BALTIMORE (AP) — The Maryland State Retirement and Pension System says its portfolio returned 6.46% on investments for the last fiscal year.

System officials announced Wednesday that falls short of the system’s 7.45% assumed actuarial return rate.

The fund’s performance raised the system’s assets to $54.2 billion.

That’s an increase of $2.4 billion over the year before.

Chief Investment Officer Andrew Palmer says the system’s returns reflect strong performance of private equity assets and nominally fixed-income assets, along with positive but more modest returns in the remainder of the asset classes.

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