(a) The commissioner of revenue is the fiduciary of the fund. In managing the fund, the commissioner shall
(1) have the same powers and duties as are provided in AS 37.10.071; and
(2) invest the fund in a manner likely to achieve at least a four percent nominal return over a five-year period to meet the objectives of the power cost equalization and rural electric capitalization fund (AS 42.45.100).
(b) In managing the fund, the commissioner shall
(1) consider the status of the fund's capital and the income generated on both current and probable future bases;
(2) determine the appropriate investment objectives;
(3) establish investment policies to achieve the objectives; and
(4) act only in regard to the best financial interests of the fund.
(c) On July 1 of each year, the commissioner shall determine
(1) the monthly average market value of the fund for the previous three closed fiscal years; and
(2) the earnings of the fund for the previous closed fiscal year.