CalSTRS (www.calstrs.com) is the Largest U.S. teachers' retirement fund and Second largest U.S. public pension fund as of May 31, 2009. As of July 2009 CalSTRS have $123.8 billion in assets.  The investment portfolio is broadly diversified into six categories.  The Real Estate portfolio is comprised of directly owned assets and investments in opportunity funds.  The direct property portfolio is diversified as to property type and geographic location.