Teacher Retirement System of Texas, Austin, earned 14.4% on its investments in the fiscal year ended Aug. 31, compared with 11.9% in the prior year, led by strong performance in equities, according to the system's annual report. Assets rose to $93.7 billion from $84.2 billion for the period, an overall increase of 11.3%.
Net income for fiscal year 2005 comprised $9.6 billion from net appreciation in fair value of investments, $2.3 billion in interest and dividends, and $33 million from securities lending, reduced by investment expenses of $17.4 million.
