b'Asset Allocation Targets as of June 30, 2025Domestic Large Cap Equity, 23%Fixed Income, 22%International Developed Markets, 18%Private Equity, 15%Real Estate, 10%Domestic Small Cap Equity, 6%Private Credit, 3%Infrastructure, 2%Cash, 1%INVESTMENT ACTIVITIESOver the course of this year, the Fund implemented the asset allocation consistent with Board decisions. Several of the Funds existing manager contracts were renewed. Manag-ers that were rehired include: Frontier Capital Management Company, LLC, an active domestic small cap growth equity managerLM Capital Group, LLC, an active opportunistic fixed income managerMedalist Partners, LP, an active MBS fixed income managerLoomis, Sayles & Co. LP, an active long duration fixed income managerGIA Partners, LLC, an active opportunistic domestic fixed income managerScout Investment, Inc. Reams Asset Management Division, an active core-plus fixed income managerEastern Shore Capital Management, an active domestic small cap core equity managerLisanti Capital Growth, LLC, an active domestic small cap growth equity managerPrincipal Global Investors, LLC, an active international small cap equity managerSECTION 4INVESTMENTS 101'