September 2016 Committee on School Finance Permanent School Fund Item 3

Review of Permanent School Fund Securities Transactions
and the Investment Portfolio

September 15, 2016

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 June and July 2016 in the investment portfolio of the Texas Permanent School Fund.

BOARD RESPONSE:
Based on the data presented, the committee may 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: Specific actions that the committee must accomplish are found in 19 TAC Chapter 33, Statement of Investment Objectives, Policies, and Guidelines of the Texas Permanent School Fund.

FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $2.1 billion during the 2016-2017 biennium.

PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.

PUBLIC COMMENTS:
None.

ALTERNATIVES: None.

OTHER COMMENTS AND RELATED ISSUES: None.

Staff Member Responsible:

Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund