LINCOLN, Neb. (AP) - The state investment officer says the Nebraska schools trust has too much money tied up in farmland and should sell much of it.

David Bomberger told the Legislature's Performance Audit Committee Wednesday that the Board of Educational Lands and Funds has 66% of its assets in farmland. He says the figure ought to run 25-30% as part of diversification. He also says the board is not abiding by a state law that required the trust board to reduce the farmland percentage to 25% by Jan. 1 of this year.

The law also says diversification should be delayed if it violated the board's responsibilities.

Proceeds from the trust are distributed to school districts statewide.

On the Net:

Nebraska Board of Educational Lands and Funds: http://www.belf.state.ne.us/

Information from: Lincoln Journal Star, http://www.journalstar.com