Descriptions and factsheets for investment options available to Other Retirement Funds and Tax-Advantaged Savings Plans participants are provided below.
All-Cap Equity
The U.S. Equity Actively Managed Fund aims to outperform the board U.S. equity market, as measured by the Russell 3000 Index. Its assets are held in an investment pool managed by external institutional managers, with oversight by the SBI.
The U.S. Equity Index Fund is passively managed and aims to generate returns that track the performance of the broad U.S. equity market, as represented by the Russell 3000 Index. Assets are held in an investment pool managed by external institutional managers, with oversight by the SBI.
The Vanguard Total U.S. Stock Market Index Fund is passively managed and aims to replicate the returns of the broad U.S. equity market, as measured by the CRSP U.S. Total Stock Market Index. Assets are invested in a mutual fund managed by Vanguard.
Vanguard Total Stock Market Institutional Index Plus (passive)
Large-Cap Equity
The Vanguard Dividend Growth Fund is an actively managed portfolio of high-quality stocks that offers focused exposure to dividend-paying companies across a range of industries. The fund's performance is measured against the S&P U.S. Dividend Growers Index. Assets are invested in a mutual fund managed by Wellington Capital.
The Vanguard Institutional Index Fund is a passively managed fund that invests in large-cap companies and tracks the S&P 500 Index. Assets are invested in a mutual fund managed by Vanguard.
Mid-Cap Equity
The Vanguard Mid-Cap Index Fund is a passively managed fund that invests in medium-sized companies and tracks the CRSP U.S. Mid-Cap Index. Assets are invested in a mutual fund managed by Vanguard.
Small-Cap Equity
The T. Rowe Price Small-Cap Fund is an actively managed fund that primarily invests in companies with smaller market capitalizations. The fund's goal is to outperform the Russell 2000 Index. Assets are invested in a mutual fund managed by T. Rowe Price.
International Equity
The Broad International Equity Fund is managed using both active and passive management. This Fund invests in stocks of companies outside the U.S. aiming to outperform the MSCI All Country World Index, excluding the U.S., after taxes on dividends (MSCI ACWI ex U.S. Index, net). Assets are held in an investment pool managed by external institutional managers, with oversight by the SBI.
The Fidelity Diversified International Equity CIT is an actively managed fund that primarily invests in stocks of companies located in developed countries outside the U.S. It aims to outperform the MSCI Europe, Australasia, and Far East (EAFE) Index. Assets are invested in a commingled investment trust (CIT) managed by Fidelity.
The Vanguard Total International Stock Index Fund is a passively managed fund that invests in global stocks and aims to mirror the FTSE Global All Cap ex U.S. Index, which tracks stock market performance in non-U.S. developed and emerging markets. Assets are invested in a mutual fund managed by Vanguard.
Vanguard Total International Stock Index Fund Institutional Shares
Fixed Income
The Bond Fund is an actively managed fund that invests exclusively in fixed-income securities, with the goal of generating returns that surpass the Bloomberg U.S. Aggregate Bond Index. Assets are held in an investment pool managed by external institutional managers, with oversight by the SBI.
The Dodge & Cox Core Bond Account invests primarily in U.S. and investment-grade fixed income securities in the U.S. bond market and seeks to outperform the Bloomberg U.S. Aggregate Bond Index. Dodge & Cox manages the assets in a separately managed account.
The Vanguard Total Bond Market Index Fund invests in a broad range of investment-grade U.S. fixed-income securities. The fund seeks to track the performance of the Bloomberg U.S. Aggregate Float Adjusted Bond Index. Assets are invested in a mutual fund managed by Vanguard.
Vanguard Total Bond Market Index Fund Institutional Plus Shares
Capital Preservation
The Money Market Account aims to provide safety of principal, daily liquidity, and competitive yields by investing in short-term instruments. This account is evaluated against the performance of the ICE BofA 3-Month U.S. T-Bill Index. Assets are invested in a commingled investment trust (CIT), known as the Short-Term Investment Fund, managed by State Street Investment Management.
The Stable Value Account seeks to preserve principal and generate a steady income. It is evaluated against the 3-Year Constant Maturity Treasury Yield plus 0.45%. Galliard Capital Management invests these assets in a separately managed account.
Asset Allocation
The Balanced Fund uses both active and passive strategies to invests in U.S. equity and broad fixed income markets. The fund has a target allocation of 60% domestic equity, 35% fixed income, and 5% cash. The fund is constructed using the U.S. Equity Index Fund, the Bond Fund, and the Money Market Account according to the target allocation weights. Assets are held in investment pools managed by external institutional managers, with oversight by the SBI.
The Vanguard Balanced Index Fund is comprised of a mix of stocks and bonds. The fund seeks to track a weighted benchmark of 60% CRSP U.S. Total Stock Market Index and 40% Bloomberg U.S. Aggregate Bond Index. Assets are invested in a mutual fund managed by Vanguard.
The Volunteer Firefighter Account, which employs both active and passive management strategies, is the investment option for the Statewide Volunteer Firefighter Plan. The fund has a target allocation of 35% domestic equity, 15% international equity, 45% fixed income, and 5% cash. The fund is constructed using the U.S. Equity Index Fund, the Broad International Equity Fund, the Bond Fund, and the Money Market Account according to the target allocation weights. Assets are held in investment pools managed by external institutional managers, with oversight by the SBI.
The Minnesota Target Retirement Funds provide a variety of funds with diversified allocations that shift over time to reduce risk and become more conservative as the target retirement date nears. Assets are invested in a commingled investment trust (CIT) structure managed by State Street Investment Management.
MN Target Date Funds - Allocation 12/31/2025 (pdf)
MN Target Date Funds - Performance 12/31/2025 (pdf)