The Funds invest in foreign currency forward contracts to hedge the currency risk in its international and
global portfolios. The following summary shows the foreign currency forward contracts outstanding as of June 30,
1999 (amounts expressed in thousands).

Purchases
	Purchase Amount	Fair Value
Currency	(In Local Currency)	as of June 30, 1999
Australian dollar ......................................................................................................................................	140,486	$ 93,049
Canadian dollar ........................................................................................................................................	28,473 .	19,248
Danish krone ............................................................................................................................................	19,602	2,734
Euro currency............................................................................................................................................	195,660	202,601
Japanese yen ............................................................................................................................................	17,635,006	146,577
New Zealand dollar ..................................................................................................................................	6,647	3,525
Norwegian krone ......................................................................................................................................	23,076	2,927
Pound sterling ..........................................................................................................................................	39,970	63,023
Swedish krona ..........................................................................................................................................	449,803	53,118
Swiss franc ................................................................................................................................................	96,670	62,505
U.S. dollar..................................................................................................................................................	1,258,902	1,258,902
Total purchases ................................................................................................................................		$1,908,209
Sales
	Sale Amount	Fair Value
Currency	(In Local Currency)	as of June 30, 1999
Australian dollar ......................................................................................................................................	65,030	$ 43,068
Canadian dollar ........................................................................................................................................	50,764	34,317
Danish krone ............................................................................................................................................	161,594	22,536
Euro currency............................................................................................................................................	213,874	221,311
Japanese yen ............................................................................................................................................	60,810,838	506,252
New Zealand dollar ..................................................................................................................................	26,593	14,101
Norwegian krone ......................................................................................................................................	90,748	11,522
Pound sterling ..........................................................................................................................................	202,153	318,756
Swedish krona ..........................................................................................................................................	120,100	14,167
Swiss franc ................................................................................................................................................	119,046	76,914
U.S. dollar..................................................................................................................................................	643,614	643,614
Total sales..........................................................................................................................................		$1,906,558

E. Investments—Component Units:

Investment accounts established by higher education institutions relate principally to endowments and trust
accounts required by debt instruments. In general, endowment resources can be invested in debt and equity securities,
and trust accounts can be invested only in debt securities. These investments include U.S. Treasury and agency
obligations, corporate debt and equity securities, repurchase agreements, and mutual funds that invest in government
securities.

The Maryland Stadium Authority's marketable securities are held by the Bond Trustee. Proceeds to purchase
these marketable securities were derived from various bond issues and any proceeds from the sale of these marketable
securities are restricted to the purpose of the original bond issue.

The investments of the Maryland Environment Service (Service) primarily relate to bond indentures. The
Service or its trustee banks are authorized to invest assets related to bond indentures in obligations of the United
States of America, any federal agency, high quality commercial paper or mutual funds that invest in U.S.
Government securities. Additionally, the Service may otherwise invest in securities allowed by the State.

Investments of the Maryland Stadium Authority, Maryland Environmental Service, Maryland Industrial
Development Financing Authority, and the higher education institutions are stated at fair value which is based on
quoted market prices.

The investments as of June 30, 1999, for the discretely presented Component Units are as follows (amounts
expressed in thousands).

		Category
	1	2	3	Fair Value
U.S. Treasury and agency obligations ..............	$ 22,648	$9,744		$ 32,392
Corporate debt securities .......I...................................	15,404			15,404
Corporate equity securities .. ... .............................	213,640			213,640
Repurchase agreements ..........................................	80,861			80,861
Other............................................................................	272			272
	$332,825	$9,744		342,569
Items not subject to classification:
Mutual funds...... .................................................. ........				8,858
Total......................................................................				$351,427

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