|
The Pension Trust Fund, in accordance with Article 73 B, Section 160 of the Annotated Code of Maryland, is
permitted to make investments subject to the terms, conditions, limitations, and restrictions imposed by the
Board of Trustees of the Maryland State Retirement and Pension Systems. The law further provides that not
more than 15% of the assets that are invested in common stocks may be invested in non-dividend paying common
stocks. The pension trust fund's investments are commingled in three combined investment funds. Two
investment funds consist principally of bonds and other fixed income investments while the other investment fund
consists principally of common stocks. Certain amounts totalling $210,537,000 (market value of $210,746,000) are
not invested in the investment funds, but are held as cash and short-term investments. Investments of the pension
trust fund are stated at cost, adjusted for amortization of premiums and accretion of discounts.
The investments at June 30,1990 for the enterprise and pension trust funds are as follows (amounts expressed
in thousands):
|
|
Category
|
Carrying
|
Market
|
|
|
1 2
|
3 Value
|
Value
|
|
U.S. Treasury and agency obligations ............
|
......... $ 281,843
|
$ 281,843
|
$ 299,702
|
|
Repurchase agreements .......................
|
......... 14,108
|
14,108
|
14,367
|
|
Bonds ......................................
|
......... 6,847,208
|
6,847,208
|
7,151,213
|
|
Corporate equity securities .....................
|
......... 1,781,388
|
1,781,388
|
2,622,952
|
|
Annuity contract .............................
|
......... 234,873
|
234,873
|
234,873
|
|
Other .......................................
|
......... 301,884
|
301,884
|
300,342
|
|
|
$9,461,304
|
9,461,304
|
10,623,449
|
|
Mutual funds ................................
|
|
1,113,668
|
1,295,035
|
|
Total .....................................
|
|
$10,574,972
|
$11,918,484
|
C. Higher Education Fund:
The bank deposits of the Higher Education Fund (Fund) as of June 30, 1990 were entirely insured or
collateralized with securities held by the fund or its agent in the fund's name with the exception of $2,637,000,
which was not insured or collateralized.
Investment funds established by higher education institutions relate principally to endowment and trust
accounts required by debt instruments. In general, endowment funds can be invested in debt and equity securities
and trust accounts can be invested only in debt securities. These investments include U.S. Treasury and agency
obligations, certificates of deposit, commercial paper, repurchase agreements, bankers acceptances and money
market funds.
Investments of the higher education institutions are stated at cost, adjusted for amortization of premiums and
accretion of discounts. Certificates of deposit and other short-term investments in the Fund aggregating
$20,810,000 at June 30,1990, are reported as cash and short-term investments.
The investments at June 30, 1990 for the higher education fund are as follows (amounts expressed in
thousands):
|
|
|
Category
|
Carrying
|
Market
|
|
|
1
|
2 3
|
Value
|
Value
|
|
U.S. Treasury and agency obligations .............
|
.......... $48,843
|
|
$48,843
|
$48,813
|
|
Corporate debt securities .......................
|
.......... 4,016
|
|
4,016
|
3,984
|
|
Corporate equity securities ......................
|
.......... 22,914
|
|
22,914
|
27,602
|
|
Other .......................................
|
.......... 94,360
|
$325
|
94,685
|
95,987
|
|
Total ......................................
|
.......... $170,133
|
$325
|
$170,458
|
$176,386
|
5. Taxes Receivable:
Taxes receivable, as of June 30,1990, consisted of the following (amounts expressed in thousands):
|
|
|
Funds
|
|
|
|
|
|
Special
|
Debt
|
Trust and
|
|
|
General
|
Revenue
|
Service
|
Agency
|
|
Income taxes ......................................................
|
........ $369,511
|
|
|
|
|
Sales and use taxes .................................................
|
........ 169,427
|
|
|
|
|
Transportation taxes, principally motor vehicle fuel and excise .............
|
|
$47,546
|
|
|
|
Unemployment compensation taxes ...................................
|
|
|
|
$66,153
|
|
Other taxes, principally alcohol, tobacco and property .....................
|
........ 3,254
|
|
$3,098
|
|
|
|
542,192
|
47,546
|
3,098
|
66,153
|
|
Less allowance for doubtful accounts ..................................
|
........ 648
|
|
|
14,196
|
|
Taxes receivable, net ................................................
|
........ $541,544
|
$47,546
|
$3,098
|
$51,957
|
44
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