INVESTMENTS OWNED AS OF JUNE 30, 1965

	INTEREST
				Par or
			Date of	Capitalized	Total
Fund and Name of Security	Rate Stated	Date of	Maturity	Value
	In Security	Payment
GENERAL FUND
U S Treasury Bills	None	At Maturity	9/30/65	$10,000,000 00
U S Treasury Bills	None	At Maturity	11/26/65	7,000,000 00
U S Treasury Notes	4%	5/15-11/15	11/15/65	1,700,000 00
U S. Treasury Bonds	4 1/2%	2/15-8/15	8/15/87-92	6,000,000 00
U S Treasury Bonds	4 1/4%	5/15-11/15	5/15/74	5,000,000 00
Certificates of Deposit	3 1/2%	At Maturity	10/1/65	11,922,000 00	$40,622,000 00
SPECIAL FUNDS
U S Treasury Bills	None	At Maturity	7/8/65	$4,950,200 00*
U S Treasury Bills	None	At Maturity	7/15/65	7 903 800 00*
U S Treasury Bills	None	At Maturity	7/22/65	4,958 826 39*
U S Treasury Bills	None	At Maturity	7/29/65	9,909,933 34*
U S. Treasury Bills	None	At Maturity	11/26/65	2,945,638 33*	$30,668,398 06
LOAN FUNDS
U S Treasury Bills	None	At Maturity	7/1/65	$4,974,275 00*
U S Treasury Bills	None	At Maturity	7/8/65	5,970,288 89*
U S Treasury Bills	None	At Maturity	9/30/65	9,860,894 44*
US Treasury Bills	None	At Maturity	11/12/65	9,824,500 00*
Maryland Port Authority Loan of 1958
U S Treasury Bills	None	At Maturity	7/1/65	S 1,000 000 00
U S Treasury Bills	None	At Maturity	9/16/65	1 500,000 00	$32,129,958 33
MISCELLANEOUS FUND
Bonded Debt Retirement Fund
Northern Central Railway Company Annuity of $90,000
secured by mortgage agreement capitalized at 6%	6%	1/27-4/27 7/27-10/27	Irredeemable	S 1,500,000 00	$1,500,000 00
NON BUDGETED FUNDS
State Roads Commission
State Highway Construction Bonds Sinking Fund
U S Treasury Bonds	2 1/2%	6/15-12/15	6/15/62-67	S 2,000,000 00
U S Treasury Bonds U S Treasury Notes	2 1/2% 3 5/8%	6/15-12/15 2/15-8/15	12/15/63-68 2/15/66	3,000,000 00 435,000 00	$5,435,000 00