Office of the President
                                                August 20, 1991







Members, Board of Trustees:


                         REPORT OF INVESTMENTS


Recommendation: that the Report of Changes in investments for the University
of Kentucky and its affiliated corporations for the three months ended
June 30, 1991 be accepted.

Background: The Report of Changes in Investments is submitted to the Board
of Trustees each quarter. The attached report reflects investment transac-
tions for the three months ended June 30, 1991, for the University of
Kentucky and affiliated corporations which include UK Athletics Association,
The Medical Center Fund, UK Research Foundation, UK Business Partnership
Foundation, UK Mining Engineering Foundation, UK Equine Research Foundation,
and UK Humanities Foundation.



Action taken: Approved /



Disapproved_



Other



Date: August 20, 1991