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EXECUTIVE BRANCH: GENERAL EXECUTIVE FUNCTIONS


STATE OF WISCONSIN INVESTMENT BOARD


retirement funds awaiting permanent investment and monies in 39 other accounts
  including
the state's General Fund and various agency and department accounts. Local
governments may
participate in the fund also.
  The Investment Board entered fiscal 1988 with a total of $17.98 billion
under management. It
ended the fiscal year with $18.24 billion.
  Unit Functions:
  The Common Stocks Division regularly buys and sells common stock for both
the fixed and
variable retirement investment trust funds.
  The Investment Operations and Evaluations Division oversees accounting
services, trading op-
erations, and the active investor program.
  The Liquid Assets Division manages the State Investment Fund. This fund
is made up of the
cash positions of 39 separate accounts, which are pooled for investment purposes.
Investments
are limited to high quality, highly liquid securities with short maturities.
   The Private Placements Division makes individually negotiated long-term
loans to a wide
range of industries.
   The Public Bonds Division regularly purchases and sells marketable bonds,
which are the
board's largest single class of holding.
   The Real Estate and Mortgages Division buys and sells real estate and
makes mortgage
investments.
   The Special Equities Division invests in publicly traded equity securities
of small and young
companies for both the fixed and variable retirement investment trust funds.
   The Administrative and Personnel Services Unit provides general administrative
services for
 the board and the staff.
   The Legal Services Unit prepares or reviews documentation for transactions
when necessary
 and handles all internal legal work.
   Interagency Relationships: The board is the state's investment agency.
It gives each investment
 fund an accounting of the money expended on its behalf. The board's expenses
are determined
 every 6 months, prorated, and billed in advance to the funds for which investments
are made.