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2002 Front Cover STATE OF CONNECTICUT 2002 ANNUAL REPORT OF THE TREASURER For the fiscal year ended June 30, 2002 STATE OF CONNECTICUT Office of the State Treasurer The State Motto “Qui Transtulit Sustinet,” (He Who Transplanted Still Sustains), has been associ- ated with the various versions of the state seal from the creation of the Saybrook Colony Seal. STATE OF CONNECTICUT 2002 ANNUAL REPORT OF THE TREASURER For the fiscal year ended June 30, 2002 OFFICE OF THE STATE TREASURER, DENISE L. NAPPIER 1 2FISCAL YEAR 2002 ANNUAL REPORT TABLE OF CONTENTS ANNUAL REPORT OF THE TREASURER TABLE OF CONTENTS Introduction TREASURER’S LETTER TO THE GOVERNOR ............................................................................................... 7 TREASURY OVERVIEW ................................................................................................................... 10 Division Operations PENSION FUND MANAGEMENT DIVISION Letter from the Chairman of the Investment Advisory Council .................................. 13 Investment Advisory Council .......................................................................................... 15 Division Overview ............................................................................................................ 16 The Year in Review .......................................................................................................... 19 Total Fund Performance ................................................................................... 19 2002 Division Performance and Management Initiatives ............................. 21 Proxy Voting ....................................................................................................... 21 Asset Recovery and Loss Prevention ............................................................... 22 Combined Investment Funds-Total Return Analysis (%) ................................. 23 Cash Reserve Account ................................................................................................... 26 Mutual Equity Fund ......................................................................................................... 30 International Stock Fund ................................................................................................. 33 Real Estate Fund .............................................................................................................. 37 Mutual Fixed Income Fund ............................................................................................. 42 Commercial Mortgage Fund ......................................................................................... 47 Private Investment Fund .................................................................................................. 51 DEBT MANAGEMENT DIVISION Division Overview ............................................................................................................ 57 The Year in Review .......................................................................................................... 59 CASH MANAGEMENT DIVISION Division Overview ............................................................................................................ 61 The Year in Review .......................................................................................................... 62 Short-Term Investment Fund ............................................................................................ 64 UNCLAIMED PROPERTY DIVISION Division Overview ............................................................................................................ 68 The Year in Review .......................................................................................................... 68 SECOND INJURY FUND DIVISION Division Overview ............................................................................................................ 70 The Year in Review .......................................................................................................... 71 CONNECTICUT HIGHER EDUCATION TRUST Description of the Trust ................................................................................................... 73 The Year in Review .......................................................................................................... 74 CHET Advisory Committee ............................................................................................. 74 OFFICE OF THE STATE TREASURER, DENISE L. NAPPIER 3 TABLE OF CONTENTS Financial Statements CERTIFICATION BY AUDITORS OF PUBLIC ACCOUNTS AND STATE COMPTROLLER .................................................................................... F-1 MANAGEMENT’S DISCUSSION AND ANALYSIS .......................................................... F-5 MANAGEMENT’S REPORT .................................................................................................. F-11 COMBINED INVESTMENT FUNDS Statement of Net Assets ................................................................................. F-12 Statement of Operations ................................................................................ F-13 Statements of Changes in Net Assets ........................................................... F-14 Notes to Financial Statements ....................................................................... F-16 Financial Highlights ........................................................................................ F-27 SHORT-TERM INVESTMENT FUND Statement of Net Assets ................................................................................. F-28 Statements of Changes in Net Assets ........................................................... F-29 Notes to Financial Statements ....................................................................... F-30 List of Investments ........................................................................................... F-34 Independent Accountants’ Report-Schedules of Rates of Return ............ F-37 Schedule of Annual Rates of Return ............................................................ F-38 Schedule of Quarterly Rates of Return ......................................................... F-39 Notes to Schedules of Rates of Return ......................................................... F-40 CIVIL LIST PENSION AND TRUST FUNDS Schedule of Cash and Investments, Balances and Activity....................... F-42 NON-CIVIL LIST TRUST FUNDS Statement of Condition (at Fair Value) ........................................................ F-43 Statement of Revenues and Expenditures ................................................... F-43 Statement of Changes in Fund Balance ...................................................... F-43 Statement of Cash Flows ............................................................................... F-44 Statement of Condition (at Cost) ................................................................. F-45 Notes to the Financial Statements ................................................................ F-46 SECOND INJURY FUND Statement of Net Assets ................................................................................. F-47 Statement of Revenues, Expenses and Changes in Fund Balance .......... F-48 Statement of Cash Flows ............................................................................... F-49 Notes to Financial Statements ....................................................................... F-50 CONNECTICUT HIGHER EDUCATION TRUST Statement of Financial Condition................................................................. F-55 Statement of Operations ................................................................................ F-56 Statement of Changes in Program Equity ................................................... F-57 Notes to Financial Statements ....................................................................... F-58 Independent Auditors Report ....................................................................... F-60 TAX EXEMPT PROCEEDS FUND, INC. Statement of Net Assets ................................................................................. F-61 Statement of Operations ................................................................................ F-66 Statement of Changes in Net Assets ............................................................ F-67 Notes to Financial Statements ....................................................................... F-68 Independent Auditor’s Report ...................................................................... F-70 4FISCAL YEAR 2002 ANNUAL REPORT TABLE OF CONTENTS Supplemental Information PENSION FUNDS MANAGEMENT DIVISION - COMBINED INVESTMENT FUNDS Total Net Asset Value by Pension Plans and Trusts ............................................ S-1 Statement of Investment Activity by Pension Plan ............................................. S-2 Statement of Investment Activity by Trust ..................................................... S-4 Summary of Operations ................................................................................. S-7 Pension and Trust Funds Balances ................................................................ S-7 Investment Summary ...................................................................................... S-8 Top Ten Holdings by Fund ............................................................................. S-10 Schedule of Expenses in Excess of $5,000 ....................................................
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