(a) The Wyoming cultural trust fund is created. The Wyoming cultural trust fund shall consist of those funds designated to the fund by law and all monies collected from federal grants and other contributions, grants, gifts, bequests and donations to the cultural trust fund. The Wyoming cultural trust fund income account is also hereby created. The income account shall consist of those funds credited to the income account pursuant to W.S. 9-2-2307(c) and all other monies collected from federal grants and other contributions, grants, gifts, bequests and donations specifically designated to the income account.

(b) The monies deposited into the Wyoming cultural trust fund and income account established pursuant to this section shall be transmitted to the state treasurer for credit to the trust fund or income account as required by this article. Any earnings from investment of the trust fund and income account shall be credited by the state treasurer to the trust fund and distributed in accordance with this article. The state treasurer, or his designee, who shall be registered under the Investment Advisor's Act of 1940, as amended, if required to be registered by the terms of that act, as amended, may invest the unobligated, unencumbered balance of the trust fund in equities, including stocks of corporations. Investments under this subsection shall be in accordance with W.S. 9-4-715(a) and (c) through (e) and 9-4-716. In adopting investment policy statements for the Wyoming cultural trust fund, the state loan and investment board, in consultation with the investment funds committee, shall seek to preserve the balance of the trust fund in a manner that strives for the highest possible risk-adjusted total net return consistent with an appropriate level of safety and liquidity.