Review of Permanent School Fund Securities Transactions and the Investment Portfolio
March 25, 2009
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: DISCUSSION
STATE BOARD OF EDUCATION: NO ACTION
SUMMARY: Investment staff will report on the transactions executed during the months of December 2008 and January 2009 in the investment portfolio of the Texas Permanent School Fund.
BOARD RESPONSE: Based on the data presented, the committee will provide guidance to the investment staff as appropriate.
PREVIOUS BOARD ACTION: The committee reviews the asset allocation, diversification, and the general status of the Fund at each meeting.
FUTURE ACTION EXPECTED: This is a recurring report at every committee meeting.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: 19 TAC Chapter 33, Statement of Investment Objectives, Policies, and Guidelines of the Texas Permanent School Fund, outlines specific actions that the committee must accomplish.
FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $1.4
billion during the 2008-2009 biennium.
PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.
PUBLIC COMMENTS: None.
ALTERNATIVES: None.
OTHER COMMENTS AND RELATED ISSUES: None.
Respectfully submitted,
Robert Scott
Commissioner of Education
Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund