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General Pool Investment Policy UM

General Pool Investment Policy UM. University of Missouri System Board of Curators July 22, 2011 FINANCE COMMITTEE. b. General Pool Investment Policy.

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General Pool Investment Policy UM

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  1. General Pool Investment PolicyUM University of Missouri System Board of Curators July 22, 2011 FINANCE COMMITTEE b

  2. General Pool Investment Policy • The General Pool encompasses both restricted and unrestricted cash and reserves for operating funds, auxiliary/service operations funds, self-insurance funds, expendable gift funds, bond funds, and plant funds. • The General Pool at May 31, 2011 totaled approximately $1.7 billion, representing the aggregate balances of approximately 25,000 distinct operating units or programs throughout the four campuses, health system, and System administration. c

  3. General Pool Investment Policy • Management of the General Pool has been governed by the Short Term Investment Policy, first adopted by the Board in 1991. • The Short Term Investment Policy was last amended by the Board in December 2006 to allow for investment of General Pool funds in the Balanced Pool, as well as to allow investment in externally-managed absolute return funds. d

  4. General Pool Investment Policy • Highlights of policy changes being proposed: • Policy name change from Short-Term Investments to General Pool, which better reflects underlying investments as well as terminology commonly used within the University today. • Minor structural changes to better distinguish between internally and externally-managed General Pool funds. • Clarification that the current definition of U.S. Government Agency securities and U.S. Government guaranteed securities includes mortgage-backed securities and collateralized mortgage obligations guaranteed by such entities. e

  5. General Pool Investment Policy • Highlights of policy changes being proposed: • Expands authorized investments for internally-managed portfolio to include municipal bonds rated A or higher, but limited to general obligation debt or essential service revenue bonds. Limits total exposure to 10% of the internally-managed portfolio. • Reduces allowable exposure to corporate bonds from 20% to 10% of the internally-managed portfolio. • Allows Global Fixed Income as an additional asset sector for externally-managed General Pool funds. f

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