b'INVESTMENT PERFORMANCEThe investment objective of the total Fund over a full market cycle (usually five to seven years) is to earn a return on investments matching or exceed-ing the actuarial assumed rate of return of 7.00% and investment performance above the median of a sampling of public funds.Over the past five years, the System experienced annualized returns of 8.47%, exceeding the actuari-al assumed rate of return and the RVK Public Funds median return of 7.44%. For the one- and three-year periods,theSystemsoverallinvestmentreturns were 9.94% and 3.21%, respectively.AccordingtotheRVKPublicFunduniverse, which analyzes more than 300 funds to compare assetallocationperformanceandactuari-alcomparativedata,theSystemsFundwas ranked in the 67th percentile of the RVK universe for the one-year period, the 45th percentile for thethree-yearperiod,16thpercentileforthe five-year period, and the 14th percentile for the seven-year period ending June 30, 2024.TheSystemstopperformersduringthispast year were its domestic large cap and interna-tional developed equity portfolios, which gener-ated returns of 21.85% and 13.20%, respectively. Thepassivecommoditiescompositeportfolio was the Funds worst performer at -8.24%. For the one- and three-year periods, the Systems overall investment returns were 9.94% and 3.21%, respectively. 100 LAFPP ANNUAL REPORT 2024'