Iowa Public Employees' Retirement System, Des Moines, reported a 3.05% return for the quarter ended March 31, mirroring the return of its customized benchmark. For the 12 months ended March 31, the $15.8 billion fund returned 25.36%, compared with 27.69% for its benchmark, which comprises index funds weighted by target allocations. For the three years ended March 31, the fund returned an annualized 5.19%; for the five years, 5.14%; and for the 10 years, 10.25%. By contrast, the benchmark returned 6.36%, 4.62% and 9.42%, respectively. International equity was the system's best performer for the quarter, at 4.91%, and private equity returned 4.04%. The fund's lowest return was for cash, 0.59%. Benchmark comparisons for the asset classes were unavailable.