Anita Kelley

The board reviewed quarterly financial reports for the trust fund, noting total assets of $3.5 billion. Key performance discussions centered on the Alabama Trust Fund and the CMT fund, including an evaluation of investment managers. A formal decision was made to place Atlanta Capital and Wasatch on a watch list due to performance concerns, while Vulcan Value's status on the watch list was extended. Additionally, members were reminded of upcoming deadlines for filing Statements of Economic Interests and general inquiries were addressed regarding the impact of past-due mortgage loans on the economy.

The agenda included a presentation by Wasatch Global Investors and the review of quarterly financial and investment reports for the Alabama Trust Fund and the CMT. Decision items scheduled for discussion include a watch list review and a resolution regarding Maynard Nexsen PC.

The meeting included the presentation and review of several quarterly reports, including program activities, plan assets, revenues, and disbursements for the current fiscal year. The Board received reports on investment performance and an annual actuarial report detailing cash flows, assets, and liabilities. The Board formally denied an account owner's petition for an extension. Additionally, the Board reviewed the annual audit report for the 2025 fiscal year, which found no deficiencies in internal controls, and discussed the annual reports for the Savings Division, covering PACT, CollegeCounts, and the Alabama ABLE Savings Plan. Members were also reminded of upcoming deadlines for filing Statements of Economic Interests.

The board received a presentation on oil and gas royalties and reviewed quarterly financial reports, including balance sheets and revenue statements. Detailed quarterly performance reports for both the ATF and CMT funds were analyzed, along with October flash reports. Key actions included reviewing the watch list for investment managers, leading to decisions on retaining or adding specific firms, and evaluating the UBS Loyalty Incentive Program, which resulted in the board rescinding a full redemption request to optimize portfolio fee advantages.

The Board discussed the quarterly program report, including updates on budget, student benefit payouts, and system administration. The meeting included presentations on quarterly investment performance and an actuarial report regarding assets, liabilities, and funding ratios. The Board approved a 7% adjustment rate for PACT benefit payments for the upcoming Fall term and selected a firm to provide financial auditing services. Additionally, the Board denied two separate petitions from account owners regarding beneficiary changes and account extensions, and received a state legislative update regarding 529 accounts.