Endowments

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The Permanent Endowment Fund was established in the Arizona Constitution under Article 10, Section 7. The Arizona Constitution requires the Treasurer to deposit and track the proceeds of land sales in the endowment fund according to the grant under which the land was conveyed to the State.

Map of the State of Arizona Trust Lands

Privately held land, shaded white in color, comprises only 14% of Arizona land. State Trust Lands colored in light blue were given to the state by the Federal Government at statehood in the Enabling Act as an endowment. There are thirteen different beneficiaries, each with their own trust land and separate trust fund.

101 - A&M Colleges	107 - Normal School ASU/NAU	112 - State Charitable
102 - State Hospital	108 - Penitentiaries	113 - University Fund
103 - Leg., Exec., & Jud.	109 - Permanent Common School	114 - UofA Land - 1881
104 - Military Institute	110 - School for Deaf & Blind
105 - Miners Hospital	111 - School of Mines

Each fund is invested and tracked in 3 pools:

S&P 500 (large cap equities)
S&P 400 (mid-cap equities)
Fixed Income Securities