Teachers' Retirement System, Department of Administration, a Component Unit of the State of Montana : Financial Audit for the Fiscal Year Ended June 30 .. 1999

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government mortgage- backed, U. S. government and yankee securities. Unit values are calculated weekly based on portfolio pricing. Value at June 30, 1999 was $101.95 per unit. Realized portfolio gains/losses are distributed at least annually. The RFBP portfolio includes structured financial instruments known as REMICs (Real Estate Mortgage Investment Conduits). Some REMICs are principal- only strips (Pos ) and interest-only (los). TRS has 40% ownership in the RFBP.
5. MTRP was created as of Jul
...y 1, 1998, by a spin-off of the Real Estate Investment Trust (REIT) investments held in the Montana Stock Pool. REIT is a corporation that combines the capital of many investors to acquire or provide financing for all forms of real estate. REIT real estate investments may include shopping centers, office buildings, apartment complexes and hotels.
MTRP portfolio includes common or preferred stocks or securities convertible into common stock or preferred stocks. Unit values are calculated weekly based upon the fair value of REIT holdings.


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