SovereignWealthFunds.comIndiana Common School Fund
Indiana Common School Fund: what it invests in
Geography Mainly domestic
Indiana Common School Fund: how big it is, and on what basis
In US dollars: about USD 0.391B. Reported in US dollars; average daily balance for fiscal 2025.
Indiana Common School Fund: what it publishes
Published 2 · Partly 3 · Not published 5
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Indiana Common School Fund is a state trust fund for schools whose money is invested by the Indiana Treasurer of State alongside other dedicated funds. It averaged USD 390.7 million a day in fiscal 2025 and earned USD 18.1 million of interest, a 4.63 percent accrual yield. It is a cash and bond holding rather than a diversified wealth fund. S1
Key points
- Average daily balance of USD 390.7 million in fiscal 2025, up from USD 356.7 million in fiscal 2024. S1 S3
- Interest earned of USD 18.1 million in fiscal 2025, a 4.63 percent yield on an accrual basis. S1
- Interest collected of USD 18.4 million, a 4.70 percent cash-basis yield. S1
- Accrual yield rose from 3.97 percent in fiscal 2024. S3
- Invested by the Treasurer within its pooled state investment programme. S1
Interesting facts
Mandate and goals
The fund holds state money dedicated to schools; the Treasurer invests it to earn interest while keeping it safe and available. S1
How it invests
| Industries | Financial services. Sector agnostic S1 |
|---|---|
| Asset classes | Fixed income, Cash and money markets S1 |
| Stages | Public markets S1 |
| Geography | Mainly domestic. US government securities and deposits S1 |
| Direct / through funds / co-invest | Yes / No / No S1 |
| Managed in house | 100 percent S1 |
| Ticket size | Not applicable; the fund holds cash and bonds. S1 |
| External managers | Not described S1 |
| Co-investment programme | None S1 |
Past investments
The fund has not published a list of investments.
Case studies
Higher rates lift school trust income S1 S3
- What: With a larger balance and higher yields, interest earned rose from USD 14.2M in FY2024 to USD 18.1M in FY2025.
- When: FY2024 to FY2025
- Size: USD 390.7M average balance
- Why: The fund is held in interest-bearing state investments.
- Outcome: Accrual yield up from 3.97 to 4.63 percent.
Investment process
The Treasurer of State invests the fund within the state's investment programme and reports results each year to the Governor. S1
| Committee | Role |
|---|---|
| Office of the Treasurer of State | Invests state and trust funds S1 |
- Fund money is pooled in the Treasurer's investment programme. S1
- Interest is credited to the fund and reported yearly. S1
How to approach: No external intake route. S4
Size and returns
- Headline size: USD 390.7M (Fund market value, as of 2025-06-30) S1
- In US dollars: about USD 0.391B. Reported in US dollars; average daily balance for fiscal 2025.
- Return, FY2025: 4.63 percent (interest yield, accrual basis) S1
- Staff: Managed by Treasurer of State staff S4
- Size over time (USD million): FY2024 356.7, FY2025 390.7 S1
Leadership
| Name | Title | Since |
|---|---|---|
| Daniel M. Elliott | Indiana Treasurer of State S1 | 2024 |
Governance and transparency
- Legal basis: Indiana state law on trust and dedicated funds held by the Treasurer S1
- Oversight: Indiana Treasurer of State S1
- Auditor: No separate fund audit is published S1
- Not an IFSWF member. S2
Transparency score: 3.5 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The fund holds cash and bonds through the state Treasurer and has no private markets or co-investment activity. S1
Reports
- Treasurer of State Annual Report FY2025: https://iga.in.gov/publications/agency_report/2025-Annual-Report---Office-of-the-Indiana-Treasurer-of-State,-FY2025.pdf S1
- Treasurer of State Annual Report FY2024: https://iga.in.gov/publications/agency_report/2024%20Annual%20Report%20-%20Office%20of%20the%20Indiana%20Treasurer%20of%20State,%20FY2024.pdf S3
Common questions
How big is the fund?
Its average daily balance was USD 390.7 million in fiscal 2025. S1
What does it earn?
USD 18.1 million of interest in fiscal 2025, a 4.63 percent accrual yield. S1
Who manages it?
The Indiana Treasurer of State, Daniel M. Elliott. S1
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Sources
Disclaimer
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