b'INVESTMENT MANAGEMENTReal Property Pledges Receivable1% 14%After a thorough proposal-and-reviewLife Income Funds1%process conducted in 2024, the SOU CashFoundation transferred from TIAA Kaspick to2%BNY Mellon for endowment and planned giftFOUNDATIONEndowmentadministration, effective January 1, 2025.82% ASSETSThe endowment portfolio is invested in approximately 71% equities, 28% fixed income, and 1% cash. Assets are diversifiedENDOWMENT TARGET ASSET ALLOCATIONboth by asset class and within eachDOMESTIC LARGE CAP EQUITIES45.3%DOMESTIC MID CAP EQUITIES7.2%sub-asset class. This diversification isDOMESTIC SMALL CAP EQUITIES3.2% DEVELOPED INTERNATIONAL EQUITIES10.5%designed to lower the expected volatility ofEMERGING MARKETS EQUITIES3.8%DOMESTIC REITS1.0%the portfolios returns and to help protectTAXABLE INVESTMENT GRADE BONDS26.1% HIGH YIELD BONDS1.0%against negative market environments. EMERGING MARKET BONDS0.9% CASH1.0%'