schedule of investments fiscal year 2011 - State of Wisconsin ...

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KEY TO BOND RATINGS STANDARD & POOR’S DEBT RATINGS AAA Debt rated ‘AAA’ has the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong. AA Debt rated ‘AA’ has a very strong capacity to pay interest and repay principal and differs from the highest rated issues only in a small degree. A Debt rated ‘A’ has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher related categories. BBB Debt rated ‘BBB’ is regarded as having an adequate capacity to pay interest and repay principal. Whereas it normally exhibits adequate protection parameters, adverse economic conditions or charging circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rated categories. BB Debt rated ‘BB’ has less near-term vulnerability to default than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, fi nancial, or economic conditions which could lead to inadequate capacity to meet timely interest and principal payments. The ‘BB’ rating category is also used for debt subordinated to senior debt that is assigned an actual or implied ‘BBB–’ rating. B Debt rated ‘B’ gas a greater vulnerability to default but currently has the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest and repay principal. The ‘B’ rating category is also used for debt subordinated to senior debt that is assigned an actual or implied ‘BB’ or ‘BB–’ rating. CCC Debt rated ‘CCC’ has a currently identifi able vulnerability to default, and is dependent upon favorable business, fi nancial, and economic conditions to meet timely payment of interest and repayment of principal. In the event of adverse business, fi nancial, and economic conditions to meet timely payment of interest and repayment of principal. In the event of adverse business, fi nancial, or economic conditions, it is not likely to have the capacity to pay interest and repay principal. The ‘CCC’ rating category is also used for debt subordinated to senior debt that is assigned an actual or implied ‘B’ or ‘B–’ rating. CC The rating ‘CC’ typically is applied to debt subordinated to senior debt that is assigned an actual or implied ‘CCC’ rating. - 169 - C The rating ‘C’ typically is applied to debt subordinated to senior debt which is assigned an actual or implied ‘CCC–’ debt rating. The ‘C’ rating may also be used to cover a situation where a bankruptcy petition has been fi led, but debt service payments are continued. CI The rating ‘CI’ is reserved for income bonds which no interest is being paid. D Debt rated ‘D’ is in payment default. The ‘D’ rating category is used when interest payments or principal payments are not made on the date due even if the applicable grace period has not expired, unless Standard & Poor’s believes that such payments will be made during such grace period. The ‘D’ rating also will be used upon the fi ling of a bankruptcy petition if debt service payments are jeopardized. Plus (+) or minus (–): The ratings from ‘AA’ to ‘CCC’ may be modifi ed by the addition of a plus or minus sign to show relative standing within the major rating categories. NR The security is not rated. STANDARD & POOR’S COMMERCIAL PAPER RATINGS A Standard & Poor’s commercial paper rating is a current assessment of the likelihood of timely payment of debt considered short-term in the relevant market. Ratings are graded into several categories, ranging from ‘A-1’ for the highest quality obligations to ‘D’ for the lowest. These categories are as follows: A-1 This highest category indicates that the degree of safety regarding timely payment is strong. Those issues determined to possess extremely strong characteristics are denoted with a plus sign (+) designation. A-3 Issues carrying this designation have adequate capacity for timely payment. They are, however, more vulnerable to the adverse effects of changes in circumstances than obligations carrying the higher designations. B Issues rated ‘B’ are regarded as having only speculative capacity for timely payment. C This rating is assigned to short-term debt obligations with a doubtful capacity for payment. D Debt rated ‘D’ is in payment default. The ‘D’ rating category is used when interest payments or principal payments are not made on the date due, even if the applicable grace period has not expired, unless Standard & Poor’s believes that such payments will be made during such a grace period. A commercial paper rating is not a recommendation to
purchase, sell, or hold a security inasmuch as it does not comment as to market price or suitability for a particular investor. The ratings are based on current information furnished to Standard & Poor’s by the issuer or obtained by Standard & Poor’s from other sources it considers reliable. Standard & Poor’s does not perform an audit in connection with any rating and may, on occasion, rely on unaudited fi nancial information. The ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or based on other circumstances. KEY TO BOND TYPE OF CLASSIFICATION ABS Asset Backed Securities - securities collateralized by assets that are not mortgage loans. AGY Agency Securities - securities issued by federally related institutions and U.S. government-sponsored entities. BA Bankers’ Acceptance - A bankers’ acceptance is a credit instrument used to fi nance both domestic and international self-liquidating transactions. By defi nition it is “. . . a draft or bill of exchange, whether payable in the United States or abroad and whether payable in dollars or some other money, accepted by a bank or trust company, or a fi rm, company, or corporation engaged generally in the business of granting Bankers’ acceptance credits.” BILL Bill - A Treasury bill is an obligation of the United States Government to pay the bearer a fi xed sum after a specifi c number of days from the date of issue. These debt instruments are sold by the U.S. Treasury at a discount through competitive bidding, and the return to the investor is the difference between the purchase price and the face or par value. BOND Bond - A bond is a creditor instrument, a corporate or governmental obligation to repay the loan at some future maturity date. CD Certifi cate of Deposit - A negotiable certifi cate of deposit, or CD, is a marketable receipt for funds deposited in a bank for a specifi c period at a specifi c rate of interest. The owner of the CD at the time of its maturity receives both principal and interest, while its readily salable feature enables the original purchaser to retrieve his funds before maturity by selling the instrument to another holder. CBO Collateralized Bond Obligation - Notes which are secured by a pool of corporate bonds. CMO Collateralized Mortgage Obligation - Bonds which are secured by a pool of residential mortgages or mortgage pass-through securities. The cash fl ows generated by the mortgages in the collateral pool are used to pay principal and interest to bondholders. - 170 - CP Commercial Paper - Commercial Paper refers to short-term unsecured promissory notes sold by large businesses at a discount to dealers, institutional investors, and other corporations. Since the notes are unsecured and bear only the name of the borrower, the market has generally been dominated by large corporations with impeccable credit ratings. Notes are issued in multiples of $1,000, ranging upward to $5.0 million or more. Maturities may vary from 30 to 270 days. Paper maturing beyond 270 days must be registered with the Securities and Exchange Commission. This requirement excludes the use of maturities greater than 270 days. CONV Convertible - Under the terms of the bond indenture, the holder may exchange the bonds for stock of the corporation issuing the bond. DEB Debenture - Debentures are unsecured bonds protected only by the general credit of the borrowing company. DEMAND Demand - an account from which deposited funds can be withdrawn at any time without any notice to the depository institution. DN Discount Note - Discount Notes are noninterest-bearing money market instruments that are issued at a discount and redeemed at maturity for full face value. FRN Floating Rate Note - Interest-bearing debt security, issued both in the U.S. and the Euromarket, on which the interest rate is indexed to a short-term instrument, generally three- or six-month LIBOR or Treasury bills. GA Government Agency - See AGY (Agency Securities). GOVT Government - Direct obligations of the federal government. I/O Interest Only - Bonds that receive some or all of the interest portion of the underlying collateral and little or no principal. I/O bonds have either a notional or nominal amount of principal. MBS Mortgage Backed Security - Bonds backed by an undivided interest in a pool of mortgages or trust deeds. Income from the underlying mortgages is used to pay off the securities. NOTE Note - Coupon issues with a relatively short original maturity are often called notes. Treasury notes are coupon securities that have an original maturity of up to 10 years. (Also see ”Commercial Paper’’) OPTION Option - A contract in which the seller of the option grants the buyer of the option the right to purchase from, or sell to, the seller a designated instrument at a specifi ed price within a specifi ed period of time.
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SCHEDULE OF INVESTMENTS FISCAL YEAR
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Schedule of Investments Table of Co
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STOCKS CORE RETIREMENT INVESTMENT F
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FIXED INCOME CORE RETIREMENT INVEST
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LIMITED PARTNERSHIPS CORE RETIREMEN
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PREFERRED SECURITIES CORE RETIREMEN
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CONVERTIBLE SECURITIES CORE RETIREM
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FINANCIAL FUTURES CONTRACTS CORE RE
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STOCKS VARIABLE RETIREMENT INVESTME
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Page 121 and 122: STOCKS VARIABLE RETIREMENT INVESTME
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Page 163 and 164: STATE INVESTMENT FUND AS OF JUNE 30
Page 165 and 166: LOCAL GOVERNMENT PROPERTY INSURANCE
Page 167 and 168: STATE LIFE INSURANCE FUND AS OF JUN
Page 169 and 170: INJURED PATIENTS AND FAMILIES COMPE
Page 171: HISTORICAL SOCIETY TRUST FUND AS OF
Page 176: State of Wisconsin Investment Board
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schedule of investments fiscal year 2011 - State of Wisconsin ...

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