will demonstrate the viability of the proposed SAA by conducting Back Testing (including analysis on significant market events) and Out of-Sample Testing (to show the performance of each SAA in period NOT used in the initial creation of the SAA). The proposal will conduct these tests with real (not nominal) returns on the best two of the three asset allocation (invited proposals will justify their choice of the best two SAA) and by using quarterly rebalancing. Test will use a starting value of $25m and each test will compare the two SAAs (both qualitative and quantitative) and by making the spend in 04 of each year (spend is limited to the erosion of fund value). Invited proposals will demonstrate comparison between SAAs using well-labelled graphs and tables. I. A Back Test of the two SAAs over the period (from Q3 1994 to Q1 2010]. Invited proposals will discuss how each asset allocation performed in general AND during (i) the Tech bubble and (ii) the GFC using business cycle information from NBER. The discussion on the SAA performance will be by using characteristics of the asset/sun-asset classes and their weightings. II. An out-of-sample test of the two asset allocations over the period Q2 2010 to Q2 2021. Prospective portfolio managers will discuss (i) the best and worst quarter performance and (ii) the best and worst 1 year (4 quarter) performance for each asset allocation by using characteristics of the asset classes and their weightings. Proposals can further enhance the section by testing the portfolios