FY 2022 Third Quarter Investment Report

Treasurer of State Dennis Milligan Releases Third Quarter Investment Report

Earnings nearly double previous quarter despite economic instability

April 28, 2022 (Little Rock, Ark.) – The state treasury earned $17.54 million during the third quarter of fiscal 2022, which ran from January through March, Treasurer of State Dennis Milligan told the state Board of Finance today. The amount earned is nearly double the $9 million earned during the same quarter one year ago.

“That brings the total amount earned during my administration to $474.1 million,” Milligan said. The state has an investment portfolio of roughly $6 billion.

Most of the revenue earned came from the state’s long-term portfolio, which is made up mostly of mortgage-backed and government securities. That portfolio, boosted by higher yields and longer bond durations, earned $16.5 million for the quarter.

“One component of our strategy is to stagger the durations of the bonds we purchase in order to promote continual income within the portfolio,” Milligan told the Board.

The state’s short-term portfolio, which is made up mostly of commercial paper and demand and money market accounts, earned $942,824.

“This portion of our portfolio is heavily dependent upon federal interest rates, which have been near zero since March of 2020. We’re hopeful that as rates begin to rise our short-term portfolio will start to see increased receipts,” Milligan said.

Although the labor market remained strong during the quarter and the Fed began its plan to increase interest rates, the market remained volatile.

“There are several positive economic conditions that would encourage the market to stabilize, such as steady job growth and low unemployment rates. However, with soaring inflation and the war in Ukraine, investors are being cautious,” Milligan explained.

“Meanwhile, our strategy is to continue maintaining stability within the portfolio and build upon the solid foundation we’ve developed for the treasury.”

To watch a video news release about the third quarter investment report, click here.


Dennis Milligan was elected Treasurer of State in 2014 and re-elected in 2018. The State Treasury is responsible for overseeing the state’s $6 billion portfolio. Since taking office in 2015, Milligan has receipted the state more than $474 million in investment returns and has grown the investment portfolio’s receipts to record highs. www.artreasury.gov.