|
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 enterprise fund's
agent in the enterprise fund's name.
The Pension Trust Fund (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 Fund's investments are commingled hi 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. Investments of the Fund are stated at cost, adjusted for amortization of premiums
and accretion of discounts.
The investments as of June 30,1994, for the enterprise and pension trust funds of the Primary Government are
as follows (amounts expressed in thousands):
|
|
|
Category
|
|
Carrying
|
Market
|
|
|
1
|
2
|
3
|
Value
|
Value
|
|
U.S. "Treasury and agency obligations .......................................................
|
$ 316,017
|
|
|
$ 316,017
|
$ 334,221
|
|
Repurchase agreements...............................................................................
|
838,067
|
|
|
838,067
|
838,067
|
|
Bonds..............................................................................................................
|
8,315,360
|
|
|
8,315,360
|
8,054,928
|
|
Corporate equity securities .........................................................................
|
5,281,764
|
|
|
5,281,764
|
6,555,751
|
|
Other................................................................................................................
|
417,010
|
|
|
417,010
|
318,864
|
|
|
$15,168,218
|
|
|
15,168,218
|
16,101,831
|
|
Annuity contracts..........................................................................................
|
|
|
|
390,535
|
390,535
|
|
Mutual funds ..................................................................................................
|
|
|
|
549,616
|
601,830
|
|
Total.............................................................................................................
|
|
|
|
$16,108,369
|
$17,094,196
|
C. Component Units:
The carrying value of cash and cash equivalents of the Component Units as of June 30, 1994, was $110,895,000
of which most is pooled by the State of Maryland. As of June 30, 1994, the bank balance was $4,020,000, of which
$2,932,000 was covered by depository insurance or was collateralized by a pledge of United States Treasury
obligations held by Federal Reserve banks and $1,088,000 was uninsured and uncollateralized.
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, banker's acceptances and money
market funds.
Investments of the higher education institutions are stated at cost, adjusted for amortization of premiums and
accretion of discounts.
The investments as of June 30, 1994, 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 .........................................................................................
|
$29,356
|
|
|
$29,356
|
$29,161
|
|
Corporate debt securities ..............................................................................................................
|
32,577
|
|
|
32,577
|
52,775
|
|
Corporate equity securities...........................................................................................................
|
4,671
|
|
|
4,671
|
5,048
|
|
Money Market..................................................................................................................................
|
4,109
|
|
|
4,109
|
4,109
|
|
Other..................................................................................................................................................
|
641
|
|
|
641
|
599
|
|
Total...............................................................................................................................................
|
$71,354
|
|
|
$71,354
|
$91,692
|
48
|
 |
