Below are the SBI’s performance reports, which provide detailed information on investment performance and related data for each investment program. Reports are available in PDF format and are updated quarterly or monthly, depending on the program. Additional information on each of the investment programs can be found on the Investment Programs page.
Monthly Performance
The SBI offers three Non-Retirement investment options for eligible entities authorized to invest with the SBI: the Equity Fund, Bond Fund, and Money Market Fund. Depending on the entity and applicable statutes, one or more of these funds may be available to designated trust funds, Other Post-Employment Benefits (OPEB) Trusts, Qualifying Governmental Entities, and other state and public sector entities.
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The SBI offers three Non-Retirement investment options for eligible entities authorized to invest with the SBI: the Equity Fund, Bond Fund, and Money Market Fund. Depending on the entity and applicable statutes, one or more of these funds may be available to designated trust funds, Other Post-Employment Benefits (OPEB) Trusts, Qualifying Governmental Entities, and other state and public sector entities.
The SBI offers three Non-Retirement investment options for eligible entities authorized to invest with the SBI: the Equity Fund, Bond Fund, and Money Market Fund. Depending on the entity and applicable statutes, one or more of these funds may be available to designated trust funds, Other Post-Employment Benefits (OPEB) Trusts, Qualifying Governmental Entities, and other state and public sector entities.
The SBI offers three Non-Retirement investment options for eligible entities authorized to invest with the SBI: the Equity Fund, Bond Fund, and Money Market Fund. Depending on the entity and applicable statutes, one or more of these funds may be available to designated trust funds, Other Post-Employment Benefits (OPEB) Trusts, Qualifying Governmental Entities, and other state and public sector entities.
Quarterly Performance
The Combined Funds represent the assets for both the active and retired public employees in the statewide retirement systems, the biggest of which are the Public Employees Retirement Association (PERA), the Teachers Retirement Association (TRA), and the Minnesota State Retirement System (MSRS). The SBI commingles the assets of these plans into the Combined Funds to capture investment efficiencies. All assets in the Combined Funds are managed externally by investment management firms retained by contract.
In addition to the assets of the Statewide Retirement Systems, The SBI provides broad asset-class investment options to both defined benefit and defined contribution retirement plans that either make investment decisions at the plan level and participant-directed plans. Other public retirement funds include the Public Employees Retirement Association (PERA) Defined Contribution Plan, St. Paul Teachers’ Retirement Fund Association, Statewide Volunteer Firefighter Plan, Unclassified Retirement Plan, and Volunteer Fire Relief Associations.
The SBI aims to help participants meet their savings and investment goals by offering a range of investment options across asset classes managed by institutional investment managers that charge competitive fees. The investment options offered within each plan will vary based on several factors, including statutory requirements, operational limitations, and other rules and regulations established for each participating plan. Tax-advantaged savings plans include the Health Care Savings Plan, Hennepin County Supplemental Retirement Plan, and Minnesota Deferred Compensation Plan.
Other Retirement Funds and Tax-Advantaged Savings Plans as of 12/31/2025
The SBI is responsible for oversight of the investment options in the State-Sponsored Savings Plans, including the Minnesota College Savings Plan and the Minnesota ABLE Plan. SBI does not directly administer plans; it partners with the respective plan-administrating agencies when selecting investment options.
State-Sponsored Savings Plans Performance as of 12/31/2025 (PDF)
The SBI is responsible for the assets of several state trust funds, public sector sponsored entities, Other Postemployment Benefits (OPEB) trusts, and Qualifying Governmental Entities. These trust funds and accounts have different accounting requirements and spending targets derived from constitutional and statutory provisions. Statute will also identify whether the SBI or the sponsoring entity is responsible for determining the asset allocation targets for the respective fund or account.
Non-Retirement Investment Program Performance as of 12/31/2025 (PDF)
The State Cash accounts are cash balances of state government funds including the State General Fund. Most accounts are invested by SBI staff through a short-term pooled fund referred to as the Treasurer's Cash Pool. It contains the cash balances of special or dedicated accounts necessary for the operation of certain State agencies and non-dedicated cash in the State Treasury. Because of special legal restrictions, a small number of cash accounts cannot be commingled.
Supplemental Investment Fund Performance
The Supplemental Investment Fund (SIF), established under Minnesota Statutes, Section 11A.17, enables the SBI to provide investment solutions to other retirement funds and tax-advantaged savings plans. Investment vehicles offered through the Supplemental Investment Fund include separately managed accounts, commingled funds, and asset class investment pools constructed and overseen by the SBI. The asset class investment pools allow eligible plans to invest in the same investment managers as the Combined Funds, providing access to high-quality institutional management while maintaining operational and cost efficiencies.
The Supplemental Investment Fund provides all or some of the investment options for various plans, which includes volunteer fire relief associations and other plans listed on the Other Retirement Funds and Tax-Advantaged Savings Plans page. Not all SIF investment options are available to all plans due to statutory requirements, recordkeeping operational limitations, and other rules and regulations established for each plan.
Supplemental Investment Fund Performance as of 1/31/2026 (PDF)
Unit Values and Interest Credits - Supplemental Investment Fund as of 1/31/2026 (PDF)