Investment Policies - University of Texas System投資政策-德克薩斯大學(xué)系統(tǒng)

1、The University of Texas SystemRules and Regulations of the Board of RegentsRule: 702011.TitleInvestment Policies2.Rule and RegulationSec. 1Permanent University Fund (PUF). The policies for the investment of funds for the PUF shall be those outlined in the Permanent University Fund Investment Policy

2、Statement.Sec. 2Investment Pools. The policies for the investment of funds for U. T. investment pools shall be those outlined in the applicable Investment Policy Statement. Each pooled fund established by The University of Texas System shall be administered according to the U. T. System Separat

3、ely Invested Funds Investment Policy Statement, the funds trust indenture, and applicable law. Sec. 3Endowments. Endowment funds and funds functioning as endowments will be managed in a manner consistent with the governing instrument, The University of Texas System Administration Policy UTS138, Gift

4、 Acceptance Procedures, and the investment standards set forth in the Uniform Management of Institutional Funds Act (Texas Property Code, Chapter 163 et seq.). These funds will be invested in the Long Term Fund unless the terms of the instrument by which the endowment was created preclude commi

5、ngling of assets. Those endowments for which the terms of the instrument preclude the commingling of assets or for which illiquid assets are held will be separately invested.Sec. 4Life Income Funds. Life income funds will be invested and administered consistent with the governing instrument, The U.&

6、#160;T. System Separately Invested Endowment, Trust, and Other Accounts Investment Policy Statement, the U. T. System Gift Acceptance Procedures, and the investment standards set forth in the Texas Trust Code (Texas Property Code Section 111.001 et seq.).Sec. 5System Medical Liability Fund. The

7、 Professional Medical Liability Fund shall be administered in a manner consistent with all provisions of the System Professional Medical Liability Benefit Plan outlined in the Regents Rules and Regulations, Rule 50501.Sec. 6Other Accounts. Other Accounts as defined in the U. T. System Separately Inv

8、ested Endowment, Trust, and Other Accounts Investment Policy Statement shall be invested and administered consistent with that policy.Sec. 7Required Reports. The following annual reports are required:7.1The investment performance of the PUF, as measured by an unaffiliated organization, shall be

9、 reported to the Board of Regents at least annually.7.2The nature and extent of any investments in or business transacted with any firm with which a director, officer or employee of UTIMCO is affiliated will be reported to the Board of Regents annually.Sec. 8Authorizati

10、on to Protect Investments. UTIMCO is authorized to take any and all steps as may be considered necessary or advisable to protect the interest of the PUF, Investment Pools, Endowments, and Life Income Funds in event of default or any other significant changes occurring with respect to any invest

11、ment.Sec. 9Stock Rights and Warrants. Exercise of or sale of stock rights and warrants is to be made at the discretion of UTIMCO.Sec. 10Fractional Shares. Fractional shares that arise in connection with funds under control of UTIMCO shall be handled at its discretion.Sec. 11Voting Stocks. As a

12、general rule, voting stocks held are to be voted by UTIMCO pursuant to its proxy voting policy.Sec 12Financial Advisors and Service Provider Disclosures. Financial advisors and service providers as defined in Texas Government Code Section 2263.002 shall comply with the disclosure requirements c

13、ontained in Texas Government Code Section 2263.004.Sec. 13 Referrals to UTIMCO and Related Disclosures. Members of the U. T. Board of Regents and U. T. System officers and employees shall avoid all appearance of conflict of interest pertaining to UTIMCO's investment opportunities. Refe

14、rral of information related to investment opportunities outside of a posted open meeting of the U. T. Board of Regents or the UTIMCO Board of Directors must be made directly to the UTIMCO President and CEO without endorsement of the merits of the potential investment and with full disclosure co

15、ncerning whether the investment opportunity involves any potential economic benefit to the individual making the referral or to an individual related within the second degree of affinity or the third degree of consanguinity to the individual making the referral. Referrals will be accepted with the u

16、nderstanding that decisions on individual investments are at the discretion of the UTIMCO Board and staff.13.1Applicability to UTIMCO Board. Members of the UTIMCO Board of Directors are to be guided by the same requirements through UTIMCO policies.13.2Disclosure of Referrals. Should UTIMCO staff ult

17、imately recommend to the UTIMCO Board an investment that was the subject of a direct referral from a member of the U. T. Board of Regents, an officer or employee of the U. T. System, or a member of the UTIMCO Board of Directors, UTIMCO staff is required to disclose the source of the r

18、eferral and whether such referral involves any potential economic benefit to the individual making the referral or to an individual related within the second degree of affinity or the third degree of consanguinity to the individual making the referral.3.DefinitionsNone4.Relevant Federal and Sta

19、te StatutesTexas Government Code Sections 2263.002 Definition of financial advisor or service Texas Government Code Section 2263.004 Ethics Requirements for Outside Financial Advisors or Service ProvidersTexas Property Code, Chapter 163 Management, Investment and Expenditure of Institutional Funds T

20、exas Property Code Section 111.001 Trusts5.Relevant System Policies, Procedures, and FormsThe University of Texas System Administration Policy UTS138, Gift Acceptance ProceduresRegents Rules and Regulations, Rule 50501 Liability Insurance for StudentsRegents Rules and Regulations, Rule 60101 Acceptance and Administration of GiftsPermanent University Fund Investment Policy StatementGeneral Endowment Fund Investment Policy StatementPermanent Health Fund Investment