b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM NOTES TO FINANCIAL STATEMENTS JUNE 30, 2024 AND 2023 NOTE 7CASH, TEMPORARY INVESTMENTS, AND OTHER INVESTMENTS (Continued)At June 30, 2024, the System has the following recurring fair value measurements ($ in thousands): June 30, 2024 Level 1 Level 2 Level 3Investments by fair value levelDebt SecuritiesU.S. Treasuries $2,138,892 $ - $2,138,892 $ -U.S. Agencies 9 33,248-933,050198Municipal/Provincial Bonds 12,022- 12,022-Collateralized Debt Obligations 7 38,211 - 730,110 8,101Commercial Paper245,453- 2 39,150 6,303Corporate Bonds 2,718,310- 2,718,025285Total Debt Securities 6,786,136 -6,771,249 14,887Equity SecuritiesCommon Stock 16,058,914 16,051,985 82 6,847Preferred Stock1 00,098 96,466- 3,632Other 10- -10Total Equity Securities 16,159,022 16,148,451 82 10,489Real Estate575,162297,511- 2 77,651Derivatives 3,733 17 3,716-Total Investments by Fair Value $ 23,524,053 $1 6,445,979 $6,775,047 $ 303,027Investment measured at the net asset value (NAV)Private Equity Partnerships $5,955,794Real Estate 1,164,716Corporate Debt Securities 50,009Total Investments Measured at NAV $7,170,519 Note: Temporary investments of $1.23 billion are not included in the fair value hierarchy above. Equity securities classified in Level 1 are valued using prices quoted in active markets for those securities. Debt and equity securities such as U.S. Treasuries, U.S. Agencies, municipal bonds, collateralized debt obligations, commercial paper, corporate bonds and other equity securities are classified in Level 2. They are valued using quoted prices for identical securities in markets that are not active. The value prices observed used market-based inputs.Debt securities, namely collateralized debt obligations and corporate bonds, classified in Level 3 are valued using unobservable inputs which can be extrapolated data, proprietary models or indicative quotes. Other equity securities classified in Level 3 are valued using uncorroborated indicative quotes.37 54 LAFPP ANNUAL REPORT 2024'