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By John Kostrzewa, The Providence Journal, R.I. Knight Ridder/Tribune Business News
Aug. 1--PENSION FUND GETTING NICE BONUS FROM MICROSOFT: The Rhode Island pension fund will get an unexpected, pre-Christmas gift of almost $1 million because of Microsoft's decision to pay a special $3-a-share dividend on its stock.
The fund held 311,600 shares of Microsoft stock, with a market value of $8.9 million, in its core holdings portfolio as of June 30. Microsoft is the biggest holding by market value among the fund's domestic equity holdings, according to a listing from the Rhode Island State Investment Commission.
The $3-a-share dividend, payable Dec. 2 to shareholders as of Nov. 17, means the fund will get $934,800 in dividends. The portfolio managers will decide what to do with it, but the money will probably be reinvested.
"The fund will benefit but it's not a windfall," said Joan Caine, state deputy treasurer for finance. She pointed out that the ...
Source: HighBeam Research, The Providence Journal, R.I., business notes column.