DOVER, Del. (AP) — An independent report released Friday by state treasurer Chip Flowers is recommending that Delaware officials take steps to improve the performance of the state’s investment portfolio.

According to the report by Credit Suisse Securities, annual returns from the state’s portfolio have not kept pace with inflation over the past five years. The cumulative annual return of 2.75 percent for the period from January 2005 to March of this year was only slightly above the benchmark inflation rate of 2.62 percent, according to the report.