b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM NOTES TO FINANCIAL STATEMENTS JUNE 30, 2024 AND 2023NOTE 6NET OTHER POST-EMPLOYMENT BENEFITS LIABILITY (Continued)Investment Return Rate (Continued)Target Allocation Long Term Expected RealPercentage Rate of ReturnAsset Class 2024 2023 2024 2023Large Cap U.S. Equity 23.00% 23.00% 6.00% 6.00%Small Cap U.S. Equity 6.00% 6.00% 6.65% 6.65%Developed International Equity 16.00% 16.00% 7.01% 7.01%Emerging Markets Equity 5.00% 5.00% 8.80% 8.80%U.S. Core Fixed Income 9.90% 9.90% 1.97% 1.97%High Yield Bonds 2.75% 2.75% 4.63% 4.63%Global Credit 2.75% 2.75% 0.89% 0.89%Real Estate 7.00% 7.00% 3.86% 3.86%Treasury Inflation Protected Securities (TIPS) 4.40% 4.40% 1.77% 1.77%Commodities 1.00% 1.00% 4.21% 4.21%Cash 1.00% 1.00% 0.63% 0.63%Private Credit 2.00% 2.00% 6.48% 6.48%Unconstrained Fixed Income 2.20% 2.20% 2.50% 2.50%Private Equity 14.00% 14.00% 9.84% 9.84%Real Estate Investment Trusts (REITS) 3.00% 3.00% 5.25% 5.25%Total Portfolio 100.00% 100.00% 5.80% 5.80% Discount RateThe discount rate used to measure the TOL was 7.00% as of June 30, 2024 and June 30, 2023.The projection of cash flows used to determine the discount rate assumed employer contributions will be made at rates equal to the actuarially determined contribution rates for each tier. For this purpose, only employer contributionsthatareintendedtofundbenefitsforcurrentplanmembersandtheirbeneficiariesare included. Projected employer contributions that are intended to fund the service costs for future members and their beneficiaries are not included. Based on those assumptions, the Plan Fiduciary Net Position was projectedtobeavailabletomakeallprojectedfuturebenefitspaymentsforcurrentplanmembers. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the TOL as of both June 30, 2024 and June 30, 2023.32 SECTION 2 Financials 49'