MINUTES 
                                           
                            SENATE COMMITTEE ON FINANCE 
                     Interim Subcommittee on State Investments 
                              Wednesday, May 10, 2000 
                                     1:00 p.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, May 10, 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 1:05 p.m.  The  
         following business was transacted: 
          
         Invited Testimony 
          
         The chair recognized the following witnesses to provide  
         testimony on State Investments issues: 
          
              Roger Ferris and Carol Smith, representing the State  
              Auditor's Office, provided an overview of the endowment  
              fund management theory; 
          
              Danny Sachnowitz, James LeBas and Bill Glen, representing  
              the Comptroller of Public Accounts, provided an overview of  
              the agency's higher education and tobacco fund investment  
              management structure; 
          
              Tom Ricks, representing UTIMCO, provided an overview of the  
              agency's higher education and tobacco fund investment  
              management structure. 
          
         There being no further business, at 3:47 p.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