4. Investments:

Investments (amounts expressed in thousands) as of June 30, 1982 consisted of:

				Funds
						Higher Education
		Special	Debt		Fiduciary	and University
	General	Revenue	Service	Enterprise	Fund Type	Hospital
U. S. Treasury and Agency obligations .......	$ 77,011	$7,767	$285,475	$108,418	$ 262,403	$18,258
Certificates of deposits ......................	26,952					57
Commercial paper ..........................				8,085	658,309	1,312
Corporate debt securities ..................					1,517,453	1,950
Corporate equity securities ..................					808,348	12,744
Annuity contracts ...........'...............				16,326	101,518
Other .....................................				32,670	188,006	870
Total ...............................	$103,963(a)	$7,767(a)	$285,475(b)	$165,499(c)	$3,536,037(d)	$35,191(e)

(a) Market value approximates cost.

(b) The Department of Transportation, (Department) on behalf of the Consolidated Transportation
Refunding Bond Sinking Fund and the County Transportation Refunding Bond Sinking Fund, has entered
into federal securities purchase agreements with banks thereby reducing the market risk to the Department.
Under these agreements the Department is required to invest a total of $246,000,000 of Sinking Fund deposits
over the first five and one-half years of the Bond issues. The invested funds are used to purchase federal
securities from the banks at pre-determined yields and ranges of maturities. Investment maturities are
scheduled in accordance with bond redemption provisions and the Department anticipates that all
investments will be held until maturity. As of June 30, 1982, investment cost exceeded market value by
approximately $82,000,000; however, no decline in investment market value has been recognized in the
financial statements since the Department intends to hold the investments until maturity.

(c) Market value approximates $147,799,000.

(d) Market value approximates $3,096,906,000.

(e) Principally all assets of the higher education endowment and similar funds are pooled on a market
value basis. Each fund subscribes to or disposes of units on the basis of the per-unit market value at the
beginning of the calendar quarter within which the transaction takes place. At June 30, 1982, the fund
consisted of 180,221 units, each unit having a market value of $104.14.

The following tabulation summarizes changes in the relationship between cost and market of the pooled
net assets (amounts expressed in thousands) and the change in market value per unit for the year ended June
30, 1982:

	Pooled	Net Assets	Excess (Deficiency)	Market
			of Market	Value
	Market	Cost	Over Cost	Per Unit
End of year .....................................................	$18,768	$19,295	$ (527)	$104.14
Beginning of year ...............................................	20,050	18,239	1,811	113.93
Unrealized net market depreciation for year ......................			(2,338)
Realized net gains for year ......................................			622
Total change in excess of market over cost for year ........			$(1,716)	$. (9.79)

5. Taxes Receivable:

Taxes receivable (amounts expressed in thousands) as of June 30, 1982 consisted of the following:

		Fur	ids
		Special	Debt	Trust and
	General	Revenue	Service	Agency
Income taxes, current employee withholdings held by employers ......	$147,665
Retail sales and use taxes, current taxes held by collectors ...........	71,585
Transportation taxes, principally motor vehicle fuel and excise .......		$28,628
Unemployment compensation taxes ................................				$39,207
Other taxes, principally alcohol, tobacco and property ...............	3,020		$5,668
Total .......................................................	$222,270	$28,628	$5,668	$39,207

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