(a) In this section, "state investment fund" means any investment fund administered by or under a contract with any state governmental entity, including a fund:
(1) established by statute or by the Texas Constitution; or
(2) administered by or under a contract with:
(A) a public retirement system as defined by Section 802.001 that provides service retirement, disability retirement, or death benefits for officers or employees of the state;
(B) an institution of higher education as defined by Section 61.003, Education Code; or
(C) any other entity that is part of state government.
(b) The board shall evaluate and publish an annual report on the risk-adjusted performance of each state investment fund that in the opinion of the board contains a relatively large amount of assets belonging to or administered by the state. The board in its report shall:
(1) compare the risk-adjusted performance of the funds; and
(2) examine the risk-adjusted performance, within and among the funds, of similar asset classes and comparable portfolios within asset classes.
(c) Each state governmental entity that administers a state investment fund and each person that administers a state investment fund under contract shall provide the board with the information the board requests regarding the performance of the fund.
(d) The board shall publish the annual report in a format and using terminology that a person without technical investment expertise can understand.