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
|
53
|
|