UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 5 )* Applied Power Inc. _________________________________________________________________ (Name of Issuer) Common _________________________________________________________________ (Title of Class of Securities) 038225108 ____________________________ (CUSIP Number) Check the following box if a fee is being paid with this statement ___. (A fee is not required only if the filing person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7). *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 3 pages CUSIP NO. 038225108 --------- 13G _______________________________________________________________________________ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON State of Wisconsin Investment Board 39-6006423 _______________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a)_____ Not Applicable (b)_____ ______________________________________________________________________________ 3 SEC USE ONLY _______________________________________________________________________________ 4 CITIZENSHIP OR PLACE OF ORGANIZATION Madison, Wisconsin _______________________________________________________________________________ 5 SOLE VOTING POWER NUMBER OF Less than 5% SHARES ___________________________________________________ BENEFICIALLY 6 SHARED VOTING POWER OWNED BY Not Applicable EACH ___________________________________________________ REPORTING 7 SOLE DISPOSITIVE POWER PERSON Less than 5% WITH ___________________________________________________ 8 SHARED DISPOSITIVE POWER Not Applicable _______________________________________________________________________________ 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Less than 5% _______________________________________________________________________________ 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES * Not Applicable _______________________________________________________________________________ 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 Less than 5% _______________________________________________________________________________ 12 TYPE OF REPORTING PERSON * EP (Public Pension Fund) _______________________________________________________________________________ * SEE INSTRUCTION BEFORE FILLING OUT! Page 2 of 3 pages ITEM 1. ISSUER (a) Applied Power Inc. (b) 13000 W. Silver Spring Drive Butler, Wisconsin 53007 ITEM 2. PERSON FILING (a) State of Wisconsin Investment Board (b) P.O. Box 7842 Madison, WI 53707 (c) Wisconsin State Agency (d) See cover page (e) See cover page ITEM 3. THIS STATEMENT IS FILED PURSUANT TO 13D-1(B) OR 13D-2(B) AND THE STATE OF WISCONSIN INVESTMENT BOARD IS A GOVERNMENT AGENCY WHICH MANAGES PUBLIC PENSION FUNDS SUBJECT TO PROVISIONS COMPARABLE TO ERISA. ITEM 4. OWNERSHIP (a) See Row 9 on Page 2 (b) See Row 11 on Page 2 (c) The State of Wisconsin Investment Board retains sole voting and dispositive power for all shares. ITEM 5. IF THIS STATEMENT IS BEING FILED TO REPORT THE FACT THAT AS OF THE DATE HEREOF THE REPORTING PERSON HAS CEASED TO BE THE BENEFICIAL OWNER OF MORE THAN FIVE PERCENT OF THE CLASS OF SECURITIES, CHECK THE FOLLOWING _X_. ITEM 6. NOT APPLICABLE ITEM 7. NOT APPLICABLE ITEM 8. NOT APPLICABLE ITEM 9. NOT APPLICABLE ITEM 10. CERTIFICATION By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes or effect. SIGNATURE After reasonable inquiry to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. February 13, 1995 ----------------- Date George Natzke ------------- Signature George Natzke, Administrator ---------------------------- Name/Title Page 3 of 3