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Annual Report of the Comptroller, 1991
Volume 355, Page 44   View pdf image (33K)
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U.S. Treasury, U.S. Government agencies and corporations, political subdivisions of the U.S., bankers
acceptances, repurchase agreements, corporate debt securities and certificates of deposit with foreign or
domestic banks. The U.S. Treasury and agency obligations and collateral for the repurchase agreements are held
by the fund's agent in the fund's name.

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 $945,072,000 (market value of $945,072,000) 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 30,1991 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 ...............

$ 230,528

   

$ 230,528

$ 245,904

Repurchase agreements ..........................

365,094

   

365,094

365,094

Bonds .........................................

6,713,187

   

6,713,187

6,989,426

Corporate equity securities ........................

3,105,432

   

3,105,432

4,058,484

Annuity contract ................................

279,007

   

279,007

279,007

Other ..........................................

173,152

   

173,152

172,181

 

$10,866,400

   

10,866,400

12,110,096

Mutual funds ...................................

     

525,827

476,827

Total ........................................

     

$11,392,227

$12,586,923

C. Higher Education Fund:

The bank deposits of the Higher Education Fund (Fund) as of June 30,1991 were $5,525,000. Of the bank
balances other than those held at overseas locations, $793,000 was covered by federal and private depository
insurance, while $113,000 was uninsured and uncollateralized. The remaining balance of bank deposits,
$4,619,000, was held at overseas locations. Of this amount, $386,000 was covered by federal or foreign national
government depository insurance, $1,850,000 was collateralized by a pledge of securities held by federal
depositories in the name of the banking institutions and $2,383,000 was uninsured and uncollateralized. Overseas
accounts are principally on deposit with financial institutions under contract with the U.S. Government.

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. Other short-term investments in the Fund aggregating $30,055,000 at June 30,1991, are
reported as cash and short-term investments.

The investments at June 30, 1991 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 ...........

........ $26,861

 

$26,861

$27,013

Corporate debt securities ......................

........ 3,910

 

3,910

3,970

Corporate equity securities ....................

........ 20,252

 

20,252

28,229

Other ......................................

........ 54,780

$485

55,265

55,220

Total .....................................

........ $105,803

$485

$106,288

$114,432

44

 

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Annual Report of the Comptroller, 1991
Volume 355, Page 44   View pdf image (33K)
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