April 2019 Investment Policy Statement the agency had approved target ranges for its Investment Trust as follows: Return-Seeking Assets: U.S. Equities, including publicly traded U.S. REITs: 0% to 15% International Equities (Developed and Emerging): 0% to 15% U.S. and International Bonds (High Yield, Developed, and Emerging Markets): 0% to 10% Private Equity and Private Real Estate (from terminated plans): No range specified Liability-Hedging Assets: U.S. Bonds (Nominal and Real) and Money Market: 65% to 90% The investment statement adds that as the funded ratio improves the weighting toward liability hedging assets should also increase, in accordance with the agency's LDI investment strategy. While there is no target allocation for private equity, debt, or real estate investment, the agency does allow for inherited investments from absorbed plans due to their illiquid nature. As of September 30, 2019 the trust's asset allocation stands at 81.72% fixed income investments, 14.82% equity securities, and 3.46% other securities including private equity, private debt, real estate investments, REITs and insurance contracts. Smaller Asset Managers Pilot Program Since 2016 the agency has implemented a program to allow smaller asset managers to oversee investment mandates within the Trust, covering U.S. investment grade bond allocations. The program was aimed at providing opportunities to asset managers with at least $250 million in assets under management, but less than the billions previously required by the agency. C. S. McKee, LM Capital Group, Longfellow Investment Management, New Century Advisors, and Pugh Capital Management were awarded the inaugural U.S. core fixed income mandates in the program. As of September 30, 2019, the total allocation awarded to five managers within the program totaled less than 1% of the total trust's assets. Revolving Funds The agency also maintains seven revolving funds, though only three are operational, which were authorized under the Employee Retirement Income Security Act of 1974 to hold premiums paid by single employer and multiemployer pension sponsors, transfers from the larger trust fund portfolio for benefit payments, and returns on investments from the fund itself. Federal law mandates that these specific funds only be invested by U.S. Treasury securities. Pension insurance programs The single-employer program protects 30 million workers and retirees in 22,000 pension plans. The multiemployer program protects 10 million workers and retirees in 1,400 pension plans. Multiemployer plans are set up by collective bargaining agreements involving more than one unrelated employer, generally in one industry. Plan terminations An employer can voluntarily