This study investigates the role of US public pension funds in bond markets, traditionally viewed as long-term investors. Using novel data on liability duration and security holdings, I find that these funds exhibit a significant duration mismatch and a tilt toward short-term bonds. To explain this, I aim to explore the role of their investment constraints, primarily duration matching as well as a target funding ratio that can motivate reaching for yield. Preliminary findings suggest that they actively invest in short-term, high-yield bonds to earn excess yields, implying a reaching-for-rating strategy then reaching for maturity.