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     L.   Interim Financial Report (FCR 1)

     Mr. Clay, Chairman of the Finance Committee, reported that
the Committee had met on the morning of January 25 and had only
one recommendation to make to the Board. He then moved that the
financial report for the five months ending November 30, 1981 be
accepted. His motion was seconded by Mr. Ramsey and passed with-
out dissent. (See FCR 1 at the end of the Minutes.)

     M.   Meeting Adjourned

     There being no further business to come before the meeting,
the Chairman declared the meeting officially adjourned at 2:25
p.m.

                              Respectfully submitted,




                              Betty Pace Clark
                              Ex Officio Secretary
                              Executive Committee
                              Board of Trustees




(PR's  2,  3,  4,  5,  6, 7, 8, and 9; and FCR 1 which follow are
official parts of the Minutes of the meeting.)