b'INVESTMENT STATEMENTThe main goal of the Los Angeles Fire and Police Pension Plans (System, Fund, or Plan) investment program is to manage the Systems assets to be able to provide the retirement benefits promised to the Systems members and their beneficiaries. The Charter of the City of Los Angeles created the System, and it delegates control and management of the System to the Board of Fire and Police Pension Commissioners (Board). Article XI, Section 1106 of the City Charter grants the Board sole and exclusive fiduciary responsibility for administering the System and specifies the Boards powers and duties, which includes the power to adopt any rules, regulations or forms necessary to carry out its administration of the System and the assets under its control.TheBoardhasadoptedInvestmentPoliciestoThesinglemostimportantdecisiontheBoard assist and guide it in managing the Systems assets.can make in the management of the investment The Investment Policies assist the Board in effec- program is the determination of the Systems asset tivelysupervisingandmonitoringtheSystemsallocation.TheallocationoftheSystemsassets investments by providing the goals of the invest- among various asset classes influences both the ment program, the policies and procedures for theexpectedinvestmentreturnandtheamountof managementoftheinvestments,specificassetinvestment risk undertaken. The asset allocation allocations and minimum diversification require- employed in 2023-24 was approved by the Board ments,performanceobjectivesandcriteriaforonOctober6,2022,andupdatedonAugust3, investment performance evaluation, and oversight2023. It is available in Appendix 1 of Section 1.0 of standardsforthepartiesresponsibleforcarry- theInvestmentPolicies;itisalsoillustratedand ingouttheInvestmentPolicies.TheInvestmentdiscussed later in this Section under Asset Alloca-Policies are reviewed by the Board at least annuallytion Decisions. and are revised as needed. The Policies are avail-able at lafpp.lacity.gov/investment-policies.96 LAFPP ANNUAL REPORT 2024'