AUSTIN, Texas (AP) - The $44 billion Texas Permanent School Fund is the largest education endowment in the country, but the state's public schools are seeing less money than they did decades ago.

An investigation by the Houston Chronicle found that the endowment is sending schools an average of $986 million annually over the last decade. It's a significant drop from an average of $1.14 billion in the past 20 years.

The fund distributed only 2.8 percent of its value last year, while many endowments aim for payouts around 5 percent. The decline comes as the state has seen a 2 million increase in the number of students over 30 years.

The newspaper's investigation also found that the endowment has missed out on about $12 billion in growth and amassed a risky asset allocation.

Information from: Houston Chronicle, http://www.houstonchronicle.com

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