REPORTS

(a) Not later than December 1 of each year, the board shall submit to the governor, lieutenant governor, speaker of the house of representatives, Legislative Budget Board, Legislative Audit Committee, and Texas Higher Education Coordinating Board a report including: (1) the board's fiscal transactions during the preceding fiscal year; (2) the market and book value of the fund as of the end of the preceding fiscal year; (3) the asset allocations of the fund expressed in percentages of stocks, fixed income, cash, or other financial investments; (4) the rate of return on the investment of the fund's assets during the preceding fiscal year; and (5) an actuarial valuation of the assets and liabilities of the program, including the extent to which the program's liabilities are unfunded. (b) The board shall make the report described by Subsection (a) available to purchasers of prepaid tuition contracts. (c) The board shall include in the report described by Subsection (a): (1) complete prepaid tuition contract sales information, including projected enrollments of beneficiaries at institutions of higher education; and (2) the information maintained by the board under Section 54.777.