003 · Benchmarks · by asset class

Multi-Asset / Other.

72 distinct benchmarks from 17 index providers, named across 69 plans. Benchmarks are grouped by who publishes them; each table lists the plans that use the benchmark, the label they give the sleeve, and their document.

Bloomberg (12) · MSCI (10) · Cash rate (9) · Custom blend (8) · HFR (4) · CPI / inflation-plus (3) · Actuarial / assumed return (2) · Cboe (2) · Alerian (1) · ICE BofA (1) · NCREIF (1) · Own portfolio return (1) · Return target (1) · S&P (1) · Société Générale (1) · Not stated (8) · Unclassified (1)

Bloomberg

12 benchmarks · 12 plans

Blended benchmark (25% Bloomberg US Credit , 25% ICE BofA ML HY Master II , 25% JP Morgan EMBI Global Diversified , 25% S&P UBS Global Leveraged Loan USD hedged)

2 plans

Plan	Labelled as	IPS	Source
Nebraska Schools	Return-Seeking	Our copy	Plan's site
Nebraska State	Return-Seeking	Our copy	Plan's site

50% Barclays Long-Term Government, 15% Barclays Securitized, 15% Barclays Corporate, 20% Barclays US TIPS

1 plan

Plan	Labelled as	IPS	Source
Maryland State Retirement and Pension System	Rate Sensitive	Our copy	Plan's site

70% ACWI IMI / 30% Bloomberg US Intermediate Aggregate Balanced Benchmark

1 plan

Plan	Labelled as	IPS	Source
San Diego County ERA	Opportunistic	Our copy	Plan's site

80% Public Equity Benchmark and 20% Bloomberg US Aggregate Bond

1 plan

Plan	Labelled as	IPS	Source
Minnesota State Board of Investment	Uninvested Private Markets	Our copy	Plan's site

85% Bloomberg US Aggregate / 15% Bloomberg US TIPS

1 plan

Plan	Labelled as	IPS	Source
Orange County ERS	Income Strategies - Public	Our copy	Plan's site

Blended benchmark (25% Bloomberg US Credit , 25% ICE BofA ML HY Master II , 25% JP Morgan EMBI Global Diversified , 25% UBS Global Leveraged Loan USD hedged)

1 plan

Plan	Labelled as	IPS	Source
Omaha School	Return-Seeking	Our copy	Plan's site

Bloomberg Intermediate Agg. Ex Credit

1 plan

Plan	Labelled as	IPS	Source
Illinois Universities	Principal Protection	Our copy	Plan's site

Bloomberg Long-Term US Treasury

1 plan

Plan	Labelled as	IPS	Source
Orange County ERS	Risk Mitigation - First Responders	Our copy	Plan's site

Bloomberg US Aggregate + 2%

1 plan

Plan	Labelled as	IPS	Source
Ohio School Employees	Opportunistic and Tactical Investments	Our copy	Plan's site

Bloomberg US Intermediate Treasury (LT08TRUU)

1 plan

Plan	Labelled as	IPS	Source
Texas ERS	Insurance & Benefits Fund - Rates	Our copy	Plan's site

Bloomberg US MBS

1 plan

Plan	Labelled as	IPS	Source
Los Angeles Fire and Police	MBS	Our copy	Plan's site

Customized Hedged Asset Benchmark (25% Russell 3000 , 25% MSCI ACWI Ex-US.A , 50% Barclays US Intermediate Credit )

1 plan

Plan	Labelled as	IPS	Source
Missouri PSRS/PEERS	Hedged Asset Program	Our copy	Plan's site

MSCI

12 benchmarks · 10 plans

60% MSCI ACWI / 40% FTSE WGBI

1 plan

Plan	Labelled as	IPS	Source
Chicago Police	Global Asset Allocation	Our copy	Plan's site

60% MSCI ACWI/40% Citi WGBI

1 plan

Plan	Labelled as	IPS	Source
Louisiana Municipal Police	Global Asset Allocation	Our copy	—

65% MSCI ACWI IMI (net of withholding taxes) + 35% ICE BofA 5+ Years US Treasury

1 plan

Plan	Labelled as	IPS	Source
North Carolina Investment Authority	Reference Portfolio Benchmark	Our copy	Plan's site

66% Russell 3000 , 34% MSCI All-Country ex-USA IMI

1 plan

Plan	Labelled as	IPS	Source
Delaware State Employees	Private Investments	Our copy	Plan's site

Custom Alternative Investments (74% MSCI World (1QtrLag)+3%, 26% S&P/LSTA US Leverage Loan 100 +2%)

1 plan

Plan	Labelled as	IPS	Source
Illinois Municipal	Alternative Investments	Our copy	Plan's site

MSCI ACWI

1 plan

Plan	Labelled as	IPS	Source
Employees' Retirement System of Rhode Island	Public Growth	Our copy	Plan's site

MSCI ACWI IMI

1 plan

Plan	Labelled as	IPS	Source
Illinois Universities	Traditional Growth	Our copy	Plan's site

MSCI ACWI Minimum Volatility

1 plan

Plan	Labelled as	IPS	Source
Chicago Municipal	Global Low Volatility	Our copy	Plan's site

MSCI EX-USA , MSCI EX-USA Value

1 plan

Plan	Labelled as	IPS	Source
Louisiana SERS	Established International (Lg Cap)	Our copy	Plan's site

MSCI Emerging Markets ND

1 plan

Plan	Labelled as	IPS	Source
District of Columbia Retirement Board	Emerging Markets Eq.	Our copy	Plan's site

MSCI World EX-USA Sm Cap

1 plan

Plan	Labelled as	IPS	Source
Louisiana SERS	Established International (Sm Cap)	Our copy	Plan's site

MSCI World ex US ND

1 plan

Plan	Labelled as	IPS	Source
District of Columbia Retirement Board	Int'l. Dev. Markets Eq.	Our copy	Plan's site

Cash rate

9 benchmarks · 9 plans

1-Month Overnight Funding Rate (SOFR) + 0.35%

1 plan

Plan	Labelled as	IPS	Source
San Francisco City & County ERS	Leverage	Our copy	Plan's site

3-Month T-Bill + 3%

1 plan

Plan	Labelled as	IPS	Source
MainePERS	Risk Diversifiers	Our copy	Plan's site

3-Month Term SOFR

1 plan

Plan	Labelled as	IPS	Source
Pennsylvania School Employees	Financing Cost of Leverage	Our copy	Plan's site

3-Month Treasury bills

1 plan

Plan	Labelled as	IPS	Source
Texas ERS	Retiree Health Fund	Our copy	Plan's site

3yr Constant Maturity Treasury

1 plan

Plan	Labelled as	IPS	Source
Indiana Public Retirement System	Stable Value Fund	Our copy	Plan's site

90-Day Treasury Bills + 2.0%

1 plan

Plan	Labelled as	IPS	Source
Illinois Universities	Alternative Risk Premia	Our copy	Plan's site

95% Barclays US Aggregate Bond , 5% FTSE 3-Month T-Bill

1 plan

Plan	Labelled as	IPS	Source
Los Angeles Water and Power	Death Benefits Fund · Disability Benefits Fund	Our copy	Plan's site

ICE BofA US 3-Month T-Bill + 0.5%

1 plan

Plan	Labelled as	IPS	Source
California PERF	Strategic Leverage	Our copy	Plan's site

SOFR + 0.26161%

1 plan

Plan	Labelled as	IPS	Source
Texas Teachers	Asset Allocation Leverage	Our copy	Plan's site

Custom blend

11 benchmarks · 8 plans

75% global equity / 25% fixed income composite

1 plan

Plan	Labelled as	IPS	Source
Iowa Municipal Fire and Police	Strategic Portfolio	Our copy	Plan's site

Aggregate Blend of Blends

1 plan

Plan	Labelled as	IPS	Source
Illinois Universities	Total Broad Growth	Our copy	Plan's site

Blend

1 plan

Plan	Labelled as	IPS	Source
Illinois Universities	Stabilized Growth · Non-Traditional Growth · Total Crisis Risk Offset	Our copy	Plan's site

Blended Benchmark

1 plan

Plan	Labelled as	IPS	Source
Wyoming Public Employees	Marketable Alternatives	Our copy	Plan's site

Composite of various benchmarks that closely match each Target Date Fund's allocation

1 plan

Plan	Labelled as	IPS	Source
Indiana Public Retirement System	Target Date Retirement Funds	Our copy	Plan's site

Custom benchmark based on target weights of underlying sub-asset class allocations

1 plan

Plan	Labelled as	IPS	Source
Ohio PERS	Risk Mitigation Strategies	Our copy	Plan's site

Market value weight of underlying portfolio benchmarks

1 plan

Plan	Labelled as	IPS	Source
Ohio PERS	Opportunistic	Our copy	Plan's site

Primary: Total Fund Policy benchmark; Secondary: Weighted average of underlying strategy benchmarks

1 plan

Plan	Labelled as	IPS	Source
San Diego City ERS	Opportunity Fund	Our copy	Plan's site

Relevant blended benchmark, as applicable

1 plan

Plan	Labelled as	IPS	Source
Minnesota State Board of Investment	Opportunistic	Our copy	Plan's site

Specified composite (determined and reviewed by Board)

1 plan

Plan	Labelled as	IPS	Source
Iowa Municipal Fire and Police	Core Portfolio	Our copy	Plan's site

Weighted average of benchmarks of underlying strategies

1 plan

Plan	Labelled as	IPS	Source
Arkansas Teachers	Opportunistic/Alternatives	Our copy	Plan's site

HFR

4 benchmarks · 4 plans

50% Soc Gen Multi Alt Risk Premia / 50% HFRI Macro (Total)

1 plan

Plan	Labelled as	IPS	Source
Orange County ERS	Risk Mitigation - Diversifiers	Our copy	Plan's site

CBOE Put/Write or HFRI Composite

1 plan

Plan	Labelled as	IPS	Source
Cincinnati ERS	Hedged Funds	Our copy	Plan's site

Hedge Fund Research, Inc. HFRX Macro/Commodity Trading Advisor (CTA)

1 plan

Plan	Labelled as	IPS	Source
Missouri State Employees	Alternative Beta	Our copy	Plan's site

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

1 plan

Plan	Labelled as	IPS	Source
Colorado PERA	Alternatives	Our copy	Plan's site

CPI / inflation-plus

3 benchmarks · 3 plans

CPI + 4%

1 plan

Plan	Labelled as	IPS	Source
Houston Municipal	ILAC	Our copy	Plan's site

Cash + CPI + 1%

1 plan

Plan	Labelled as	IPS	Source
Houston Firefighters	M2 Hedge (Funds, Gold, Digital Assets)	Our copy	Plan's site

Floating based on sub-category weights: Hedge Funds - SOFR + 3%; Real Assets – CPI + 4%; Insurance Linked Securities – Swiss RE CAT Bond ; Opportunistic Strategies – appropriate benchmark

1 plan

Plan	Labelled as	IPS	Source
Florida RS	Strategic Investments	Our copy	Plan's site

Actuarial / assumed return

2 benchmarks · 2 plans

Actuarial rate of return

1 plan

Plan	Labelled as	IPS	Source
Michigan Office of Retirement Services	Opportunistic	Our copy	Plan's site

Assumed rate of return + 3%

1 plan

Plan	Labelled as	IPS	Source
Kern County ERS	Opportunistic	Our copy	Plan's site

Cboe

2 benchmarks · 2 plans

50% SG Trend / 50% CBOE Long Volatility

1 plan

Plan	Labelled as	IPS	Source
Phoenix ERS	Risk Mitigating Strategies	Our copy	Plan's site

CBOE EurekaHedge Long Volatility

1 plan

Plan	Labelled as	IPS	Source
Illinois Universities	Long Volatility/Tail Risk	Our copy	Plan's site

Alerian

1 benchmark · 1 plan

Alerian MLP

1 plan

Plan	Labelled as	IPS	Source
Texas County & District	Master Limited Partnerships	Our copy	Plan's site

ICE BofA

1 benchmark · 1 plan

ICE BofA US High Yield + 2%

1 plan

Plan	Labelled as	IPS	Source
Louisiana Teachers	Mezzanine	Our copy	Plan's site

NCREIF

1 benchmark · 1 plan

Weighted average of Private Equity Custom Benchmark (33%), NCREIF Private Real Estate Benchmark (25%), Other Real Assets Custom Benchmark (8%), and Credit Strategies Custom Benchmark (34%)

1 plan

Plan	Labelled as	IPS	Source
Virginia RS	Private Investment Partnerships	Our copy	Plan's site

Own portfolio return

1 benchmark · 1 plan

OPERF Total Portfolio

1 plan

Plan	Labelled as	IPS	Source
Oregon PERS	Opportunity Portfolio	Our copy	Plan's site

Return target

1 benchmark · 1 plan

300bps

1 plan

Plan	Labelled as	IPS	Source
Kern County ERS	Alpha Pool	Our copy	Plan's site

S&P

1 benchmark · 1 plan

60% S&P UBS Leveraged Loan / 40% S&P UBS Western European Leveraged Loan

1 plan

Plan	Labelled as	IPS	Source
Orange County ERS	Income Strategies - Private	Our copy	Plan's site

Société Générale

1 benchmark · 1 plan

Soc Gen Trend

1 plan

Plan	Labelled as	IPS	Source
Orange County ERS	Risk Mitigation - Second Responders	Our copy	Plan's site

Not stated

9 benchmarks · 8 plans

Custom Risk Mitigating Benchmark

1 plan

Plan	Labelled as	IPS	Source
Louisiana Schools	Risk Mitigating Strategies	Our copy	Plan's site

Delegated to CIO with asset class category benchmarks to be broadly diversified and generally accepted within institutional investment industry

1 plan

Plan	Labelled as	IPS	Source
North Carolina Investment Authority	Implementation Benchmark	Our copy	Plan's site

Income Strategies Custom

1 plan

Plan	Labelled as	IPS	Source
Orange County ERS	Income Strategies	Our copy	Plan's site

Investment Determined

1 plan

Plan	Labelled as	IPS	Source
Oklahoma Fire	Other Assets	Our copy	Plan's site

Not specified in policy

1 plan

Plan	Labelled as	IPS	Source
Iowa Municipal Fire and Police	Illiquid Investments	Our copy	Plan's site

Risk Mitigation Custom

1 plan

Plan	Labelled as	IPS	Source
Orange County ERS	Risk Mitigation	Our copy	Plan's site

See Private Markets Investment Policy (1Q lag)

1 plan

Plan	Labelled as	IPS	Source
Ohio Police & Fire	Private Markets	Our copy	Plan's site

See asset class policies

1 plan

Plan	Labelled as	IPS	Source
California Teachers	Other asset classes	Our copy	Plan's site

Strategy Representative Benchmark

1 plan

Plan	Labelled as	IPS	Source
Delaware State Employees	Other Strategies	Our copy	Plan's site

Unclassified

1 benchmark · 1 plan

SG Multi Alternative Risk Premia

1 plan

Plan	Labelled as	IPS	Source
Ohio Teachers	Liquid Alternatives	Our copy	Plan's site

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