MS HB419

Amends Section 37-155-9 of Mississippi Code to expand and revise the investment options available to the Board of Directors for administering the Mississippi Prepaid Affordable College Tuition Trust Fund.

Increases the maximum investment limit in stocks from 50% to 70% of the market value of the total investment fund and allows investments in non-U.S. company stocks and convertible securities.

Expands authorized investments to include taxable municipal bonds, agency and nonagency mortgage-backed securities, convertible bonds, and allows foreign government securities of investment grade, with international investments capped at 30% of total fund market value.

Increases real estate fund investment limits from 5% to 10% of total fund market value and adds a new investment category allowing up to 10% in alternative investment types managed by registered investment advisors or limited partnerships approved by the board.

Increases individual stock investment limits from 3% to 5% of fund market value and modifies depository requirements to include any FDIC-insured institution with facilities in Mississippi, not just those domiciled in the state; effective July 1, 2014.