b'ASSET ALLOCATION DECISIONSTheSystemsassetallocationplanestablishestheblueprintforinvestingthe Systems assets in stocks, bonds, real estate, and cash equivalents over a three to five-year period. This plan is the single most important factor in managing risk and achieving the investment returns necessary to fund benefits.Asset Allocation Targets as of June 30, 2024Commodities, 2%Domestic Large Cap Equity, 23%Domestic Small Cap Equity, 6%International Developed Markets, 18%Fixed Income, 22%Private Credit, 3%Cash, 1%Real Estate, 10%Private Equity, 15%The actual asset class percentages of the System will vary from target allocations due to inflows (such as employer and member contributions), outflows (such as pensionpayments),andthemovementsofthesecuritiesmarkets.Assetsare periodically rebalanced to adjust for these movements.Net Asset Valuesas of June 30, 2024Asset ClassMarket Value (in millions) PercentDomestic Equity $ 9,821 31.33%International Equity 5,410 17.26%Fixed Income 6,715 21.42%Private Equity 5,499 17.54%Real Estate 3,047 9.72%Commodities 264 0.84%Private Credit 28 0.09%Cash Equivalents 565 1.80%Total $31,349 100%SECTION 4 Investments 101'