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<!-- #BeginEditable name="pagetitle" --><h2 class="center">Special Issue Securities</h2><!-- #EndEditable -->
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<p><a href="../index.html">Office of the Chief Actuary </a> </p>
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<p><a href="intRates.html">Interest rates</a></p>
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<p><a href="investheld.html">Investment holdings</a></p>
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<p><a href="transactions.html">Investment transactions</a></p>
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<p><b>Trust funds and types of investments</b><br />
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The <a href="describeoasi.html">Old-Age and Survivors Insurance
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Trust Fund</a> and the <a href="describedi.html">Disability Insurance
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Trust Fund</a> comprise the Social Security trust funds. Both funds are
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managed by the Department of the Treasury through their Bureau of the Fiscal Service.
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Since the beginning of the Social Security program, all
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securities held by the trust funds have been issued by the Federal
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Government. There are two general types of such securities:
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<ul>
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<li> Special issues—available only to the trust funds
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<li> Public issues—marketable Treasury bonds available to the public.
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</ul>
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The trust funds now hold only special issues, but they have held public
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issues in the past. </p>
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<p>
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<b>Special issue types and properties</b><br />
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There are two types of special issues:
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short-term certificates of indebtedness and long-term bonds.
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<ul><li>The certificates of indebtedness are issued on a daily basis for the
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investment of receipts not required to meet current expenditures, and they
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mature on the next June 30 following the date of issue.</li>
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<li>Special-issue bonds are normally acquired only when special
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issues of either type mature on June 30. The bonds generally have maturities
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ranging from one to fifteen years.<sup>1</sup></li>
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</ul>
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The above properties of special issue securities are summarized in the
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following table. </p>
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<blockquote>
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<table border="1" bordercolor="#aabbff" cellspacing="0" cellpadding="5"
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summary="properties of special issues">
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<tr align="left" valign="bottom"><th>Type of special issue</th>
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<th>Investment<br />frequency</th>
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<th>Maturity</th></tr>
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<tr><td>Certificates of indebtedness</td>
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<td>Daily</td>
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<td>Next June 30</td></tr>
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<tr><td>Bonds</td>
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<td>June 30</td>
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<td>Generally 1 to 15 years<sup>1</sup></td></tr>
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</table>
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</blockquote>
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<p>
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<b>Special issue redemption rules</b><br />
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When special issues need to be redeemed prior to maturity, the securities
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are redeemed in order of <ol>
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<li>Earliest maturity date; </li>
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<li>Lowest interest rate for securities with the same maturity date.</li>
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</ol>
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<small><sup>1</sup>See section III.A of the latest <i><a href="../TR/index.html">
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Annual Report of the Board of Trustees of the Federal Old-Age and Survivors
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Insurance and Federal Disability Insurance Trust Funds</a></i> for further
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discussion of the investment strategy of maturing certificates of indebtedness
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and bonds.</small>
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