California State University: investments.

(1) Existing law authorizes the chief fiscal officer of a campus of the California State University, upon approval of the Trustees of the California State University, to invest certain money received by the California State University in mutual funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission, or in United States registered real estate investment trusts. This bill would limit the real estate investment trusts that could be invested in to those that are publicly traded and registered with the United States Securities and Exchange Commission. The bill would authorize the chief fiscal officer of a campus of the California State University, upon approval of the trustees, to also invest that money in institutional commingled funds, as specified, offered by investment advisors registered with, and under the regulatory authority of, the United States Securities and Exchange Commission, or in exchange-traded funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission. (2) Existing law establishes the California State University Special Projects Fund, which consists of grants, revenues, and funds of any nature received by the trustees for research, workshops, conferences, institutes, and special projects from the state, federal government, local government, or private persons. Existing law continuously appropriates all grants, revenues, and funds deposited in the fund to the trustees for the operation, support, and development of research, workshops, conferences, institutes, and special projects in the California State University. Existing law authorizes the Treasurer or the chief fiscal officer of a campus of the California State University, upon approval of the trustees, to invest money from the fund in mutual funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission, or in United States registered real estate investment trusts. This bill would limit the real estate investment trusts that could be invested in to those that are publicly traded and registered with the United States Securities and Exchange Commission. The bill would authorize the Treasurer or chief fiscal officer of a campus of the California State University, upon approval of the trustees, to also invest that money in institutional commingled funds, as specified, offered by investment advisors registered with, and under the regulatory authority of, the United States Securities and Exchange Commission, or in exchange-traded funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission. By authorizing the expenditure of moneys from a continuously appropriated fund for new purposes, the bill would make an appropriation. (3) Commencing with the 2019–20 fiscal year, existing law limits the total amount that may be invested in those mutual funds and real estate investment trusts, as described in paragraphs (1) and (2) , to up to 30% of that money. Commencing with the 2022–23 fiscal year, this bill would increase the limit on the total amount that may be invested in those mutual funds, real estate investments trusts, institutional commingled funds, and exchange-traded funds, as described in paragraphs (1) and (2) , to up to 65% of that money.