b'Annual Rates of Return 1 Last Ten YearsFiscalDomesticInternationalFixedRealPrivatePrivateTotal3Year Equity Equity Income Estate Equity Commodities Credit Fund 2 CPI15-16 -0.32% -8.54% 6.40% 13.80% 5.31% -6.19% - 1.18% 1.01%16-17 19.30% 22.90% 2.09% 5.19% 16.52% 7.99% - 13.27% 1.60%17-18 16.38% 8.11% 1.18% 5.50% 18.65% 13.02% - 9.91% 2.87%18-19 6.88% 0.32% 7.84% 9.83% 14.85% -1.85% - 6.21% 1.60%19-20 4.79% -3.84% 10.26% -2.98% 7.39% -11.82% - 3.04% 0.60%20-21 46.54% 40.00% 4.60% 18.46% 55.71% 48.17% - 32.56% 5.40%21-22 -12.64% -22.30% -9.07% 6.56% 14.49% 5.07% - -7.23% 9.10%22-23 17.29% 16.58% 2.19% -6.93% 1.56% 10.44% - 7.78% 3.00%23-24 19.59% 13.62% 4.39% -1.46% 5.48% 7.26% - 9.94% 3.00%24-25 12.92% 21.14% 6.98% 7.02% 7.21% 10.31% 8.68% 11.26% 2.70%1Time-weighted returns based on the most recent final valuations of each fiscal year and supersedes earlier annual report exhibits.2Total Fund includes Short-Term Investments and excludes Infrastructure which was not funded as of June 30, 2025.3CPI is for the U.S. for the year ending June 30, 2025.Changes in Asset Mix1Last Ten YearsFiscalDomestic International FixedRealPrivatePrivateCommodities Short-TermYear Equity Equity Income Estate Equity Credit Investments15-16 31.96% 19.29% 22.90% 10.80% 9.30% - 3.90% 1.80%16-17 32.70% 20.77% 20.40% 9.70% 9.40% - 4.20% 2.80%17-18 32.64% 20.36% 19.53% 8.37% 9.90% - 4.65% 4.55%18-19 31.54% 20.03% 20.95% 8.54% 10.52% - 4.35% 4.08%19-20 32.63% 18.13% 22.54% 8.02% 11.68% - 3.99% 3.01%20-21 34.20% 19.10% 17.64% 7.62% 13.53% - 3.67% 4.24%21-22 27.69% 17.67% 19.97% 13.25% 17.36% - 1.80% 2.27%22-23 30.35% 19.45% 20.29% 10.53% 17.75% - 0.92% 0.71%23-24 31.33% 17.26% 21.42% 9.72% 17.54% 0.09% 0.84% 1.80%24-25 31.09% 18.65% 21.78% 9.55% 16.89%0.63% 0.38% 1.03%1Infrastructure was not funded as of June 30, 2025 and has been excluded from this table. 104 LAFPP ANNUAL REPORT 2025'