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.