State of Wisconsin
Office of the Secretary of State
To the Honorable, the Senate:
Sincerely,
Douglas La follette
Secretary of State
State of Wisconsin
Investment Board
May 13, 1996
The Honorable, The Legislature:
Section
25.17(14r) of the Statutes, as created by
1996 Wisconsin Act 274, requires that the State of Wisconsin Investment Board (SWIB) submit a report to the Joint Committee on Audit, Joint Committee on Finance, and Chief Clerks of each House summarizing any change in the Board's investment policies, upon adoption of the change.
On May 1, 1996, the Board of Trustees adopted two changes to our investment guidelines, which are described in Attachments A and B and summarized below.
Global Fixed Income Portfolio (Attachment A)
The first change converts our internally managed international fixed income portfolio to a global fixed income portfolio. Attachment A replaces the current international fixed income guidelines. Currently, this portfolio may invest in fixed income securities of countries other than the U.S. The change adopted by the Board allows this portfolio to also invest in U.S. government securities and establishes new credit standards.
The new investment guidelines should result in less overall risk exposure for this portfolio. The risk and return of the portfolio will be compared regularly with an investment benchmark established and reviewed annually by the Benchmark Committee of the Board of Trustees.
Initial Public Offerings (Attachment B)
The second change (shared on Attachment B) clarifies that any SWIB domestic equities portfolio may participate in initial public offerings regardless of the initial market capitalization of the issue. As the name indicates, initial public offerings (IPOs) are a corporation's first offering of stock to the public. Currently, each of SWIB's domestic equities portfolios has a particular focus that is based on market capitalization. Market capitalization ("cap") represents the value of a corporation as determined by the total market value of its common stock. SWIB manages its domestic equities in small-,mid-and large-cap portfolios.
The addition to the guidelines permits each portfolio to participate in the growing segments of the market. This will enable SWIB to take full advantage of the IPO allocations available to us as a large investor.
Please feel free to contact me if you have any questions about these items.
Sincerely,
Patricia Lipton
Executive Director
State of Wisconsin
Gaming Commission
May 17, 1996
The Honorable, The Legislature:
RE: Wisconsin Gaming Commission Quarterly Report
I am submitting the quarterly, fiscal year-to-date report of the Wisconsin Gaming Commission for the period ending March 31, 1996 as required by s.565.37(3), Wis. Stats., Lottery sales and financial information, and s.562.02(1)(g), Wis. Stats., Racing statistical information.
If there are any questions or comments regarding this report, please do not hesitate to contact me at (608)266-1645.
Sincerely,
F. Scott scepaniak
Chairman
State of Wisconsin
Office of the Governor
May 20, 1996
To the Honorable, the Senate:
The following bill(s), originating in the Senate, have been approved, signed and deposited in the office of the Secretary of State:
Sincerely,
TOMMY G. THOMPSON
Governor
State of Wisconsin
Office of the Governor
May 22, 1996
To the Honorable, the Senate:
The following bill(s), originating in the Senate, have been approved, signed and deposited in the office of the Secretary of State:
Sincerely,
TOMMY G. THOMPSON
Governor
__________________
Relating to mental health day treatment services for children and adolescents.
Submitted by Department of Health and Social Services.
Report received from Agency, May 15, 1996.
Referred to committee on Health, Human Services and Aging, May 22, 1996
.
Relating to treatment foster care for children.
Submitted by Department of Health and Social Services.
Report received from Agency, May 15, 1996.
Referred to committee on Health, Human Services and Aging, May 22, 1996
.
Relating to credentials, licenses, certifications and registrations, administered by the division of safety and buildings.
Submitted by Department of Industry, Labor and Human Relations.
Report received from Agency, May 21, 1996.
Referred to committee on Human Resources, Labor, Tourism, Veterans and Military Affairs, May 22, 1996
.
Relating to the electrical code.
Submitted by Department of Industry, Labor and Human Relations.
Report received from Agency, May 17, 1996.
Referred to committee on Human Resources, Labor, Tourism, Veterans and Military Affairs, May 22, 1996
.
Relating to grain warehouse keepers and grain dealers.
Submitted by Department of Agriculture, Trade and Consumer Protection.
Report received from Agency, May 17, 1996.
Referred to committee on Transportation, Agriculture and Local Affairs, May 22, 1996
.
Relating to open end credit, maximum periodic rates and licensed lenders under s.
138.09, stats.
Submitted by Office of the Commissioner of Banking.
Report received from Agency, May 20, 1996.
Referred to committee on Education and Financial Institutions, May 22, 1996
.
__________________
The committee on Business, Economic Development and Urban Affairs reports and recommends:
Relating to the impaired professionals procedure.
No action taken.
Relating to tatooing and body piercing.
No action taken.
Relating to approved chiropractic college preceptorship programs.
