Article X of the TSTA Bylaws stipulates those investments of the Permanent Fund be directed by the Board of Trustees of the Permanent Fund consisting of the President, Executive Director and three members elected by the Board of Directors to serve three-year staggered terms and that each year one of these three members be elected chairperson. The elected members include Winifred Jackson, Valencia Johnson and Sheila Walker.
The TSTA Permanent Fund Investment Policy provides for investments in one or more of the following: (a) Certificates of Deposit with maturity dates extending no more than three years, (b) Repurchase agreements of Treasury Bonds or Notes, (c) Government Agency Bonds or Notes, (d) U.S. Treasury Bills, (e) Commercial Paper in the two highest quality classes by Moody’s Investor’s Service or Standard & Poor’s, or (f) Index Funds not to exceed thirty percent (30%) of the total fund with re-balancing as necessary to maintain the limitation. The balance invested in equities at February 28, 2026, equals $775,040 or 28.7%. TSTA regularly works with the investment advisors to maintain the balance of the fund as the Certificates of Deposit mature and that next rebalance will be with the upcoming CD maturity in April 2026.
The Board of Trustees has reviewed the status and use of the Fund, noting the following items:
- On September 1, 2025, the Fund balance was $2,587,093, including $3,738 or ten percent (10%) of the interest earned by the Fund during 2024-25 and returned to the Fund at the end of the year.
- The Fund Balance on August 31, 2026, will be increased by ten percent (10%) of the net income earned by the Fund during 2025-26, as directed by the 1998 House of Delegates, and will also be adjusted to reflect market losses, if any, on Permanent Fund investments at that time. Recent market trends have resulted in a higher rate of return on both Equities and CDs in the Fund than the prior year. Those rates are expected to have a continued impact on higher yields for CDs with equity investments expected to be positive in the longer term. The Fund currently has $236,761 in unrealized gains on the market value of fund investments. TSTA investment advisors continue to have a positive outlook on all investments in the Permanent Fund and do not make any recommendations for changes in investment strategy currently.
- All Permanent Fund investments earn interest which is deposited in the Available Fund for operating expenses except for earnings on equity investments that are retained in that account. The accounts will be balanced with ten percent (10%) of the Permanent Fund earnings for the year added to the Permanent Fund balance as of August 31st.
Following is an analysis of Permanent Fund investments as of February 28, 2026:
| Securities/Investments | Current Value | Maturity Date(s) |
| FROST BROKERAGE SERVICES | ||
| Certificates of Deposit ($1,640,000 at maturity, 03.6% to 4.7%) | $1,641,245 | 7/26 to 4/28 |
| Equity Investments (original investments $539,524) | $ 775,040 | |
| U.S. Govt. Obligation Money Market Funds | $ 283,376 | |
| Accrued Interest on Certificates of Deposit | $ 13,165 | |
| TOTAL Permanent Fund Balance | $2,712,826 |