b'SECTION 4INVESTMENTSInvestment Statement .96Investment Environment97Investment Performance .100Asset Allocation Decisions 101Investment Activities .1021899 103Emerging and DiverseManager Program Proxy Voting 104Total Fund Returns 104Assumed vs. ActualRate of Return .104Annual Rates of Return 105Changes in Asset Mix105Investment Advisors .106125 Celebrating YEARSCelebrating'