They promised me they were going to try to run more bond/debt based content...:)

My theory is maybe they sold some equity (which has done great)and bought more (better yield) bonds....so,with the same amount of $$ (or a bit of a loss on the bonds they hold) they are getting a better annualized return (forecast)
Presumably tons of actuarial issues about payout rates in 2037 etc etc

You can learn a lot about investing from these funds,Norway's sovereign wealth fund,Harvard's endowment etc etc