Public School Teachers' Pension and Retirement Fund of Chicago will begin an asset allocation/risk study in the first quarter. The current asset allocation for the $9 billion fund is 38% fixed income, 46% domestic equity, 1% emerging markets, 8% international equity, 2% public REITs, 4.5% private real estate and 0.5%, short-term investments. Fund officials probably will review the fixed-income manager structure in mid to late 1999, said Mr. Nehf. Mercer will assist. Separately, the fund hired Northern Trust, its custodian, to run a short-term investment fund that will be used to manage cash.