870173 TMRS CAFR new8 fix 049-081.qxd - Texas Municipal ...

2004 INVESTMENT RESULTS
TMRS INCOME RATE OF RETURN
16.0%
14.0%
TMRS Income Return
Median Total Fund
Lehman G/C Long
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
6.1% 6.3% 6.7% 6.7% 7.3% 7.0%
5.6%
6.0%
2.4%
2.7%
2.9%
2.9%
1 Year 3 Years 5 Years 10 Years
This graph compares the annual
income of TMRS on a current yield
and time weighted basis with the
Median Total Fund Income of the
universe measured and the Lehman
Brothers Government/Credit Long
Bond Index. This income stream is
an important part of guaranteeing
retirement annuities. Quality income
and preservation of capital are the
main TMRS investment objectives.
TMRS TOTAL FUND RATE OF RETURN
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
12.8%
11.4%
8.6%
10.4%
7.3%
9.7%
12.1%
3.4%
TMRS Total Return
Median Public Fund
Lehman G/C Long
10.5% 10.5% 9.9% 9.7%
1 Year 3 Years 5 Years 10 Years
This graph compares TMRS' total
rate of return, which includes income
and appreciation of assets (realized
and unrealized gains) to the Median
Public Fund of all public funds measured,
which may or may not be
diversified funds, and the Lehman
Brothers Government/Credit Long
Bond Index.
88
T M R S COMPREHENSIVE ANNUAL FINANCIAL REPORT 2004