b'PROXY VOTING The System votes all domestic proxy ballots using a proxy ballotvotingfirm,whiletheinternationalequitiesmanag-ers vote the proxy ballots for their portfolios in accordance withtheBoardsproxyguidelines.Recentchangestothe proxy voting policies include voting for companies to report on environmental risks facing the organization, voting against executive pay packages for companies exhibiting poor perfor-mance, and voting to remove company board directors who exhibit a history of absenteeism.The Board has a comprehensive proxy voting policy, which can be found in the Boards Investment Policies.Total Fund ReturnsAssumed vs. Actual Rate of Return: as of June 30, 2025 Last Ten Years1 Year 11.26% Fiscal Year Assumed Rate Actual Rate 13 Years 5.16%15-16 7.50% 1.18%5 Years 8.93%16-17 7.50% 13.27%10 Years 7.98%17-18 7.25% 9.91%15 Years 9.68%18-19 7.25% 6.21%20 Years 7.87%19-20 7.25% 3.04%25 Years 7.02% 20-21 7.00% 32.56%30 Years 8.45% 21-22 7.00% -7.23%22-23 7.00% 7.78%23-24 7.00% 9.94%24-25 7.00% 11.26%1Based on the most recent final valuations of each fiscal year andsupersedes earlier annual report exhibits.SECTION 4INVESTMENTS 103'