Concentrated in nine western states, 42 million acres of state trust land represent an important public resource. Trust land managers, responsible for upholding the fiduciary purpose of these lands for the designated beneficiaries--primarily K-12 public schools--must actively and deliberately take advantage of opportunities to generate revenues while ensuring the long-term sustainability of the trust. This policy focus report offers an overview of the history and unique aspects of state trust lands and presents examples of new management strategies and tools that focus on asset management, residential and commercial development, conservation use, and collaborative planning.