Special Issue Securities

Trust funds and types of investments
The Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund comprise the Social Security trust funds. Both funds are managed by the Department of the Treasury. Since the beginning of the Social Security program, all securities held by the trust funds have been issued by the Federal Government. There are two general types of such securities:

• Special issues—available only to the trust funds
• Public issues—marketable Treasury bonds available to the public.

Special issue types and properties
There are two types of special issues: short-term certificates of indebtedness and long-term bonds.

• The certificates of indebtedness are issued on a daily basis for the investment of receipts not required to meet current expenditures, and they mature on the next June 30 following the date of issue.
• Special-issue bonds are normally acquired only when special issues of either type mature on June 30. The bonds have maturities ranging from one to fifteen years.

Type of special issue	Investment frequency	Maturity
Certificates of indebtedness	Daily	Next June 30
Bonds	June 30	1 to 15 years