APERS: two positions, $25 million

What September adds

The September 7, 2026 preliminary custody report identifies two State of Israel positions: $15 million at 4.060%, maturing October 1, 2027, and $10 million at 4.670%, maturing August 1, 2028. Together they total $25 million par. Custody report, p. 1.

The second investment request states $10 million for a two-year institutional bond. It does not expose a separate execution timestamp. The custody line displays August 15, 2026; that date should not be attributed to the request form as independent settlement proof. Request, p. 1.

Authorization and implementation

The May 15, 2025 Investment Finance Subcommittee motion stated a $25 million to $50 million range. The first documented October 15 purchase was $15 million. That historical amount was below the stated lower end; the September report now reaches $25 million. This resolves the later holdings amount without retroactively explaining the first transaction or proving an authorization violation. Minutes, pp. 1 and 4 · October purchase.

Whose account is represented

This is APERS custody reporting. Allocation of these positions among APERS-administered systems remains unresolved. Treat the $25 million as the documented APERS-reported amount, not an invented allocation to individual systems or members.

The report’s Israel subtotal is 20.80% of its displayed $120.2 million account market value. That is the share of this report’s account, not 20.80% of the entire APERS pension portfolio. Par, market value and accrued income are different measures. Custody report, pp. 1–2.

The remaining documentation question

The reviewed productions do not identify a Callan or other independent consultant sovereign-credit memorandum tied to either purchase. In February, the chief investment officer described the material prepared for the Board in a FOIA-search email. In its September 9 reply, APERS said no responsive records existed for request category 4: existing analyses, consultant recommendations, reviews and recorded decisions or instructions dated February 14 through September 7, 2026, concerning the specified Israel Bonds investment questions. These are bounded production and response findings; oral or unproduced work is not excluded. February search email, physical p. 3,081 · September request and reply, category 4.

A useful next public record would connect credit risk, expected return, liquidity, alternatives and the authorization terms to each purchase. Read the proposed safeguard.