The Arizona land endowment fund returned 11.53% on its $2.8 billion holdings in fiscal 2010, higher than some of the largest endowments and pensions funds in the country.

State Treasurer Dean Martin said the fund, which consists of 13 separate trusts for the beneficiaries of land granted to the state at statehood, had a better record last year than Harvard University’s return of 11% on its endowment and the 11.4% return for the California Public Employees Retirement System.

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