MADISON, Wis. (AP) — The primary investment fund for most Wisconsin public employees and retirees grew nearly 20% last year.

The State of Wisconsin Investment Board reported the returns Thursday. The main “core fund” bounced back from a loss of 3.3% in 2018. The five-year rate of return is 7.8%. The more volatile “variable fund” grew 28.6% in 2019 and had a five-year rate of return of 9.8%. It had dropped 7.9% in 2018.

The funds fuel pension payments for more than 635,000 current and former public employees, the University of Wisconsin System, school districts and most local governments.