June 10, 2013 01:00 AM

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 plan	Fixed-income assets	Portfolio duration		U.S. Treasuries & agencies	Corporate securities	Non-government asset-backed securities1	International securities	Other	Cash2
1	California Public Employees	$56,518	7.0		40.8%	19.5%	28.4%	9.4%	1.8%	0.0%
2	Florida State Board	$42,847	3.0		44.6%	14.6%	5.8%	8.0%	0.7%	26.3%
3	New York State Common3	$33,441	6.6		50.6%	24.5%	24.9%	0.0%	0.0%	0.0%
4	California State Teachers	$32,351	3.7		23.4%	24.8%	26.3%	0.0%	10.4%	15.1%
5	North Carolina	$27,600	NA		58.8%	37.7%	2.2%	0.0%	0.0%	1.3%
6	Wisconsin Investment Board	$25,804	5.9		27.6%	20.3%	0.1%	14.5%	30.3%	7.3%
7	Ohio Public Employees4	$23,598	3.8		45.0%	25.7%	6.4%	10.5%	3.0%	9.4%
8	Texas Teachers5	$20,107	9.8		96.7%	0.3%	2.6%	0.5%	0.0%	0.0%
9	New Jersey	$20,005	NA		20.3%	52.2%	0.3%	14.4%	12.8%	0.0%
10	Virginia Retirement	$19,846	3.8		27.6%	63.7%	3.4%	0.0%	4.5%	0.9%
11	Georgia Teachers	$15,588	5.0		56.5%	37.3%	0.0%	3.6%	2.6%	0.0%
12	New York State Teachers	$15,362	2.8		46.6%	28.2%	6.5%	0.0%	0.0%	18.8%
13	Oregon Public Employees	$14,705	4.1		25.5%	21.8%	10.6%	18.7%	23.1%	0.4%
14	Pennsylvania School Employees	$14,452	3.1		13.6%	9.9%	17.9%	8.6%	37.7%	12.4%
15	Tennessee Consolidated	$14,302	6.1		56.6%	30.4%	9.0%	0.0%	1.1%	2.9%
16	Maryland State Retirement	$13,406	NA		27.2%	26.5%	20.8%	9.6%	1.0%	14.8%
17	Washington State Board	$12,540	NA		26.1%	40.4%	16.6%	13.9%	3.0%	0.0%
18	Massachusetts PRIM	$12,136	4.6		31.8%	34.0%	3.2%	0.0%	24.0%	7.0%
19	Ohio State Teachers6	$11,756	4.2		24.0%	41.0%	29.2%	5.8%	0.0%	0.0%
20	Minnesota State Board	$10,600	4.7		30.4%	23.0%	41.3%	0.0%	5.3%	0.0%
21	Los Angeles County Employees	$9,470	5.6		35.3%	31.7%	2.6%	0.6%	29.7%	0.0%
22	Colorado Employees4	$9,207	5.1		50.9%	20.3%	1.8%	9.6%	17.4%	0.0%
23	Michigan Retirement	$7,720	3.5		24.4%	65.3%	0.0%	10.3%	0.0%	0.0%
24	Illinois 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.