.S. Equity-Developed	MSCI World ex-U.S. (Net Dividends) TF	18%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	3%
U.S. Core Fixed Income	Citigroup LPF	13%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non U.S. Fixed Income	Citigroup World Gov't Bond Index ex-U.S.	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		100%

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4/2006 - 6/2006

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP
U.S. Equity	Russell 3000 TF	51% - 0.6 x actual wt (PE) - actual wt (RE)
Non U.S. Equity-Developed	MSCI World ex-U.S. (Net Dividends) TF	18%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	3%
U.S. Core Fixed Income	Citigroup LPF	13% - 0.4 x actual wt (RE)
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non U.S. Fixed Income	Citigroup World Gov't Bond Index ex-U.S.	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		100%

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1/2005 - 3/2006

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP
U.S. Equity	Russell 3000 TF	58% - actual wt (PE) - 06 x actual wt (RE)
Non U.S. Equity	MSCI ACWI ex-U.S.	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		100%

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7/2003 - 12/2004

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

UCRP
U.S. Equity	Russell 3000 TF	58% - actual wt (PE) - 06 x actual wt (RE)
Non U.S. Equity	MSCI ACWI ex-U.S.	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		100%

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7/2002 - 6/2003

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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1/2001 - 6/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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7/2000 - 12/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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Prior to 6/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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GENERAL ENDOWMENT POOL (GEP)

Since 12/2008

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP
U.S. Equity	Russell 3000 TF	19%
Non U.S. Equity-Developed	MSCI World ex-U.S. (Net Dividends) TF	18%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	5%
Global Equity	MSCI All Country World Index Net - IMI - TF	2%
U.S. Core Fixed Income	Barclays Aggregate	8%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non U.S. Fixed Income	Citigroup World Gov't Bond Index ex-U.S.	2.5%
Emerging Market Fixed Income	JP Morgan Emerging Market Bond Index "Plus"	3%
TIPS	Barclays Capital TIPS	4%
Private Equity	Actual PE Returns	7%
Absolute Return	50% HFRX Absolute Return Index + 50% HFRX Market Directional Index	23.5%
Real Estate	Public: 50% times FTSE EPRA NAREIT Global ex-U.S. Index return plus 50% times the FTSE EPRA NAREIT Global ex-U.S. Index and Private: Open End: NCREIF Funds Index (lagged 3 months); Closed End: Actual Closed End Returns	5%
Total		100%

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Since 07/2008

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP
U.S. Equity	Russell 3000 TF	52% - actual wt (PE) - actual wt (RE) - actual wt (AR)
Non U.S. Equity-Developed	MSCI World ex-U.S. (Net Dividends) TF	18%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	5%
Global Equity	MSCI All Country World Index Net - IMI - TF	2%
U.S. Core Fixed Income	Lehman Aggregate	8%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non U.S. Fixed Income	Citigroup World Gov't Bond Index ex-U.S.	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 U.S. T-Bill+4.5%	actual wt
Real Estate	Public: FTSE EPRA NAREIT Global ex-U.S. Index return and Private: Open End: NCREIF Property Index (NPI) (lagged 3 months); Closed End: Actual Returns	actual weight
Total		100%

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Since 10/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP
U.S. Equity	Russell 3000 TF	52% - actual wt (PE) - actual wt (RE) - actual wt (AR)
Non U.S. Equity-Developed	MSCI World ex-U.S. (Net Dividends) TF	20%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	5%
U.S. Core Fixed Income	Lehman Aggregate	8%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non U.S. Fixed Income	Citigroup World Gov't Bond Index ex-U.S.	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 U.S. T-Bill+4.5%	actual wt
Real Estate	Closed End: Actual RE Returns/Open End: NCREIF Property Index (NPI)	actual weight
Total		100%

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Since 7/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP
U.S. Equity	Russell 3000 TF	52% - actual wt (PE) - actual wt (RE) - actual wt (AR)
Non U.S. Equity-Developed	MSCI World ex-U.S. (Net Dividends) TF	20%
Emerging Market Equity	MSCI Emerging Market (Net Dividends)	5%
U.S. Core Fixed Income	Lehman Aggregate	8%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	3%
Non U.S. Fixed Income	Citigroup World Gov't Bond Index ex-U.S.	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 U.S. T-Bill+4.5%	actual wt
Real Estate	Public: Dow Jones-Wilshire REIT/ Private: NCREIF Property Index	actual weight
Total		100%

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Since 4/2007 - 6/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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1/2007 - 3/2007

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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9/2006 - 12/2006

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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7/2006 - 8/2006

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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10/2005 - 6/2006

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP
U.S. Equity	Russell 3000 TF	40% - actual wt (PE) - 0.6 x actual wt (RE)
Non U.S. Equity-Developed	MSCI World ex-U.S. (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 U.S. T-Bill+2%	10%
Real Estate	Public: Dow Jones-Wilshire REIT/Private: NCREIF Property Index	actual weight
Total		100%

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7/2005 - 9/2005

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP
U.S. Equity	Russell 3000 TF	40% - actual wt (PE) - 0.6 x actual wt (RE)
Non U.S. Equity-Developed	MSCI World ex-U.S. (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 U.S. T-Bill+4.5%0	10%
Real Estate	Public: Wilshire REIT/ Private: NCREIF Property Index	actual weight
Total		100%

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7/2003 - 6/2005

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP
U.S. Equity	Russell 3000 TF	55% - actual wt (PE) - 0.6 x actual wt (RE)
Non U.S. Equity	MSCI ACWI ex U.S.	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 U.S. T-Bill+4.5%	5%
Real Estate	Public: Wilshire REIT/ Private: NCREIF Property Index	actual weight
Total		100%

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7/2002 - 6/2003

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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1/2001 - 6/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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7/2000 - 12/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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Prior to 6/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

GEP
U.S. Equity	S&P 500	65%
Fixed Income	Citigroup LPF	35%
Total		100%

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Equity Fund Policy Benchmark

Since 7/2005

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Equity Fund
U.S. 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		100%

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7/2003 - 6/2005

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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7/2002 - 6/2003

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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1/2001 - 6/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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7/2000 - 12/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

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

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Prior to 6/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Equity Fund
U.S. Equity	S&P 500	100%
Total		100%

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Domestic Equity Index Policy Benchmark

Since 7/2005

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Domestic Equity Index Fund
U.S. Equity	Russell 3000 Index	100%
Total		100%

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International Equity Index Policy Benchmark

Since 7/2005

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) International Equity Index Fund
Intrn'l Equity	MSCI EAFE + Canada Index	100%
Total		100%

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Bond Fund Policy Benchmark

Since 7/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Bond Fund
Fixed Income	Lehman Aggregate	100%
Total		100%

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Prior to 6/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Bond Fund
Fixed Income	Lehman Long-Term Gov/Corp	100%
Total		100%

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Balanced Growth Fund Policy Benchmark

Since 4/2004

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b)Balanced Growth Fund
Equity Fund	See Equity Fd Benchmark	65%
Bond Fund	See Bond Fd Benchmark	30%
TIPS Fund	See TIPS Fd Benchmark	5%
Total		100%

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TIPS Fund Policy Benchmark

Since 4/2004

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) TIPS Fund
TIPS	Barclays (formerly Lehman Brothers) TIPS Index	100%
Total		100%

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Savings Fund Policy Benchmark

Since 7/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Savings Fund
Fixed Income	2-Year U.S. Treasury Note Income Return	100%
Total		100%

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Prior to 6/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) Savings Fund
Fixed Income	2-Year U.S. Treasury Note Yield	100%
Total		100%

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Insurance Company Contract (ICC) Fund Policy Benchmark

Since 7/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) ICC Fund
5-Year U.S. Treasury Note Income Return		100%
Total		100%

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Prior to 6/2000

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

403(b) ICC Fund
5-Year U.S. Treasury Note Yield		100%
Total		100%

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High-Income Pool (HIP) Policy Benchmark

Since 10/1989

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

HIP
U.S. Equity	S&P 500 Electric Utilities	20%
Fixed Income	Lehman Long-Term Gov/Corp	80%
Total		100%

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Prior to 10/1989

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

HIP
U.S. Equity	S&P Electric Utilities	20%
Fixed Income	Lehman Long-Term Gov/Corp	80%
Total		100%

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Short Term Investment Pool (STIP) Policy Benchmark

Since 7/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

STIP
Short Term Fixed Income	2-Year U.S. Treasury Note Income Return	100%
Total		100%

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Prior to 6/2002

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

STIP
2-Year U.S. Treasury Note Yield		100%
Total		100%

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Total Return Investment Pool (TRIP) Policy Benchmark

Since 5/2008

ASSET CLASS

BENCHMARK COMPONENT

PERCENTAGE

TRIP
U.S. Fixed Income - Government	Barclays Aggregate Government Index	10%
U.S. Fixed Income - Credit	Barclays Aggregate Credit Index	45%
U.S. Fixed Income - Securitized	Barclays Aggregate Securitized Index	10%
High Yield Debt	Merrill Lynch High Yield Cash Pay Index	10%
U.S. Equity - Large Cap	Russell 1000 Index (Tobacco Free)	10%
U.S. Equity - Small Cap	Russell 2000 Index (Tobacco Free)	5%
Non-U.S. Equity (hedged)	MSCI World ex U.S. Net Index (hedged) (Tobacco Free)	10%
Total		100%

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