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San Jose funds put $250 million into index funds with BlackRock

The $3.5 billion San Jose (Calif.) Police & Fire Department Retirement Plan and $2.2 billion San Jose Federated City Employees' Retirement System invested up to a combined $250 million in two BlackRock (BLK) index funds.

The Police and Fire fund invested up to $50 million in the BlackRock U.S. Debt Index Fund and up to $50 million in the BlackRock Global Aggregate ex-USD Currency Hedged Index Non-Lendable Fund, minutes from a June 27 joint investment committee meeting show.

The Federated City Employees fund invested up to $75 million in the U.S. debt fund and up to $75 million in the global fund, the minutes show. Daryn Miller, chief investment officer for the two systems, said in an e-mail that the new allocations are being funded from cash reserves.