The Teacher Retirement System of Texas (TRS) Pension Fund ended the first quarter with a market value of $96.7 billion after producing an investment gain of 35%, equivalent to $25 billion, over the previous 12 months. This advance erased most of the decline produced during the previous severe financial downturn. Both the 35% return and the investment gain were all-time TRS records for the period.
Global equity markets rallied strongly after bottoming in March 2009, just ahead of a global economic acceleration that began in mid-summer. Despite the previously difficult environment, the TRS fund entered the recent advance well