STATE OF MARYLAND

Combined Statement of Changes In Plan Net Assets
Pension Trust Funds
for the year ended June 30, 1996

(Expressed in Thousands)

Additions:

Contributions:

.....$ 279,236

Members

87,862

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

..... 454,297

Total contributions...........................................................

..... 821,395

Investment income:

Net appreciation in fair value of investments...........................................................................................................................................

..... 1,692,343

..... 560,353

..... 206,831

Real estate operating net income..................................................................................................................................................

7,655

Total investment income.................... .......................................................................................................................................................

..... 2,467,182

Less: investment expense ................................................................ .......

27,096

Net investment income .................................................................................................................................................... .........................

..... 2,440,086

Total additions............. .............................................................................. ........

..... 3,261,481

Deductions:

Benefit payments...................................... ..........................................................................................................................................................

904,293

50,871

Administrative expenses ......................................................................................................................................................... ..........................

8,605

Total deductions........................................... ..........

963,769

Net increase in plan assets .......................................................................................................................... ........................................................

..... 2,297,712

Net assets held in trust for pension benefits:

July 1, 1995, as restated........... .........................................................................................................................................................................

..... 18,492,558

June 30, 1996........................................................................................................................................................

.....$20,790,270

The accompanying notes to the general purpose financial statements are an integral part of these financial statements.

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