State of Minnesota

Full Investment Portfolio: Public Equities: 45.63% Fixed Income: 6.92% Private Equity: 6.13% Private Debt: 0.70% Real Asset: 2.00% Real Estate: 0.92% Distressed/Opportunistic: 1.02% Treasuries: 6.93% Cash: 0.83% Other: 28.92% The Minnesota State Board of Investment (SBI) is the state agency responsible for the investment management of various statewide retirement funds, trust funds, and cash accounts. The Combined Funds account represent assets for public employees in the Minnesota retirement systems, the largest of which are Public Employees Retirement Association (PERA), the Teachers Retirement Association (TRA), and the Minnesota State Retirement System (MSRS). Only the Combined Funds invests in alternatives.