b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM NOTES TO FINANCIAL STATEMENTS JUNE 30, 2024 AND 2023NOTE 8SECURITIES LENDING (Continued)Fair value of collateral received for loaned securities as of June 30, 2023:TotalCollateralSecurities Lent Cash Non-Cash SecuritiesU.S. Government and Agency Securities $332,585,399 $20,633,886 $353,219,285Domestic Corporate Fixed Income Securities 242,663,095 49,018,743 291,681,838Domestic Equities366,645,869 542,012,667 908,658,536International Fixed Income Securities 580,7062,496,1783,076,884International Equities51,619,2577 2,942,931 124,562,188$994,094,326 $687,104,405 $ 1,681,198,731Fair value of loaned securities as of June 30, 2023: TotalCollateralSecurities Lent Cash Non-Cash SecuritiesU.S. Government and Agency $326,945,505 $20,201,731 $347,147,236Domestic Corporate Fixed Income Securities 238,554,25148,000,874 286,555,125Domestic Equities 359,679,944 533,233,744 892,913,688International Fixed Income Securities545,4462,312,889.002,858,335International Equities48,907,15768,832,548 117,739,705$974,632,303 $672,581,786 $1,647,214,089 For the fiscal years ended June 30, 2024 and 2023, securities lending income amounted to $6,437,447 and $6,080,080,respectively,whilesecuritieslendingexpensesamountedto$900,298and$850,027, respectively. NOTE 9DERIVATIVE INSTRUMENTSThe System, through its outside investment managers, holds investments in swaps, options, rights, and warrants and enters into futures and forward foreign currency contracts to manage portfolio risk or use them as substitutes for owning securities.Forward contracts are subject to credit risk if the counterparties to the contracts are unable to meet the terms of the contract.Futures contracts have little credit risk, as organized exchanges are the guarantors. Due to the level of risk associated with derivative investments, it is reasonably possible that changes in the values of these investments will occur in the near term and that such changes could materially affect the amount reported in the financial statements. The fair values of the futures that are traded on various exchanges are determined by the price on that exchange. Fair values for the currency forward contracts are determined by the exchange rate of the reference currency on the last day of the reporting period. 47 64 LAFPP ANNUAL REPORT 2024'