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Pension Funds

Minnesota notches 3.5% return in third quarter

Minnesota State Board of Investment, St. Paul, returned 3.5% on its investments in the third quarter and 9.8% for the 12 months ended Sept. 30, according to an investment report presented to the board's investment advisory committee Monday.

The quarterly return was the same as MSBI's custom benchmark return, while the 12-month return was 0.5 percentage points above the benchmark.

Assets managed by the board rose to $97.05 billion as of the end of the latest quarter, Mansco Perry III, the board's executive director and chief investment officer, told committee members. That's up 0.8% from June 30.

As of Sept. 30, annualized returns were 9.1% for five years vs. the custom benchmark's 9%; 9.1% vs. 8.6% for 10 years; 7.4% vs. 7.2% for 20 years and 9.2% vs. 8.9% for 30 years.

The asset increase for the quarter came from investment returns, Mr. Perry said. According to the report, $2.39 billion in investment returns were offset by $654 million in payouts.