Trust Investment Account
The 1999 State Legislature authorized the establishment of a trust investment account (TIA) administered by the State Treasurer for purposes of investing restricted funds with non-expendable principal balances. As of June 30, 2024, the fund had a principal balance of approximately $55.383 million, of which $36.587 million to the Higher Education Trust Fund, $12.065 million to Fish and Wildlife Funds, and the remainder to various smaller trust funds. For more details about the Higher Education Trust Fund please visit this link or go to the "Reports & Committees" tab on the left of this webpage and click on "Higher Education Trust Fund Reports".
For fiscal year 2024, the TIA fund had a total net return of (10.20) percent. For the same period, the S&P 500 Stock Index returned (24.56) percent and the Barclays US Aggregate Index returned (2.63) percent.
The fund's investment management was transitioned during the fiscal year 2014 from an active to a passive strategy. This was accomplished through the selection of four Vanguard index funds, three of which are equity based, and one fixed income. The result of the restructuring of the portfolio was a reduction in management fees, which declined from 38 basis points to 5 basis points annually.
