(1) The state treasurer shall: (a) invest money in the permanent state trust fund with the primary goal of providing for the stability, income, and growth of the permanent state trust fund's principal; (b) in making investment decisions, consider: (i) general economic conditions; (ii) the possible effect of inflation and deflation; (iii) the role that each investment or course of action plays within the overall permanent state trust fund portfolio; (iv) the expected total return from income and the appreciation of capital; and (v) needs for liquidity, regularity of income, and preservation or appreciation of capital; and (c) diversify the investments of the permanent state trust fund, unless the state treasurer reasonably determines that the purposes of the permanent state trust fund are better served without diversifying. (2) Nothing in this section requires a specific outcome in investing. (3) The state treasurer may deduct any administrative costs incurred in managing permanent state trust fund assets from earnings before transferring them to the General Fund. (4) (a) The state treasurer may contract with professional asset managers to assist in the investment of assets of the permanent state trust fund. (b) The treasurer may provide compensation to asset managers only from assets generated by the permanent state trust fund's investments.
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