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November 19, 2009

Oklahoma tobacco trust fund up despite recession

OKLAHOMA CITY (AP) — State Treasurer Scott Meacham says earnings for the Oklahoma Tobacco Settlement Endowment Trust Fund rose almost nine percent in the past year despite the recession.



Meacham, who chairs the trust fund's board of investors, said Wednesday that through the third quarter of 2009, earnings on the $476 million fund were better than 89 percent of the nation's endowment funds.



Meacham says earnings between Oct. 1, 2008, and Sept. 30 were $37.5 million. He credits the strong earnings to the trust's conservative, consistent investment policy.



Oklahoma is the only state with a constitutionally protected endowment to fund programs that will reduce tobacco use and improve the health of residents.

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