By:  Leedom                                            S.B. No. 127
                                 A BILL TO BE ENTITLED
                                        AN ACT
    1-1  relating to periodic reports concerning 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 account, 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 report
    1-8  the information required in Section 3 of this Act not later than
    1-9  the fifth day of each month to the governor, lieutenant governor,
   1-10  speaker of the house of representatives, and the executive director
   1-11  of the State Pension Review Board.
   1-12        SECTION 3.  The report shall include the following:
   1-13              (1)  number of beneficiaries of the state trust fund;
   1-14              (2)  the name of any individual responsible for
   1-15  administering the state trust fund and the discretionary investment
   1-16  authority granted to these individuals;
   1-17              (3)  the investment objectives of the state trust fund;
   1-18              (4)  the current end-of-month market value of the state
   1-19  trust fund;
   1-20              (5)  the current book value of the state trust fund;
   1-21              (6)  names and amounts of the ten largest stock
   1-22  holdings of the state trust fund along with the investment
   1-23  performance of these stock holdings during the last twelve-month
    2-1  period; and
    2-2              (7)  the asset allocations expressed in percentages of
    2-3  stocks, fixed income, real estate, cash, or other financial
    2-4  investments.
    2-5        SECTION 4.  This Act shall not diminish, impair, contradict,
    2-6  or in any way affect the duties, powers, or authorities granted or
    2-7  imposed upon a governing board of a state trust fund by the
    2-8  constitution or laws of this state.
    2-9        SECTION 5.  This Act takes effect September 1, 1993.
   2-10        SECTION 6.  The importance of this legislation and the
   2-11  crowded condition of the calendars in both houses create an
   2-12  emergency and an imperative public necessity that the
   2-13  constitutional rule requiring bills to be read on three several
   2-14  days in each house be suspended, and this rule is hereby suspended.