b'PROXY VOTING The System votes all domestic proxy ballots usingaproxyballotvotingfirm,whilethe internationalequitiesmanagersvotethe proxy ballots for their portfolios in accordance withtheBoardsproxyguidelines.Recent changes to the proxy voting policies include votingforcompaniestoreportonenviron-mental risks facing the organization.The Board has a comprehensive proxy voting policy,whichcanbefoundintheBoards Investment Policies. Total Fund ReturnsAssumed vs. Actual Rate of Return: as of June 30, 2024 Last Ten Years1 Year 9.94% Fiscal Year Assumed Rate Actual Rate 13 Years 3.20%5 Years 8.47% 14-15 7.50% 4.15%10 Years 7.66% 15-16 7.50% 1.18%15 Years 9.58% 16-17 7.50% 13.27%20 Years 7.71% 17-18 7.25% 9.91%18-19 7.25% 6.21%25 Years 6.85% 19-20 7.25% 3.04%30 Years 8.36% 20-21 7.00% 32.56%21-22 7.00% -7.23%22-23 7.00% 7.78%23-24 7.00% 9.94%1 Based on the most recent final valuations of each fiscal year and supersedes earlier annual report exhibits.104 LAFPP ANNUAL REPORT 2024'