b'ASSET ALLOCATION DECISIONSThe Systems asset allocation plan establishes the blueprint for investing the Systems assets in stocks, bonds, real estate, and cash equivalents over a three- to five-year period. This plan is the single most important factor in managing risk and achieving the investment returns necessary to fund benefits.The actual asset class percentages of the System will vary from target allocations due to inflows (such as employer and member contributions), outflows (such as pension payments), and the movements of the securities markets. Assets are periodically rebalanced to adjust for these movements.Net Asset Valuesas of June 30, 2025Asset ClassMarket Value (in millions) PercentDomestic Large Cap Equity $ 8,594 25.22%Domestic Small Cap Equity 2,001 5.87%International Developed6,349 18.63%EquityFixed Income 7,423 21.78%Private Equity 5,754 16.89%Real Estate 3,255 9.55%Infrastructure - -Commodities 130 0.38%Private Credit 216 0.63%Cash350 1.03%Total $ 34,077 100.00%* Allocation Percent and Market Value totals shown may not sum up exactly due to rounding. Infrastructure was not funded as of June 30, 2025.Mark Lassman Photo100 LAFPP ANNUAL REPORT 2025'