The SMIF Program at Fresno State was officially launched in early 1999 with an allocation of $100,000 from the California State University, Fresno Foundation to start the Craig Equity Fund. In October, 2010, the Foundation allocated $1 million to set up the Fresno State Fund, with a mandate to invest in domestic large-cap core stocks with no clear growth or value predominance. In May 2018, a gift from the Steven Heinrichs Foundation, coupled with the assets in the Craig Equity Fund, established another equity fund with an AUM of $570,00. The Craig Equity Fund was rebranded as the Craig Fund, with a new mandate to invest in domestic large-cap value stocks, supplemented with a writing covered call-option strategy. The objective of the SMIF Program is to provide a unique setting for the application of financial concepts that will result in an educational “return” as well as a monetary return.