TPF Balanced Fund
Effective April 1, 2011, the policy allocation was set at 29.5% in the TPF Large Cap Equity Fund, 8.5% in the TPF Small Cap Equity Fund, 15% in the TPF International Equity Fund, 5% in the TPF Emerging Markets Equity Fund, 23% in the TPF Fixed Income Fund, 10% in TPF Defensive Strategies Fund, 4% in the TPF Real Estate Fund, and 4% in TPF Real Assets Fund. In addition, the Fund currently has a small allocation (about 1%) in producing oil and gas royalty interests. The spend rate is set each year, and is currently 4.0% per annum of the average of the monthly values of the Fund for the preceding three years. The objective of the fund is to produce a total rate of return from a blend of equity, and fixed income, and other securities, which provides a stable, predictable and growing source of income to participating institutions to support current programs while preserving the inflation-adjusted purchasing power of the principal over time. As of December 31, 2012, the market value of the Balanced Fund was $291.3 million.