|
changes in interest rates or currency valuations. The mortgage backed securities are subject to prepayment risk
when interest rates are falling.
The Fund invests in foreign currency forward contracts to hedge the currency risk in its international and
global portfolios. Any gain or loss on these contracts will be recognized on the delivery date based on the market
value of the currencies at that time. There are no balance sheet assets or liabilities associated with these contracts.
The following summary shows the foreign currency forward contracts outstanding as of June 30,1995. Market
value is expressed in U.S. dollars. Delivery dates range from July, 1995 through April, 1996 (amounts expressed in
thousands):
Purchases
|
|
Purchase Amount
|
Market Value
|
|
Currency
|
(In Local Currency)
|
on June 30, 1995
|
|
Australian dollars..............................................................................................................................................
|
28,967
|
$ 20,476
|
|
Belgian francs....................................................................................................................................................
|
74,790
|
2,630
|
|
Canadian dollars................................................................................................................................................
|
116,567
|
84,772
|
|
Danish krones....................................................................................................................................................
|
43,059
|
7,965
|
|
Deutsche marks.................................................................................................................................................
|
128,296
|
92,867
|
|
European currency...........................................................................................................................................
|
2,406
|
3,197
|
|
French francs.....................................................................................................................................................
|
102,439
|
21,101
|
|
Italian lire...........................................................................................................................................................
|
52,733,904
|
32,081
|
|
Japanese yen......................................................................................................................................................
|
5,194,365
|
61,629
|
|
Netherlands guilders..........................................................................................................................................
|
7,343
|
4,746
|
|
New Zealand dollars.........................................................................................................................................
|
7,845
|
5,221
|
|
Norwegian krones.............................................................................................................................................
|
5,944
|
965
|
|
Pound sterling....................................................................................................................................................
|
29,430
|
46,770
|
|
Spanish pesatas .................................................................................................................................................
|
959,702
|
7,892
|
|
Swedish kroner .................................................................................................................................................
|
52,424
|
7,183
|
|
Swiss francs ...........................................................................................
|
38,811
|
33,768
|
|
U.S. dollars..........................................................................................................................................................
|
930,269
|
930,269
|
|
Total purchases.........................................................................................................................................
|
|
1,363,532
|
|
Less: cost of purchases in U.S. dollars.................................................................................................
|
|
1,358,088
|
|
Unrealized gain on purchase transactions............................................................................................
|
|
$5,444
|
|
Sales
|
|
|
|
Currency
|
Sale Amount
(In Local Currency)
|
Market Value
on June 30, 1995
|
|
Australian dollars..............................................................................................................................................
|
35,650
|
$ 25,209
|
|
Belgian francs....................................................................................................................................................
|
531,547
|
18,693
|
|
Canadian dollars................................................................................................................................................
|
52,237
|
37,983
|
|
Danish krones....................................................................................................................................................
|
89,767
|
16,606
|
|
Deutsche marks.................................................................................................................................................
|
209,381
|
151,560
|
|
European currency...........................................................................................................................................
|
4,400
|
5,848
|
|
Finnish markka..................................................................................................................................................
|
33,784
|
7,898
|
|
French francs.....................................................................................................................................................
|
391,458
|
80,676
|
|
Italian lire...........................................................................................................................................................
|
56,656,468
|
34,449
|
|
Japanese yen......................................................................................................................................................
|
21,566,879
|
255,312
|
|
Netherlands guilders.........................................................................................................................................
|
182,689
|
118,100
|
|
New Zealand dollars.........................................................................................................................................
|
9,055
|
6,041
|
|
Norwegian krones.............................................................................................................................................
|
6,885
|
1,117
|
|
Pound sterling.....................................................................................................................................................
|
52,557
|
83,547
|
|
Spanish pesatas..................................................................................................................................................
|
2,604,470
|
21,454
|
|
Swedish kroner .................................................................................................................................................
|
77,020
|
10,541
|
|
Swiss francs.......................................................................................................................................................
|
121,636
|
105,989
|
|
U.S. dollars.....................................................
|
409,778
|
409,778
|
|
Total sales...................................................................................................................................................
|
|
1,390,801
|
|
Less: cost of sales in U.S. dollars..........................................................................................................
|
|
1,358,088
|
|
Unrealized loss on sale transactions .....................................................................................................
|
|
$ 32,713
|
|
Net unrealized loss as of June 30, 1995........................................................................................................
|
|
$ 27,269
|
49
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