Caption: Board of Trustees Minutes - 1976
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1975] UNIVERSITY OF ILLINOIS 367 percent nor more than 60 percent of the net asset value in such bonds. (A current yield of 8 to 10 percent will be sought.) b. The balance in common stocks rated "A" or better by Standard and Poor's. (A current total return from dividends and appreciation, realized and unrealized, will be sought of 10 percent.) 3. Approximately 37 percent of the pool will be invested for student aid purposes, with the investment objective of maximizing fund values while maintaining sufficient current income for present needs. Investments may be made in common stocks rated "A" or better by Standard and Poor's. Procedure 1. As to purchases and sales of securities already approved by the Board for Current Fund purposes, the Comptroller will have the same delegated authority as he currently has for transactions of current funds. Transactions will be reported to the Board monthly. 2. As to purchases and sales of corporate bonds and common stocks, the Comptroller will present to the Finance Committee lists of securities recommended for purchase or sale, together with dollar ranges within which trades could be made without further approval. The Finance Committee shall approve such lists (or parts thereof) from time to time. Its actions shall be reported to the Board. The Comptroller may then make purchases or sales of individual securities within the dollar ranges previously approved by the Committee whenever such transactions are deemed by the Comptroller to be advisable. In making recommendations to the Finance Committee, the Comptroller shall seek such advice as he may desire, including the advice of any bank or banks handling endowment funds of the University. Approvals by the Finance Committee shall be by a majority of the Committee and may be received in regular meetings, or by mail when necessary. All transactions will be reported monthly to the Board. 3. Transactions which the Comptroller wishes to recommend but which are not within previously approved lists shall be handled under present procedures — a written communication to each member of the Finance Committee, or presentation to a meeting of the Committee. 4. The Board of Trustees will receive a monthly report of all investment transactions for review and approval. 5. The Finance Committee will meet as required, preferably monthly, but at least quarterly. The Committee will: a. Reevaluate these procedures. b. Review the percentages for each investment objective. c. Evaluate portfolio performance. d. Determine whether any adjustments, additions, or deletions are advisable and make modifications and new approvals for investment authorizations. On motion of Mr. Livingston, these recommendations were approved. Investment Report May 1975 (36) T h e Comptroller presented the investment report for the month of May 1975. Changes in Endowment Fund Investments Yield Security {Percent) S demand 6.19 36 000 00 Date Sales' 5/22/75 3 723 rights Pacific Gas and Electric Purchases: 5/13/75 $36 000 Household Finance open-end notes Amount 407 22
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