S.B. No. 127
                                        AN ACT
    1-1  relating to periodic reports concerning certain state trust funds.
    1-2        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-3        SECTION 1.  In this Act, "state trust fund" means the
    1-4  permanent school fund, the permanent university fund, the Teacher
    1-5  Retirement System of Texas trust fund, and those trust accounts
    1-6  administered by the Employees Retirement System of Texas.
    1-7        SECTION 2.  The manager of each state trust fund shall submit
    1-8  to the governor, the lieutenant governor, the speaker of the house
    1-9  of representatives, and the executive director of the State Pension
   1-10  Review Board:
   1-11              (1)  not later than January 25 of each year, a report
   1-12  with the information required by Section 3 of this Act covering the
   1-13  last six months of the previous calendar year; and
   1-14              (2)  not later than June 25 of each year, a report with
   1-15  the information required by Section 3 of this Act covering the
   1-16  first six months of that calendar year.
   1-17        SECTION 3.  The report shall include the following:
   1-18              (1)  the number of beneficiaries of the state trust
   1-19  fund;
   1-20              (2)  the name of any individual responsible for
   1-21  administering the state trust fund and the discretionary investment
   1-22  authority granted to these individuals;
   1-23              (3)  the investment objectives of the state trust fund;
    2-1              (4)  the current end-of-month market value of the state
    2-2  trust fund;
    2-3              (5)  the current book value of the state trust fund;
    2-4              (6)  the names and amounts of the 10 largest stock
    2-5  holdings of the state trust fund along with the investment
    2-6  performance of these stock holdings during the last 12-month
    2-7  period;
    2-8              (7)  the asset allocations of the state trust fund
    2-9  expressed in percentages of stocks, fixed income, real estate,
   2-10  cash, or other financial investments; and
   2-11              (8)  the names and amounts of all investments made by
   2-12  the state trust fund in economically targeted investments.
   2-13        SECTION 4.  In this Act, "economically targeted investment"
   2-14  means an investment in which at least 50 percent of the total
   2-15  investment is allocated to economic development within this state
   2-16  or investment in businesses or entities located within this state.
   2-17        SECTION 5.  This Act shall not diminish, impair, contradict,
   2-18  or in any way affect the duties, powers, or authorities granted or
   2-19  imposed on a governing board of a state trust fund by the
   2-20  constitution or laws of this state.
   2-21        SECTION 6.  This Act takes effect September 1, 1993.
   2-22        SECTION 7.  The importance of this legislation and the
   2-23  crowded condition of the calendars in both houses create an
   2-24  emergency and an imperative public necessity that the
   2-25  constitutional rule requiring bills to be read on three several
    3-1  days in each house be suspended, and this rule is hereby suspended.