STATE OF MARYLAND

Combined Statement of Changes in Plan Net Assets

Pension Trust Funds
for the year ended June 30, 1997

(Expressed in Thousands)

	Total
Additions:
Contributions:
Employers.....................................................................................	................. $ 273,378
Members ..................................................................	................. 84,444
Other..............................................................	................. 503,109
Total contributions........................................................	................. 860,931
Investment income:
Net appreciation in fair value of investment............................................................	................. 3,267,436
Interest	659,644
Dividends....................................................................................	................. 238,224
Real estate operating net income.................................................................................	................. 10,593
Total investment income...............................................................................................	................. 4,175,897
Less: investment expense...........................................................................................................	................. 183,559
Net investment income........................................................................................................	,................: 3,992,338
Total additions............................ .........................................	.................. 4,853,269
Deductions:
Benefit payments.....................................................................	.................. 1,005,411
	.................. 40,060
Administrative expenses.................................................................................................................	.................. 9,770
Total deductions. ................................................................................	.................. 1,055,241
Net increase in plan assets...................................................................	.................. 3,798,028
Net assets held in trust for pension benefits:
July 1, 1996............................................................................................	.................. 20,790,270
June 30, 1997 ........................................................................................	.................. $24,588,298
The accompanying notes to the general purpose financial statement are an integral part of these financial statements.

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