commissioner stansbury. >> aye. commissioner heldfond? must have left. we have five aye's. motion passes. president bridges? >> thank you, madam secretary. next item please. item nine, action item. review and approval of sfers investment policy statements. >> thank you, board members. >> thank you, president bridges. a lot easier if we could see face to face. board members, in november the board approved a revised asset allocation. we have dilution reflected along with a few other things and anna will walk us through the changes and turn it over to the board for questions and alan martin is also available as well. >> thank you, bill. >> good afternoon, commissioners and we work closely with the board to review and updates to strategic asset allocation for the next three years. this is the final part of this process. we are now bringing forward the update to the investment policy statement to reflect the target allocation as well as the ranges. in addition the board also approved the total plan leverage. the governan

commissioner stansbury. >> aye. commissioner heldfond? must have left. we have five aye's. motion passes. president bridges? >> thank you, madam secretary. next item please. item nine, action item. review and approval of sfers investment policy statements. >> thank you, board members. >> thank you, president bridges. a lot easier if we could see face to face. board members, in november the board approved a revised asset allocation. we have dilution reflected along with a few other things and anna will walk us through the changes and turn it over to the board for questions and alan martin is also available as well. >> thank you, bill. >> good afternoon, commissioners and we work closely with the board to review and updates to strategic asset allocation for the next three years. this is the final part of this process. we are now bringing forward the update to the investment policy statement to reflect the target allocation as well as the ranges. in addition the board also approved the total plan leverage. the governan