Asset Class Selection for Pension Funds

As an analyst for a public pension fund, you are reviewing the fund's investment policy statement (IPS). The IPS outlines the objectives, constraints, and strategies for the fund's investments. One of the primary objectives stated in the IPS is to achieve a reasonable level of return while maintaining a low level of risk. Based on this objective, you are considering the types of asset classes that would be most appropriate for the fund.

Which of the following asset classes would you consider most aligned with the fund's objective of achieving a reasonable return with low risk?