SENATE COMMITTEE ON FINANCE 
                     Interim Subcommittee on State Investments 
                             Thursday, January 14, 2000 
                                     9:00 a.m. 
                           Capitol Extension, Room E1.036 
         Pursuant to a notice posted in accordance with Senate Rule  
         11.18, a public hearing of the Senate Finance Interim  
         Subcommittee on State Investments was held on Friday, January  
         14, 2000, in the Capitol Extension, Room E1.036, at Austin,  
         MEMBERS PRESENT:                        MEMBERS ABSENT: 
         Senator Robert Duncan, Chair            Senator Gonzalo  
         Senator Carlos Truan                    Senator Steve Ogden 
         Senator Troy Fraser                      
         The chair called the meeting to order at 9:15 a.m.  The  
         following business was transacted: 
         The chair made opening remarks regarding the committee's charge.   
         The chair explained to the members that the subcommittee would  
         abide by the rules adopted by the full committee. 
         Invited witnesses were recognized as follows: 
         Carol Smith and Roger Ferris, representing the State Auditor's  
         Office, provided an overview of investment concepts. 
         Greg Hudgins, representing the Legislative Council, provided a  
         brief history of major funds and their investment standards. 
         Wayne Pulver, Stephanie Coates, Ursula Parks and Debbie Beck,  
         representing the Legislative Budget Board, provided an overview  
         of state investment issues. 
         There being no further business, at 12:15 p.m. Senator Duncan  
         announced that the Committee will stand recessed, in honor of  
         the birth of Madden Aliene Wilson, subject to the call of the  
         chair.  Without objection, it was so ordered.   
         Senator Robert Duncan, Chair 
         Amber Martin, Clerk