Fixed-income exposure of public pension plans

Ranked by total fixed-income assets, in millions, as of June 30, 2012, unless otherwise noted

 % OF PORTFOLIO IN
 Pension planFixed-income assetsPortfolio duration    U.S. Treasuries & agenciesCorporate securitiesNon-government asset-backed securities1International securitiesOtherCash2
1California Public Employees$56,518 7.0    40.8%19.5%28.4%9.4%1.8%0.0%
2Florida State Board$42,847 3.0    44.6%14.6%5.8%8.0%0.7%26.3%
3New York State Common3$33,441 6.6    50.6%24.5%24.9%0.0%0.0%0.0%
4California State Teachers$32,351 3.7    23.4%24.8%26.3%0.0%10.4%15.1%
5North Carolina$27,600 NA    58.8%37.7%2.2%0.0%0.0%1.3%
6Wisconsin Investment Board$25,804 5.9    27.6%20.3%0.1%14.5%30.3%7.3%
7Ohio Public Employees4$23,598 3.8    45.0%25.7%6.4%10.5%3.0%9.4%
8Texas Teachers5$20,107 9.8    96.7%0.3%2.6%0.5%0.0%0.0%
9New Jersey$20,005 NA    20.3%52.2%0.3%14.4%12.8%0.0%
10Virginia Retirement$19,846 3.8    27.6%63.7%3.4%0.0%4.5%0.9%
11Georgia Teachers$15,588 5.0    56.5%37.3%0.0%3.6%2.6%0.0%
12New York State Teachers$15,362 2.8   46.6%28.2%6.5%0.0%0.0%18.8%
13Oregon Public Employees$14,705 4.1    25.5%21.8%10.6%18.7%23.1%0.4%
14Pennsylvania School Employees$14,452 3.1    13.6%9.9%17.9%8.6%37.7%12.4%
15Tennessee Consolidated$14,302 6.1    56.6%30.4%9.0%0.0%1.1%2.9%
16Maryland State Retirement$13,406 NA    27.2%26.5%20.8%9.6%1.0%14.8%
17Washington State Board$12,540 NA    26.1%40.4%16.6%13.9%3.0%0.0%
18Massachusetts PRIM$12,136 4.6    31.8%34.0%3.2%0.0%24.0%7.0%
19Ohio State Teachers6$11,756 4.2    24.0%41.0%29.2%5.8%0.0%0.0%
20Minnesota State Board$10,600 4.7    30.4%23.0%41.3%0.0%5.3%0.0%
21Los Angeles County Employees$9,470 5.6    35.3%31.7%2.6%0.6%29.7%0.0%
22Colorado Employees4$9,207 5.1    50.9%20.3%1.8%9.6%17.4%0.0%
23Michigan Retirement$7,720 3.5    24.4%65.3%0.0%10.3%0.0%0.0%
24Illinois Teachers$7,488 4.2    23.5%28.2%0.0%24.0%24.3%0.0%
Notes:

1 When government agency investments were listed all other asset-backed securities were considered non-agency.

2 Some plans did not include cash within their disclosures.

3 Data are as of March 31, 2012.

4 Data are as of Dec. 31, 2011.

5 As of Aug. 31, 2012; because the Teacher Retirement System of Texas did not report cash in every year, cash was excluded for all years.

6 The State Teachers' Retirement System of Ohio disclosed high-yield and emerging-markets assets together. The allocation was split 50/50.

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