MINUTES 
                                           
                            SENATE COMMITTEE ON FINANCE 
                     Interim Subcommittee on State Investments 
                             Wednesday, March 22, 2000 
                                     9:30 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 was held on Wednesday, March 22, 2000, in the  
         Capitol Extension, Room E1.036, at Austin, Texas. 
          
                                       ***** 
                                           
         MEMBERS PRESENT:                        MEMBERS ABSENT: 
         Senator Robert Duncan, Chairman         Senator Carlos Truan 
         Senator Gonzalo Barrientos              Senator Troy Fraser 
         Senator Steve Ogden 
                                           
                                       ***** 
                                           
         The chair called the meeting to order at 9:43 a.m.  The  
         following business was transacted: 
          
         Invited Testimony: 
          
         The chair recognized the following witnesses to provide  
         testimony on State Investment issues: 
          
              Sheila Beckett and Kathy-Ann Reissmant, representing  
              Employees Retirement System, provided and overview of the  
              agency's fund investment management structure. 
          
              Charles Dunlap, John Peavy and Ronnie Jung, representing  
         Teacher Retirement System, 
              provided an overview of the agency's fund investment  
         management structure. 
          
              Mike Doyle, Dan Sachnowitz and Aaron Demerson, representing  
              the Comptroller of Public Account, provided and overview of  
              the agency's fund investment management. structure. 
          
         There being no further business, at 12:30 a.m. Senator Ogden  
         moved that the Committee stand recessed subject to the call of  
         the chair.  Without objection, it was so ordered.   
  
         ______________________ 
         Senator Robert Duncan, Chair 
          
         ______________________ 
         Amber Martin, Clerk