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At the October 9, 2025 FPPA Board of Directors meeting, following the Investment Committee report from the October 8, 2025 IC meeting (Investment Committee Chair Karen Frame), Vice Chair Clayton moved and the Board adopted the proposed modifications to the Investment Policy Statement (Tab 6.1.1) as amended; motion passed. General investment consultant: Cambridge Associates (Brian McDonnell). Specific private-market commitments and manager terminations are made by the Investment Committee under delegated authority and are not itemized in the board minutes.